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Just cancel your American Express card!
http://www.creditmattersblog.com/2009/02/american-express-wants-to-help-you.html
http://www.creditmattersblog.com/2009/02/american-express-wants-to-help-you.html
Probably nothing.. and I'm sure they keep a good record of who they paid the $300 to and can just deny the new app if they want.What's to prevent someone from paying off the bal, snagging the $300, and turning right around and applying for/opening a new AmEx card?