American Express Complaint

Increase in Interest Rate for Lame Reason(s) - Credit Card

SGitan's Picture Reviewed by SGitan
Complaint 		 +1

This past Saturday I received a non-specific letter in the mail stating my interest rate would increasing, "due to current economic climate". I have an excellent payment history. They are also raising the late charge from $19 to $29. The letter "helpfully" pointed out that one can avoid late charges by paying on time. I couldn't find any specific information about how much the my card was rising. I phoned and was told to see the back of the letter. There, in tiny print, possible font size negative 8 or something, I saw words printed. I had to find reading glasses to view the minisucule print and learning my rate was rising to just under 16% from almost 11%. The representative couldn't offer my any information, except to repeat the vague wording of the letter and reiterating that everyone's rate was increasing. Let me get this straight, one acts irresonsibly with AMEX credit and your rates rise. One always pays AMEX on time, and . . . your rates rise . . . I guess I'll be using my Discover card, with its single digit interest rate and recite " American Express - Be Sure to Leave Home Without it . . ."

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fireman452 says: (2 months ago)
 0
Ah - hold on a second - I agree with what you have written here except for one thing - according to the person I spoke with the only people who will see fixed LOW rates are those that have been irresponsible and are not able to pay their cards on time, these folks will see a fixed low rate because something is better than getting a bankruptcy notice - so those of us paying on time will once again pay for the dead beats.




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