I have been an AMEX customer since 97 and I have never been late on a payment past 30 days. I have been late maybe a week or so as the payment slipped my mind but I never would intend to skip out on my obligation. I accept and pay a late fee of $39. I have carried balances on average of about $10k.
My card had a $20,000 limit last year and I had about $10k on the card and they lowered my limit to my balance! I had some charges go through and now I was in an over balance situation! My credit score drop dramatically because now I look maxed out. I got fees for over balance too!
Because of the few late payments of a week or so old they jacked my rate to 27.22%! I was originally a 9.9%. This default rate is such a scam and charging 27.22% is criminal.
Is there a way to stick it back to AMEX! Any lawyers out there who can make this happen you should have one hell of a class action case! I will be the 1st person on the list and I will testify too!
It is reprehensible that the government allows American Express to basically turn good paying American Citizens into indentured servants by allowing rates that would never allow anyone the opportunity to pay off their balance with minimum payments.
Plus it has been reported that American Express was allowed to change their business structure to a bank holding company so they could be eligible to receive over $3 Billion in federal bailout money! How can they take money from American Taxpayers and then rape them with 27.22% interest.
We should start a boycott campaign and have all current members that are being charged this interest rate contact their congressman about this travesty on the American consumer put in the spotlight!
I am going to do whatever it takes to get the media to shine a light on this and hope all boycott this greedy and corrupt organization!
Anyone else care to join? Any lawyers want to do something about this?
Let's expose these people now!
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