Help should i close my amex?

[Anonymous]

I wanted to get an amex for a long time finally applied in June and got approved have been using it and paying it off and now they send out notice that they are going to be raising the interest rate to prime plus 7.99% with minimum of 12.49% APR ... my APR right now is 9.49%   I called and asked why and they said due to economic reasons and to cover extra costs for them... I am not happy aobut it I got the card with a 9.99% and they just lowered it down to 9.49%  should I close it or ? I have tons of other cards so dont think it will hurt me too much also they only gave me a 2.5k cl... when some of my other cards are 4600 or 6000 or even 7500 and 10000.....

[Anonymous]

why close it, pay it off and sock draw it so it helps you're util.

[Anonymous]

THis one I am lucky in it is paid off when i use it i pay it off within 2 wks of using it but some of my other credit cards have a balance being carried so i hope the other cc companies dont do this also...

[Anonymous]

seems all lenders are raising rates, if you are carrying a balance and have good credit it may be wise to transfer to card with for life transfer rate to lock in a rate

[Anonymous]

It's not just you. Amex is raising the rates on all the customer's who still happen to have accounts with them.

I just saw this notice on my statement, too.

Since you PIF anyway, it shouldn't be a huge concern, right?

[score_building]

the notice i received on my nov. amex statement relates only to default and cash advance apr increases.  so far, not regular purchases.  it appeared as a general notice, "due to the increasing cost of business..." which i actually appreciated rather than "upon review of your EX.." but cannot confirm that they are raising rates on ALL customer accounts.

why close?  especially since you pif the apr is inconsequential and may decrease over time.

[MidnightVoice]

I got a notice from Chase recently - they are raising my default APR etc, but not the run of the mills one

[Anonymous]

Yeah it says raising default and then more towards end of statement it says raising regular rate also... I called them and they confirmed....

No not big deal but still never know what happens....

[Anonymous]

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@Anonymous wrote:

Yeah it says raising default and then more towards end of statement it says raising regular rate also... I called them and they confirmed....

No not big deal but still never know what happens....

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Ditto. I talked to a CSR yesterday, and she said that by January any rate increase that is stated on this month's bill will be in effect, if not before. I talked to her about lowering it, but she said she couldn't try until the new rate takes place.