On 12/19/08 I received a pre-recorded message stating we have been trying to contact you regarding your interest rates... Please press 1 for more information. I started the pre-qualification process, big mistake!
The next day I spoke to financial advisor, Jeff Michaels from Dynamic Financial who explained that they were hired by American Express to help people either lower the interest rates on their current card or be offered an American Express rate with a low interest of 2.9%.in the event that your credit card company could/would not lower your rates to 4-6% then you could transfer the balance of the credit card to your new American Express card. For a one-time fee of $790 they would guarantee 1) to lower my interest rates to 4-6%; and 2) to save me $3,500 or more by paying so much less on my interest. If not met they were required to refund money before the $790 charge had a chance to earn interest on my card (i.E. Within the month). He would send out a Welcome Packet ASAP. The agreement was recorded.
I Googled Dynamic Financial to research them and found only negative reports. They're not members of the BBB and have a rating of F.
My credit card was already charge and I felt scammed.
Two days later I contacted Dynamic Financial to express concerns, cancel the service, and receive a refund. The sales department closed for the holidays, but a Welcome Packet was promised.
On 1/5/09 still no Welcome Packet. I contacted Dynamic Financial. Financial advisor, Len Harrison offered to start my process while on the phone. He stated that if the lower rates were not satisfactory then Dynamic Financial could open an American Express card and transfer my balance to that card. Together we called Citibank, who reduced my rate from 19.99% to 11.37%, which not the 4-6% rate promised with the Dynamic Financial guarantee. I stated that getting rates down to 11.37% was not worth the $790 and wanted to cancel my business and receive a refund.
I was transferred to supervisor, Kenneth Hanson whom I asked to cancel my agreement and receive a refund. He said that's not gonna happen. The conversation went poorly.
I then called American Express to ask about a business deal they might have with Dynamic Financial to offer a credit card on their behalf at a low introductory rate. American Express has no connection with Dynamic Financial and would never authorize an outside source to issue credit cards on their behalf. The rep suggested I contact the attorney general.
On 1/8/09 I finally received the "Welcome Packet" which was a laugh, and did not promise the same things that were promised to me on the phone. It did state that I was "entitled to a three day recission period from your purchase and/or enrollment date". I requested one 2 days after I signed up but was not given one.
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