American Express Complaint - Arbitrary Increase of Interest
Like so many others here, I was surprised when I noticed on my American Express Platinum statement that my interest rate was increased arbitrarily. I have a high FICO score and always pay my bills on time. I think that it is “plain wrong” when a customer who does everything right, gets penalized for the company’s mistakes. Furthermore, U.S. taxpayers are bailing these companies out (without knowing where the money is going) and in return the companies receive a “double bailout” by increasing the interest rates and in some cases lowering the available credit (which lowers your FICO score) of customers in good standing. I recently contacted my Senator and Congressmen about this and I urge everyone else to do so as well! In addition, Creditcardreformorg is a great place to start. As far as I am concerned, I am done with credit cards! I know we need them for car and hotel reservations and they are helpful with business expenses, but I think that the only substantive reason for credit cards is to build a credit history so that you may one day purchase a house or vehicle.
P.S. To add insult to injury, this is done to me all for the convenience of a $450 annual membership fee. I'm done!