American Express Complaint - American Express Will Sucker Punch You
American Express induced us to take a credit card by offering 0% interest for a year. Last week my wife tried to use it and it was declined, even though there was $10,000 of available credit. I called and was told they had reduced our credit limit to only $500 more than we owed. I know someone who owed $7,000 and got a letter demanding it be paid off. We paid our bills in advance and were never late.
Here's what I think: I think it's a con job -- a "Bait and Switch" operation where they sucker people in with a low interest offer and then pull the rug out and hope you go over your reduced limit so they can increase the interest rate to 29%. It caused us a lot of hassle because we had some bills on autopay using that card.
Call your Senator or Congressman and complain. There needs to be legislation to stop this. If a used car salesman did this they would be put in jail.
I asked "Why" and was told a "Credit Review". I asked for specifics and they wouldn't give any. We had $150,000 cash in checking accounts and I offered to prove it -- it didn't matter. I suggest being rude to their employees -- maybe they will quit and it will hurt that company. I think they are untrustworthy and sleazy.