Comments on: Amex credit card class action lawsuit

By: CHESSNOID

CHESSNOID — Thu, 07 Jul 2011 15:31:07 +0000

Hi Fred,
I have actually read every comment on my blog and I don’t recall the interest rate being brought up the way you mentioned. I would recommend writing a letter to formally dispute the interest rate increase on your card and cc the attorney general of your state and the FTC. That might affect the way they handle your specific case.
Good luck and thanks for stopping by.
Cheers!

By: Fred Gross

Fred Gross — Thu, 07 Jul 2011 03:37:10 +0000

I’ve been treated similarly, and simply decided to take a big gulp and pay as I could. However, when a higher rate was imposed upon my account (I also paid on time every time), I decided to close the account which I always believed was my right in order to freeze the prior rate. The rate thus remained unchanged, except (unmentioned) all accrued interest was treated as cash, and indeed the rate had swelled from 15.24% to 21.24%. And of course the payments are first applied to purchases, resulting the existing cash balance effectively remaining unchanged, which I just recently noticed.
Customer service blew me off with the claim that all credit card companies do that, which I vocally debated. Indeed, no other CC company with whom I do business treats accrued interest as cash. And for good reason: I never saw the funds, and did not have the privilege of using said funds.
I did not read all the posts to determine whether this has been brought up previously, so apologies if it has. If it hasn’t perhaps the realization that you are being screwed by AmEx in yet another way will move this class action forward.

By: CHESSNOID

CHESSNOID — Mon, 04 Apr 2011 20:35:03 +0000

Hi Duane,
I know where you are coming from. You might want to contact Guy (561) 659 -1810 who has also looked into the class action lawsuit listed 2 comments above. I believe he is aware of an ongoing class action lawsuit. There was this comment on this class action lawsuit post with a contact number of (770) 444-9325 for Webb, Klase & Lemond by e-mail at contact(at)webbllc(dot)com. I have not personally looked into these possible class action suits.
Good luck!

By: Duane M

Duane M — Mon, 04 Apr 2011 18:48:50 +0000

I have been a member since 1999 on my present Gold card. My credit line was cut to $24,000. in 2009. I am current and have a balance of $18,300. Most months I pay extra toward the interest bearing sub-account.Last week my card was put on hold and I got a call demanding copies of my 2009 tax returns. I also rely on this card for use by two of my employees. Does anyone have a suit going? I want in!!

By: CHESSNOID

CHESSNOID — Thu, 10 Mar 2011 04:22:50 +0000

Hi Guy,
Good luck with that. I sent you a response by private email.

By: Guy Stewart

Guy Stewart — Wed, 09 Mar 2011 19:47:56 +0000

Hi- I’ve been busy with my Answer and Counterclaim. If you have a minute, I have a few questions. My Open line of credit last digits are 81005, and I see where a person in federal court is suing the Centurion Bank, and his last digits are also 81005. Do you know if that’s how AMEX/Centurion identified all those lines of credit, leaving the last in place and using different digits for the preceding ones?
Next, although the entity which originally granted me credit (in 1999!) was Centurion (I still have the convenience check book), the Plaintiff in my case (here in West Palm Beach) is American Express Bank, FSB.Here’s what I’m getting at.One of the blogs pointed out that Centurian securitized the receivables from the customers and placed them into a Master Trust. Some one else pointed out that American Express Bank, FSB acts an agent of some kind for Centurian, and some of my other checkbook in other AMEX accounts indicate that the checks are on “American Express Bank, FSB, payable through American Express Centurion Bank” This blogger’first point was that the real Plaintiff in these cases is the Trust, and his second point is that the investors in the Trust absorb the loss – not the Grantor (Centurion or FSB).
Here’s my last question: do you know how, from SEC filings, to learn if a given receivable (such as mine – 81005) is in which Trust.
Thanks in advance for any help.
Guy (561) 659 – 1810.

By: Billyboy

Billyboy — Thu, 24 Feb 2011 19:41:52 +0000

I just had the same thing happen to me–while on a business trip, no less. I was literally standing in line to check in when I saw the email that they cut my line by $15,000. They cut it so that I only had $152 in credit available. I am not late (they verified this) and my credit score has been the same for the last 2 years. In fact, over the last 2 years, I have increased my salary to 6 figures and cut my debt by nearly 45,000 (including a 15,000 payment to AMEX a few months ago). I ordered my credit report and saw no negative info for years. They put me in a really tough spot and now that I’m “at my limit” again, my credit will suffer. Just in time for me to buy a new house in this freaking market. I expected more from AMEX and I expect more from the law. If this isn’t abuse, I don’t know what is.