I am an elderly female and have been an American Express card holder (blue and green cards) for more than 25 years. On the green card, without my knowledge, American Express started moving any amount charged over $200 to Sign and Travel which quickly increased my monthly balance. On the blue card, they recently sent me a letter telling me that my interest rate would increase substantially beginning in January. I attempted to call American Express Corporate Office only to be told that they would be increasing all customer interest rates and it was absolutely nothing that I could do. I cancelled my American Express cards, will make monthly payments to the best of my ability since I am now on fixed income. This is very unfortunate and I am posting this so that others can avoid the American Express trap as it will ruin your credit. I have had excellent credit until now. Cancel your American Express Cards immediately to save your credit.
I thought I would have to lose my Membership Reward points but my daughter helped me figure out a way to get a few items because the books they send to me (Membership Reward Express 2009 Guide) require a lot of points to get an item (except gift cards). She obviously receives a different book. Get out while you can, American Express is going to ruin my credit.
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