Comments on: American Express Change in Cardmember Terms, Rate Increases

By: Jeanne

Jeanne — Thu, 25 Feb 2010 17:11:54 +0000

Re Comment by L.Stipe#200 and Strategery#199

Re#200 – I’ve been a good customer for many years too consistently paying early and paying more than minimum due. American Express raised my rate the same as it did you and then cut it a small amount when I called last month complaining again that they had no right to raise interest rates and not let us opt out.

Re#199 – I too heard that American Express is making excellent profits. I didn’t know they got bailout money though. Wish I could pay off this account, but for some reason taxes on my low income have sky-rocketed, and I’ll be lucky to make ends meet and go on paying AmEx for the rest of my life!

By: L.Stipe

L.Stipe — Thu, 25 Feb 2010 14:32:22 +0000

AMEX first raised my rate from 9.9% to 15.9% and now after 3 months has cut my limit by 28%. All this after being a customer on a Blue card for 8 years and a Green Card member for 29 years and never missed or made a late payment.

This is after AMEX took money from the bail out (our money) and made more profit last quarter than it di during the same period last year.

I will make any and all moves to pay these blood suckers that care nothing abouth their customers as soon as possible.

By: Strategery

Strategery — Fri, 22 Jan 2010 21:54:52 +0000

American Express posted a 4th quarter profit of $710 million, more than double that of the same period last year. I wonder how they accomplished this…could it be from fraud, breaking contracts, skirting the law and blackmailing customers with bad credit scores? Now that economic conditions have improved, will rates be lowered?

By: Catherine

Catherine — Tue, 19 Jan 2010 17:42:51 +0000

DOES ANYBODY HAVE THE E-MAIL ADDRESS OF CEO OF BANK OF AMERICA? BRIAN MOYNIHAN??

By: Catherine

Catherine — Sun, 10 Jan 2010 23:13:34 +0000

Jack

Cnn had a man on their web page speaking of this. A lawyer. Maybe google CNN lawyer sues B of A?? try that.
c

By: Jack

Jack — Sun, 10 Jan 2010 18:45:50 +0000

I took advantage of BOA offer on my online BOA page for balance transfer at special low rate and they use my response to their offer to slash my credit line by 75%. Months later they send me the same offer in a letter with my name on it and my then available credit line written on the letter and when I respond to their solicitation {they made the offer at least 3 times} they tell me they are canceling my credit card completely and I know they new my credit score {which was still good} before making the offer as I have credit monitoring and now for the second time BOA continues to damage my credit just because I attempt to take their offers!!! WHY!!!! AND CAN I SUE THEM!

By: cheryl johnson

cheryl johnson — Wed, 30 Dec 2009 21:31:20 +0000

Call Stephanie Fogleman at American Express:
1-800-297-6197, EXT 67545 that is who answers the corresp. sent to the Corp. Office.

By: Jeanne

Jeanne — Wed, 30 Dec 2009 16:04:15 +0000

Response to comment by WIL (#193) – !!!!! Yes!!!!! This has the makings of a class action lawsuit!!!!! I tried to opt out on three phone calls to AmEx and was told on each call that it was not possible. I don’t know how class action lawsuits get started, but I sure hope it happens for us!!! AmEx used to be my favorite card because they, at times, would automatically decrease my % rate because of my payment practices or whatever… don’t know why, but sure made me prefer their card to others. Now, they have changed their good customer practices and not only arbitrarily increased our % rates, they have lied to us about the opt out. Unfortunately, I owe them a lot and can’t pay it off as others have indicated they have.

By: WIL

WIL — Wed, 30 Dec 2009 14:46:02 +0000

Re AM EX and the OPT OUT – I recently found out that offering an OPT OUT was mandatory since August as per the Credit Card Act of 2009 – AmEx site also states that Opt Outs are available – I am not quite certain why I (and many of you) were told that no option was available – I have sent an email to AmEx thru their site about this as well (I received a rate increase and am questioning it again since I tried to opt out and was told I could not – makings of a class-action suit?: Visit the site for the Opt Out notice (you can simply put OPT OUT in the search field and it will come up) – let me know if you have trouble (I tried using a link but it links to my account)

By: Tracy

Tracy — Wed, 30 Dec 2009 00:13:01 +0000

Same thing happened to me, pay double the minimum, always on time and they uppped me to 17%. Here’s what i did and it may work for you. If you pay on time, etc. then you, like me, have great or at least good credit. I decided that doing a balance transfer at 1.9% through the end of 2010 to B of A was worth the fee they charge (3% of balance, it still comes out to way less than AMEX’s ridiculous 17%). Anyway, if you have say 3,100 on your account, transfer 3,000 to another card with the lower intereste rate. Then pay AMEX 101 bucks. This will give you a buck credit, within the next few months, THEY/AMEX will mail/email you balance transfers at lower interest rates, transfer whatever you didn’t pay during the year back to them. it sucks, but they want to play the game, and if you have good credit, play it right back. in the end, you’ll end up with a lower rate than you started with….if that’s an incentive. We have to get creative as AMEX is awful and criminal in the way they go about doing things.