CHESSNOID

I probably have a dozen Amex posts on my blog since February 2008 and have many comments from people who have experienced the same things. Even to this day, I get comments and what usually triggers it is the overnight without warning credit limit reduction or credit card cancellation.

This last comment was more like a post so I decided to give it more visibility. The comments start to become buried and I can’t imagine everyone reading all of them.  Thanks for sharing your experience Jim with the rest of us.

Jim

Comment:
A sudden reduction in credit line without justification. A change in terms again without justification. Denial of credit authorizations while yet under the credit limit. No ability to opt out and close the account saving at least the former APR.

Each of these items has happened to me during the past year or so. An intelligent even tempered attempt to remedy each situation has always proven fruitless.

I transferred some debt several years ago to a fixed APR of 3.99, which was to last until the balance was paid off or seven years. two years ago, about two years into the balance transfer program Am Ex solicited to me, my APR was raised to 7.99. Last year it was again raised to 10.24 adjustable…. 3 mo later it was raised to 15.20 adjustable. At no time did I default in any way on the account. I have been late once with payment in five or six years of using Am Ex, and that was due to their website glitch.

Changing the credit product was my only option to reduce the near 16% to the just over 11 % rate now.

Am Ex either will not or can not provide me the original contract regarding the aforementioned balance transfer containing the time frames and so forth.

3 years ago having amassed thousands of rewards points over some period, I asked to redeem them and said they had been lapsed.

businesses especially those whose product is to lend money simply have to be more forthright and above board in their dealings with their clients. I find it odd too that in advance of the recently passed lending law forbidding such actions that am Ex is in fact doing such things to it’s client base, en masse… the action is reprehensible at least and borders on loan shrking techniques

Given the ties to Chase, and the fed issuing bail out monies there, the management from Am Ex & AIG must be hand in glove with one another. Disgraceful. They should be treated as the outlaws they are… Chase, Am Ex & AIG. They knew it was wrong and did it anyway…. trapping millions with threadbare, vacuous promises of assistance. All the while knowing the bulk of their business was at risk.

These practices are tantamount to usury for those so engulfed without the ability to escape their own debt load. Am Ex knows this all too well.