After 31 years, most of which was Platinum, I missed a payment. I was traveling most of August, and had advised my wife not to use the card, and to switch to the Capital One for her expenses. Next thing I know, I am at day 61. I get a phone call. (not an email, or a letter) from "precancellation" department. I advise I was unaware that my wife was making charges, and I would take care of it immediately. That was on a Saturday. On Monday I transferred 3000.00 to Amex to cover the late part of the bill and the current part of the bill.
I get a letter 15 days later informing me that my interest rate was being moved from 15% to 27.5% on unpaid balances. I call the number on the letter to see if there is any exception to this, as that would simply mean I would stop using the card for any extended payments.
The Customer Service rep was not only unknowledgeable, but obviously untrained. While I was trying to explain to her that moving the interest rate would really only hurt them, I get an email from my credit reporting service that a negative entry had been made on my credit report. Again, while on the phone, I click on the hyperlink and discover that AMEX has indeed reported me as a late payer on my credit.
The first time in 31 years, and now they ruin my credit.
I end up with a supervisor, who at least knew how to talk, but basically, she said, too bad, nothing she or AMEX was going to do. Period.
I closed the account over the phone. 31 years. No desire to even discuss.
Tom Folsom
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