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Amex raised my rate 4% and I didn't even know...

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Contributor

Amex raised my rate 4% and I didn't even know...

Ok. So probably my fault for not paying attention. Was going through my statements online late (late, late) last night to get a general idea when my last CLI on my BCE was. Determined that it was a 2x back in Feb as it was reflected in my statement that cut at the beginning of March.

Then randomly scrolled down towards the bottom of the statement and saw that effective May 10 my APR would be going from 19.24% to 23.24%. (Now at 22.99% due to prime drop) The reason listed was my EX fico which they listed at 710 at the time. Stated that my rate was lower than others with the same score. I can't say for certain but pretty sure my score was lower than that back when I got the card as I was making my way through a rebuild.

So did I screw myself by requesting a CLI (online) in Feb, which resulted in a SP, which then triggered some algorithm that determined my rate was too high? Or is Amex just trying to make money off me? Which is a losing battle because even 99% of zero is still zero. No balance, never late.

None of my other cards have done this and this my highest rate card. (Not that it matters)

Be interesting to see if Amex goes the other way next month on a CLI request. EX fico is at 746. Rate drop as a result of higher score. I'm not holding my breath.
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Re: Amex raised my rate 4% and I didn't even know...


@AlpineX wrote:
Ok. So probably my fault for not paying attention. Was going through my statements online late (late, late) last night to get a general idea when my last CLI on my BCE was. Determined that it was a 2x back in Feb as it was reflected in my statement that cut at the beginning of March.

Then randomly scrolled down towards the bottom of the statement and saw that effective May 10 my APR would be going from 19.24% to 23.24%. (Now at 22.99% due to prime drop) The reason listed was my EX fico which they listed at 710 at the time. Stated that my rate was lower than others with the same score. I can't say for certain but pretty sure my score was lower than that back when I got the card as I was making my way through a rebuild.

So did I screw myself by requesting a CLI (online) in Feb, which resulted in a SP, which then triggered some algorithm that determined my rate was too high? Or is Amex just trying to make money off me? Which is a losing battle because even 99% of zero is still zero. No balance, never late.

None of my other cards have done this and this my highest rate card. (Not that it matters)

Be interesting to see if Amex goes the other way next month on a CLI request. EX fico is at 746. Rate drop as a result of higher score. I'm not holding my breath.

If you don't carrry a balance why do you care what the interest rate is?  Reward cards interest rates are ridiculously high.  They do have a plan it feature if you do need to carry balances.  I am not sure what the fee is but they just offered me 0 fees on plan it.  I am not sure what the regular fee is but if you do need to carry balances I am guessing that is lower than 23 percent interest. 

More cards than I can mention in a signature.
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Contributor

Re: Amex raised my rate 4% and I didn't even know...

I dont carry a balance so like I said above - "not that it matters".

Just curious if the SP from the CLI request was responsible for the increase. The timing of the two seems a little more than coincidence.
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