AA like this is never done without a reason, they obviously don't like what they see in your credit profile, it is your right to call them and ask it to be returned to what it has been and it is also your right to close the account if you dont want to comply with the new terms. Good luck 
@gdale6 wrote:AA like this is never done without a reason, they obviously don't like what they see in your credit profile, it is your right to call them and ask it to be returned to what it has been and it is also your right to close the account if you dont want to comply with the new terms. Good luck
Something like this isn't random, otherwise we would be hearing about it all the time. Its obviously something in your credit report that may have nothing to do with your Amex accounts at all. I would call in and see if they will return it or at least explain to you exactly their concern, so that you can make adjustments if you believe necessary. I would also check your credit report and see if something is on there in error.
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@370Z wrote:Definitely not Adverse Action. Most likely Amex decided to modify certain low APR cards out there that were given out many years ago. 7.24% is much lower than Amex's current lowest APR.
Around 5 years ago, Capital One upped my 7.9% fixed to 17.9% variable. BoA upped my 4.9 fixed to 9.9% variable. I ended up cancelling both cards. My Fico scores at the time were 740+ with no negatives ever.
This does happen, but it seems like we would hear from more than one person if Amex was doing this on all people in the same situation. Then again I'm not sure how many people on here would have this card from seven years ago to begin with. I would have flipped a lid if my APR went from 7.9 to 17.9 for no legitimate reason.
@red259 wrote:
@370Z wrote:Definitely not Adverse Action. Most likely Amex decided to modify certain low APR cards out there that were given out many years ago. 7.24% is much lower than Amex's current lowest APR.
Around 5 years ago, Capital One upped my 7.9% fixed to 17.9% variable. BoA upped my 4.9 fixed to 9.9% variable. I ended up cancelling both cards. My Fico scores at the time were 740+ with no negatives ever.
This does happen, but it seems like we would hear from more than one person if Amex was doing this on all people in the same situation. Then again I'm not sure how many people on here would have this card from seven years ago to begin with. I would have flipped a lid if my APR went from 7.9 to 17.9 for no legitimate reason.
IMO all the APR increases 5 years ago were in response to the coming Dodd-Frank Act of 2010. The act restricted the banks ability to increase APRs and what they could apply it to, so prior to it becoming law it was easy for them to just raise all the rates, take the heat from customers and review at later times for small decreases in the APR.
@21FOOTBALFIELDS wrote:Ok a litle background. ive had my amex blue cash card for 7 years . apr has always 7.24% i have never issed a payment and barely carried a balance.
i recieved a letter in the mail from amex saying they are increasing my apr to 12.24%
there reasoning is that they need to align my apr with other with my credit profile(which has only improved) and other cards the offer in the marketplace.
has this happen to anyone else?
Sorry about the rise in APR, but I figure that nothing is forever, especially low interest rates. Honestly, I have never even seen an APR this low in a long while...lol. As others have suggested, definitely try and get it back to where it was, or at least lower than the 12.24%. The best of luck to you.
