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Dear American Express….You Suck

January 12th, 2009 · 1 Comment · Gripes

americandepressArt by: Ron English

We received our American Express statement in the mail today. AMEX has a cool rewards program.  We use the card to earn points toward those rewards. Pete noticed that our APR had gone from 9.9% to a whopping 12.9%. We pay the balance on the card in full each month. We have never been late on a payment in the 7 year history of the account. We have no credit card debt and our credit scores are in the 800 range.  Pete called the company and was transferred to a supervisor who said that nothing could be done. We wrote this letter to the company via their email system:

Dear American Express,

It has come to our attention that our APR was increased to 12.99%. We called and were told that due to hard financial times nothing could be done to lower our rate. I think this is a false statement. We have excellent credit and currently have two other credit cards with 7.9 and 9.9% APR. Until our rate is lowered to be on par with these rates, we will not be using our American Express credit card in the future. The balance will be paid in full at the end of this month. I never thought I would prefer Bank of America to American Express.

So basically this company has made such poor business decisions that it’s stock value has fallen 66% in the last year and they can now afford to abandon loyal customers. Bank of America lowered our APR to 7.9%, so we will be using them in the future. I just purchased slipcovers for the couch using the AMEX. I can’t wait for the purchase to hit the account so I can pay the card off and toss it in the safe.

Please keep an eye on your credit card rates! We missed their notice for increasing the rate. It was buried on page 7 of our November bill.   Our statement is one page usually, and then the remaining 7 pages are ads for AMEX partners.  I feel dumb for not looking through all the pages and this could have been addressed sooner. We are lucky that we don’t have a balance. I know these rate changes are going to have a huge impact on people who carry a balance.

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One Comment so far ↓

  • fragileheart

    Both my credit cards are maxed out, so thanks for the heads up on this. I’m planning on leaving them at home from now on and paying more than the minimum (which is what I’ve shamefully been doing) so I can pay off the damn things!!

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