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Hey american express customers... is this happening to you? I open a american express account about a year and a half ago.. I made a balance transfer at a great 3.99 interest rate, always making my payments on time and always more than the minimun payment, but I made a mistake, I made a few purchases, nothing crazy, about 1300, at a interest rate of 8.99, after they raise my rate to 11.24 I started to pay attention to my statements and the payments I make go towards the balance tranfers at 3.99 interest rate and nothing goes to my purchases...
here is the ripoff I get charge interest on my purchases at 11.24 and interest on my balance transfer a 3.99, my payment takes care of the finance charges on the two balances but the finance charges on my purchases get add up to my purchases balances every month, so even if I make my payments on time and more than the minimum my purchases balance goes up every month and I wont chip away on this balance until I finish paying the balance transfer... is this fair?...is this legal?
The complaint has been investigated and resolved to the customer’s satisfaction.
Last month and for the past so many years, my American Express credit card interest rate on new purchases was 11%. On the statement I received in the mail yesterday, the rate was increased to 26.99%.
I thought it was illegal to change the rate of interest without prior notice to the consumer, allowing the consumer to discontinue use of the card if not accepting the new rate, and then paying off the card at the old rate. I have been unable to get through on the phone to question this. I was on hold for 53 minutes yesterday. I would expect American Express did this to a lot of people.
Has anyone else had this happen and what did you do about it?
I have had a card with Amex, on and off for 25 years. I've always had excellent credit, we have equity in our home and pay our bills. Amex lowered my limit, raised the rate, I set up online banking so I was underpaying by something like $2 and getting $39 fees without notice from AMEX online, as I requested.
When they called I immediately paid the total due but geez, it's snowballed into a huge debt.
ASame thing happend to me... we should all get together and file a complaint directly with their CEO.
They did the same thing to me. Two seperate $39 late fee charges within 15 days of each other. Here is what the damage was
$29 late fee for first 30 days
$39 late fee for 45 days
$39 late fee for 60 days
Over $100 in late fees assessed. Took me 20 minutes on the phone to get everything paid. Took me another 60 seconds to cancel my card. 11 years I was a loyal AMEX cardholder, and the first payment I didn't pay in full this is how they treated me. Rat ###!
Unfortunately yes it is legal and yes they can get away with it. It's gonna get ALOT worse once the new credit card laws go in effect next year. Keep a close eye on your card. Im paying mine off as fast and as soon as I can and canceling them, hopefully before February when the new laws go in effect.
No more credit for me anymore, it's been nothing but trouble. Im just gonna spend what I can afford, thats it and if I can't afford it, I don't need it. I have way too much crap aqumulated in my life anyway, Im done. I have more than enough clothes, shoes, jewelry, knock knacks and everything else and all it does it collect dust. I don't go anywhere so my fancy clothes are useless and so is my jewelry. I don't think people realize that they just buy too much, when I look at those cable shopping shows Im amazed at how much they sell of so much garbage. I just know people are spending without thinking, we all need to stop doing that. Someone is getting rich while we go into debt.