So this is what we have come to. Facing increasing delinquencies and decreasing customer spending, American Express is now offering a $300 incentive to a “relatively small” number of its credit card holders to close their accounts.

The “Simplify Your Finances” program offers a $300 American Express gift card to solicited customers who close their account and pay off their entire balance by April 30. Enrolling in the deal automatically cancels the customer’s account, regardless of whether the borrower successfully pays off the balance.

Only customers who receive a mailing with a registration code are eligible for this offer, which must be accepted by the end of this week.