The Huffington Post is reporting that American Express is sending letters to a select group of customers offering them a THREE HUNDRED DOLLAR prepaid credit card if they cancel their accounts! Seriously! Apparently, this is to give these customers a chance to "simplify" their finances. However, in reality, Amex just isn't doing so well due to the credit crisis.
Rumor has it that these letters are going out to customers with high outstanding balances, in an attempt to get the balances paid down instead of defaulted on. Obviously, you can't get the gift card if you don't pay your account down to zero. However, your card does still get canceled either way.
I read of someone who pays their card off every month actually calling and requesting a letter. Of course, they were refused. You can get further details here and here, as well as directly from the American Express website.