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American Express - Biggest Rip-Off of a Credit Card Out There
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Review by rue1781 on 2013-01-22
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American Express has to be the worst credit card out there! First of all AFTER you pay off your final bill, you think your interest charges are gone, but, NO, they get you again with another fee because you've paid off your whole bill. They absolutely will not listen to any excuses on a late payment.
I've had their card for over 5 years and NEVER make a late payment and they still added a penalty APR to my future statements. I also paid off my entire balance listed under the penalty APR and they continued to add interest at some absurdly high rate of 25% to what I'm sure was an arbitrary amount of my money.
There are so many more reputable credit cards and companies out there. Please look into Amex before you get one of their cards, so you don't become a victim, also.
I've had their card for over 5 years and NEVER make a late payment and they still added a penalty APR to my future statements. I also paid off my entire balance listed under the penalty APR and they continued to add interest at some absurdly high rate of 25% to what I'm sure was an arbitrary amount of my money.
There are so many more reputable credit cards and companies out there. Please look into Amex before you get one of their cards, so you don't become a victim, also.
Comments:
Posted by At Your Service on 2013-01-22:
By any chance, have you had a recent problem with your credit? This doesn't mean your specific American Express account, but any form of credit.
Credit card companies will occasionally check one's credit status and adjust the terms of the credit card services and interest rate accordingly. It's why it's so important to keep a good credit history. Once you've shown negative credit, their risk for continuing your account raises and so will the amount they want to collect in order to still offer you a line of credit.
Credit card companies will occasionally check one's credit status and adjust the terms of the credit card services and interest rate accordingly. It's why it's so important to keep a good credit history. Once you've shown negative credit, their risk for continuing your account raises and so will the amount they want to collect in order to still offer you a line of credit.
Posted by Obsfucation on 2013-01-22:
OK, I'm confused. You say that you NEVER pay late, but you also say "They absolutely will not listen to any excuses on a late payment."
So which is it? Unless it was their processing error, there pretty much is no (acceptable) excuse for a late payment. They are a for-profit business, and have just about the same business model as every other credit card.
Not clear about the arbitrary amount that you mention, but when you pay the balance to zero, you still owe the interest on the balance amount for the days between the billing and the payment. It's generally a small amount, but you still owe it.
So which is it? Unless it was their processing error, there pretty much is no (acceptable) excuse for a late payment. They are a for-profit business, and have just about the same business model as every other credit card.
Not clear about the arbitrary amount that you mention, but when you pay the balance to zero, you still owe the interest on the balance amount for the days between the billing and the payment. It's generally a small amount, but you still owe it.
Posted by Susan on 2013-01-22:
ALL credit cards charge interest that accrues between the time you pay off the current balance and the time the money is received and posted to your account by the credit card company. So what you were charged most likely was interest and not an arbitrary amount of money.
Posted by clutzycook on 2013-01-22:
I agree with Susan. And it sounds like the OP didn't know that this interest was posted to their account, missed the due-by date, and got socked with a late fee. Late is late. That's why I always monitor my credit card accounts for a month or two after I zero out the balance just in case something hits (it's good to do that anyway to make sure there isn't fradulent activity).
Posted by trmn8r on 2013-01-23:
I can't agree with you. AMEX has a great reputation. What you describe sounds pretty standard.
It sounds like you made a late payment and that caused a problem, though you say you never paid late. When you pay a card late, all kinds of funky stuff happens fee-wise. I doubt the fees were arbitrary - at least one reply above explains how these came to be.
It sounds like you made a late payment and that caused a problem, though you say you never paid late. When you pay a card late, all kinds of funky stuff happens fee-wise. I doubt the fees were arbitrary - at least one reply above explains how these came to be.
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