american express cancelled my card

[crapandgarbage]

I found out today that amex cancelled my card. I opened the account last year, never missed a payment and paid double or triple the min. payment. they said that it was because of a collection reporting that i am disputing. If i never missed payments with amex, what the #@$%.

This is the question i have for you all.  Amex said that even though the account is closed they will keep the interest at 18%.  I thought that when a cc account is closed the interest stops.  Is this true?.

I was planning a balance transfer to a 5.9% card later this month but if they closed why transfer if there is no interest?  Can they keep the interest going if the account is closed?

[Anonymous]

Yes- They can and will continue to charge interest-

[Anonymous]

Sorry to hear this.

Is it an old account with a new CA reporting? Or is it a recent account?

[CreditDrama85]

same exact thing happened to me except i had 4 amex accounts, and they all were closed. how many cases like this do we have to hear about before people opt for a discover and kick amex to the curb?!

[marty56]

Same thing happened to me when I went into the DMP.  My AE card was not entered since it had a 0 balance and it was a Green card so you had to PIF.

Message Edited by marty56 on 01-06-2008 06:51 PM

[Anonymous]

---

@CreditDrama85 wrote:

same exact thing happened to me except i had 4 amex accounts, and they all were closed. how many cases like this do we have to hear about before people opt for a discover and kick amex to the curb?!

---

Now why is that people get mad at AmEx for watching their own behinds?

[CreditDrama85]

did you not hear this person say they always paid on time and paid more than the minimum? there is a fine line between "watching their behind" and dogging out their customers--and amex continues to cross it. so, you think it is ok to do what amex continuosly does? cancel accounts because of unfavorable CR activity. amex's problem is that they have no rules/guidelines for what unfavorable activity is! (for ex: canceling cards with a fico below 650)...they just do whatever they want to do.

fool me once....shame on you

fool me twice.....im the Fuc*ing idiot...mmmk?~!

[Anonymous]

The original question was answered- so I am locking this thread-