American Express raised the interest rate on my account (and NOT due to a default) without sending me written notice. When I found out the rate had been increased from 9.99 to 12.99 I contacted them and was told the rate was increased due to "market conditions". I immediately closed my account. Four months later, they raised my rate again, this time to 15.24%. I immediately contacted American Express and demanded my rate be returned to the rate in effect at the time I closed my account. The supervisor I spoke to said she had talked to her manager about the issue and was not able to reduce the rate. American Express believes they can raise the interest rate on their cutomers at any time and for any reason and we have no ability to opt out of those changes
I asked her for copies of the card agreement in effect at the time I closed my account but after numerous phone calls and e-mails, I received four separate faxes, none of which contained any terms relating to interest rate increases.
I have filed a complaint with the FTC. I encourage anyone else who has had this happen to them to do the same. If the FTC receives enough complaints they will take action.
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