Disgusted with Amex after praising them

[PDXoriginal]

Amex sent me a preapproval for the Cash Preferred card. Signed up, and they gave me an interest rate of 25%!

I have been a Amex customer for 20 years, 100% perfect payment history and fico at 800.

I don't carry balances so I suppose the interest rate is moot, but given a rate that is 10-15% higher than any of my other cards left me with a bad taste I immediatly canceled the card despite the sub offer and waived annual fee.

I broke my own rule of not crediting with emotion, but having a perfect history with Amex and a great credit report to end up with a rate they normally give people who miss payments made me sock draw my other amex card.

They must with panicing with the downturn, but still no way to treat a long time proven customer.

[FireMedic1]

Well if your paying each month. Why does it matter what the APR is? You already closed it. So Monday morning quarterback wont do any good. None of us are entitled to what we want. Sorry you feel that way. Many would love to be in your shoes. Whats done is done. Did you try to call and see if a lower APR could be had? Happy Sunday! Its the weekend!

[C6]

This seems typical of all the major banks. Most cards issued today are with interest rates of 25 - 30%. You did the right thing by simply canceling them. There are still many decent credit unions offering better rates with decent rewards. Go where you're treated best.

[Pway]

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@FireMedic1 wrote:

Well if your paying each month. Why does it matter what the APR is? You already closed it. So Monday morning quarterback wont do any good. None of us are entitled to what we want. Sorry you feel that way. Many would love to be in your shoes. Whats done is done. Did you try to call and see if a lower APR could be had? Happy Sunday! Its the weekend!

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I agree with this. ^^^

[805orbust]

Weird given your stats...

[CreditCuriosity]

Ya try not to get emotions involved in credit as were approved although at a high interest rate.  Keep in mind the feds are increasing rates so most amex start at what 17+ percent now(just a guess, but likely the case).  I agree other cards are averaging around 15-17ish percent right now alot lower and alot higher depends on rewards or cu cards, etc..  I understand it is the principle and I would choke on it as well although I PIF esp on higher interest rate cards collect the sub and monthly rewards and pay it off.  If I am to carry a balance that is what BT offers are for which most of us have a ton of.  

TLDR; try to keep emotion out of things, but understand the frustration as I would be peeved as well with said stats, but shouldn't matter since PIF.

[blindambition]

There's not enough info about your overall profile. There's a lot that go into a lenders credit decision, more than scores and previous payment history with lender. The current financial climate is definitely a current consideration.

If you PIF, What's the big deal? I'm also going to guess you won't need to worry about Amex offers and SUBs for awhile. Immediately closing that card wasn't smart, should've waited a year.

[Anonymous]

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@blindambition wrote:

I'm also going to guess you won't need to worry about Amex offers and SUBs for awhile. Immediately closing that card wasn't smart, should've waited a year.

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Since OP didn't actually collect the SUB before closing, will Amex be that negative?

[wasCB14]

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@Anonymous wrote:

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@blindambition wrote:

I'm also going to guess you won't need to worry about Amex offers and SUBs for awhile. Immediately closing that card wasn't smart, should've waited a year.

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Since OP didn't actually collect the SUB before closing, will Amex be that negative?

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Closing without getting a SUB can definitely be a negative.

But unlikely in itself to cause the pop-up to appear for a customer with 20 years of Amex history.

[PDXoriginal]

I'm not a sub chaser or constantly watch my Fico score. I have top tier cards from Chase, Citi, and other Amex cards, I only applied because the reward structure caught my eye.

Not a big deal, I sock drawered by other amex a long time ago putting all my spending on other cards.