American Express
Interest rate raised from 11% to 26.99% without notice
- 10-09-2008
- 29
Last month and for the past so many years, my American Express credit card interest rate on new purchases was 11%. On the statement I received in the mail yesterday, the rate was increased to 26.99%.
I thought it was illegal to change the rate of interest without prior notice to the consumer, allowing the consumer to discontinue use of the card if not accepting the new rate, and then paying off the card at the old rate. I have been unable to get through on the phone to question this. I was on hold for 53 minutes yesterday. I would expect American Express did this to a lot of people.
Has anyone else had this happen and what did you do about it?
Company: American Express
Country: USA
Site: americanexpress.com