I have about 3/4 million miles in my Amex account which took me 10 years to accumulate. I always pay my account balance in full after each billing cycle but when I was a month late recently, Amex would not release my hard earned miles. I argued that I earned these miles and that they should be mine regardless of what else happens but they would not relent. So, if you have Amex points, convert them while you can. Whenever I use the Amex card in business, people sometimes will ask "don't you have a different card"?
Well, for the last year I have used my Capital One card together with the Amex. I get 2 points (miles) for every dollar spent, twice as much as Amex will pay. And when it comes time to book a flight with air miles (points), I get a choice of about 6 major airlines. They have no blackout dates, all taxes and fees are included in the pay by points. Delta flights booked with Amex points by comparison, cost about 40% more and do not include taxes and fees. Thought you should know these facts. Now you may choose which card to use.
I received an APR increase notification in the mail a few days ago from AMEX saying that effective with my October statement my interest rate would be increasing. I've dealt with this with other credit card companies and I closed those accounts and kept the interest rate at the lower level. However, when I spoke to the agent at AMEX, she said that my interest rate would still increase and still be assessed against my entire balance even if I close my account.
I'm trying to find out what credit card rules apply to this because I thought I had the option to close the account and keep my current interest rate. I don't see how they can force this increase on my balance when we had a binding agreement with my current terms. I'm working on filing complaints to the FTC and The Federal Reserve because I should have the option to close my account. These credit card companies are no better than shady loan sharks.
FORT LAUDERDALE, FLORIDA -- I have seen many posts on this site from people with complaints about American Express canceling their card after years of on-time payments. This too happened to me, but I called and complained and they returned my membership fee! It is a small victory after years of loyal service, but at least it is something. Also, if you have the Delta Skymiles card that comes with a companion ticket make sure they send you the voucher for the free flight, and wait for it to arrive, before you ask to get the refund.