THEY GOT ME!!! (AMEX)

[Anonymous]

Went to check my CCs (do that every Monday). AMEX leaves me $192 above my balance. How did they come up with that number? I just took advantage of their 4.99% BT offer about 2 - 3 months ago. I had a $10K limit with a $8K balance. No lates, repos, bankruptcies, overdrafts, over limits, pay about double the min and everything!

I knew it probably was coming...  just didn't know when.

So, will I continue to receive the 4.99 for the remainder of my BT? They can't raise my BT interest rate, can they? If not, I'll continue to pay the balance down as I had scheduled. I guess I am in the AMEX CLD Club!

[notmyname]

I'll leave it to others to answer your

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@kino1161 wrote:

Went to check my CCs (do that every Monday). AMEX leaves me $192 above my balance. How did they come up with that number? I just took advantage of their 4.99% BT offer about 2 - 3 months ago. I had a $10K limit with a $8K balance. No lates, repos, bankruptcies, overdrafts, over limits, pay about double the min and everything!

I knew it probably was coming...  just didn't know when.

So, will I continue to receive the 4.99 for the remainder of my BT? They can't raise my BT interest rate, can they? If not, I'll continue to pay the balance down as I had scheduled. I guess I am in the AMEX CLD Club!

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 questions. (how could I know)

However, I will point out that you "maxed out" the card. This is not a good thing to do under any circumstances. The depts. that approve the BT and the ones that review you are not one and the same. So, just because they said yes to your BT doesn't mean you should do it.

I would never go over fifty percent with a BT on any company's card, but usually keep it at thirty.

Good luck to you; I bet it works out for you.

NMN

[jmbfl]

They said they reduced your CL. They did not say there was a APR increase. It would be most irregular for a CCC to renege on a promo APR for BT. Could they do it - probably yes. And they will do it if you have any misstep with them - you bet! (Be late by a day and see what happens.) No they are just going to compel you to pay them back by playing the balancing chasing game - doing the worst thing that they can legally do to you - trashing the UTIL portion of your FICO score calculation until your relationship is over.

I hope AMEX has a plan for the future and a new source of business they haven't tapped. Right now they are doing their level best to alienate much of their exising cardholder base, many of who will never come back once free.

Message Edited by jmbfl on 11-17-2008 07:33 AM

[Anonymous]

Thanks and well said! 

[Uniqua]

These BT offers are becoming more and more difficult to utilize without being penalized. They are nothing but "setups." As soon as you fall for the bait, they label you as desperate and RJ you or CLD you. It is time to throw the BT offers in the garbage, or better yet shred them, and pay our balances down quickly. This is becoming ridiculous.

[Anonymous]

You are soooo right, Uniqua.  I should have thrown it in the trash, but the 4.99 was too good to pass up. 

[Uniqua]

Kino1161, you did what most people would do. You saw a better opportunity to pay off a debt and you took it. Nothing wrong with that. Unfortunately, these CCCs don't see it that way unless you pay off the BT within 30 (maybe 60) days. If we could do that, there would be no reason to BT in the first place, right?! Expect Amex to chase your balance and then eventually close you out when paid in full. They may leave it open, but give you a tiny (and I do mean tiny) CL to work with. These CCCs are really starting to SUCK!!

[Anonymous]

So, I shouldn't just close the account and continue to pay it down (since they are probably going to close me anyway).  I know that has been discussed in great detail on the board, but it still is going to report for the next 10 years, correct?

[Uniqua]

Nah, don't close it. Keep it open and see how it plays out with Amex. They just may keep it open but give you a small CL. Who knows what will happen in the future. It just may work out in your favor. And yes, it will continue to report for 10 years (I believe). Pay it down as much as you can as soon as you can. Maybe they'll have a change of heart (don't count on it, just hoping for you).

[Anonymous]

Thanks, Uniqua.