American Express

[HAL 9000 96]

Interesting... I get my bill in the mail from American Express and now the interest rate went up from 11.9% that Ive had for about 7yrs up to 14.50%

all due to the economy so the Rep tells me... I pay my bills on time or early, I always pay a few bucks extra, and never go over my limit EVER and now I get screwed with higher interest rate bcz of the economies issues or American Expresses own issues!? Not cool A/E !

That's actually not too bad. Citibank went ballistic on me and decided they wanted to take me up to 29.99%. Yeah... so I didn't close the account (just to remind them of the lost revenue from any future balances I WON'T be charging to that account), and transferred the balance I did have with them at a special No-fee transfer from BofA (whom ironically is doing the same thing, except not with my account... yet). And now that's paid off.

[~PalmTreeGurl~ 154]

Interesting... I get my bill in the mail from American Express and now the interest rate went up from 11.9% that Ive had for about 7yrs up to 14.50%

all due to the economy so the Rep tells me... I pay my bills on time or early, I always pay a few bucks extra, and never go over my limit EVER and now I get screwed with higher interest rate bcz of the economies issues or American Expresses own issues!? Not cool A/E !

That's actually not too bad. Citibank went ballistic on me and decided they wanted to take me up to 29.99%. Yeah... so I didn't close the account (just to remind them of the lost revenue from any future balances I WON'T be charging to that account), and transferred the balance I did have with them at a special No-fee transfer from BofA (whom ironically is doing the same thing, except not with my account... yet). And now that's paid off.

Yes, that too (Citi) is the first one I have the currently low interest rate of 2.9% til Sept 2010 that Im paying off, but IF I make any purchases the interest is now 29.9% see that I received a letter on and have already decided NOT to use my Citi card for any purchases due to that. But I never received a letter from AE and they upped my $7,400 that I owe them to a higher interest rate for nothing that I did. . .

[HAL 9000 96]

TBH I think you should call them late at night when the friendlier reps are at the Cust Serv center... its worked for me in the past where I've been able to get rates lowered drastically by being pleasant with them. Drastically as in going from 11.99% down to 2.99% on purchases.

I am not sure that APR increase was mostly due to the economy... it was just a CC company doing what it does- seek profit. Or their way of managing those projected profit losses are to raise rates but not to a level that would put them on the financial media's map like with Citi and BofA.

Edited November 20, 2009 by HAL 9000

[Azzudiin 26]

With all the bankruptcies, they need to recoup their losses. So everyone else pays more. Maybe next time they will learn their lesson and not give credit so freely. Which is better in the long term anyway, economic growth based on consumer credit is not sustainable.

I don't agree with that at all. Efficient credit markets have been a part of economic expansions from the Middle Ages, if not earlier.

Of course, irresponsible credit leads to grief. Grief for the lenders who don't assess risk properly, ditto for the borrowers.

But credit used responsibly leads to the efficient circulation of capital between those with an excess (investors) and those with a need to apply that capital to judicious uses (business expansion, home ownership, etc.)

Hmm China is doing great, tons of cash, no debt, own most of Americas debt, oh and yeah virtually no consumer credit.

America has brought the whole world into the toilet because of its credit policies and we will sink the whole world again when other countries finally say NO we will not lend you anymore money to run your government.

Edited November 20, 2009 by Azzudiin