08-11-2009 02:00 PM
I can guarantee AMEX that if they are bulling with their customers especially myself. They will not make any money off my account. I can assure you that.Although I have AMEX Blue Sky with 0%APR for 15 months end March 2010. I wont use the card anymore, they are making me mad. I rather use my Visa and Mastercard instead.
No more games AMEX, the more games you play the more money you lose.
08-16-2009 06:04 AM
I just received another letter from Amex, this time on my clear card. I did a balance transfer a while back which carried a 2.99 for life rate. The letter states that they are raising my APR to 13.99 plus prime (17.24) on new purchases and existing balances. The sentence reads:
"These charges apply to existing balances and future balances on your account."
Does this apply to my balance transfer that I have been paying on for a few years at the 2.99 rate? Can they do that? They entered into an agreement with me for "life of the balance" which is the only reason I did this. It is one of the few cards I carry a balance on due to this agreement. Can anyone tell me if this will also go up on 10/1, the effective date? I think this would really be a breach of agreement if they do this to me since I have 3 amex cards and am an excellent customer and have been for years!! I hope someone can answer this question as if they are raising it, I will transfer to my Citibank who is offering 1.99 until 11/2010 by which time I will have it paid off but I would rather not incur the 3% bal transfer fee! Thanks to anyone who can help me!!
08-16-2009 08:01 AM
I got the same letter as you and I'm not very clear about it. When I apply for the card, they offer 0% APR for 15 months til March 2010. So now I receive that letter with APR change and the same statement say
"These charges apply to existing balances and future balances on your account." I don't know if my 0% APR still applied. I might have to call in and discuss this issue with them. I hate card issuers turn their back on their offers,so fake and liar bastarddd..
08-16-2009 09:52 AM
got the same RJ letter ...raising apr blah blah blah ... AMEX is junk ... im tired of AMEX and their "business decisions" ... make the changes if people are in fact delinquent on their accounts ..not paying on time...over limit etc ...but quit trying to base your decisions on the crystal ball ...
it just seems to be pissing off most of your customers with good credit standings ...
But on the flip side ..i would rather have a rate jack than a Credit Limit Decrease and then a chase of the balance....
08-16-2009 12:10 PM
I got the letter - increase in APR, but no fees for over the limit amymore.
Called Amex and was told that it was NOT targetted to any patricular accounts, but was companywide
08-16-2009 06:19 PM
08-18-2009 04:02 PM
My letter came while I was watching the rain at the beach. No change in purchase APR, just changes in cash advance APR, APR on overdue payments, and something something. (Sorry, just drove 500+ miles and then read through 27 pieces of mail, and my brain is fried.)
The new cash advance APR was prime plus 21.99%, I think, and prime plus 23.99% on the late stuff. Plus the bit about no fee for OL, whoopee.
I think a lot of loan sharks charge less than prime plus 21.99%
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.