American Express Complaint - Interest rate will increase even if I close my account
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.