I've been an AMEX cardholder for years and use it for my small business. I was SLIGHTLY late on making a payment, but never more than 30 days. It was simply a matter of the timing of when I pay my bills, and AMEX has never had to write off one cent.
The first ripoff is that they charge a $39 fee for being one day late. But the second ripoff takes the cake.
These lousy rats raised my interest rate to an unbelievable *27.4%*
These are interest rates worthy of a mafia loan shark. And my call to AMEX to try to get that rate reduced met with a flat NO.
So, if you own a business, I urge you NOT to accept American Express - I've done exactly that in my retail business and have met with no resistance at all. The best part is that by moving all business to MC and Visa, my cost for processing drops by about 33%.
And no matter what, I urge you to dump your AMEX card. Voting with our feet is the best weapon we as consumers have available to fight unfair trade practices.
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