American Express
Interest rate and late fee increases announced in tiny print

This past Saturday I received a non-specific letter in the mail stating my interest rate would increasing, "due to current economic climate". I have an excellent payment history. They are also raising the late charge from $19 to $29. The letter "helpfully" pointed out that one can avoid late charges by paying on time. I couldn't find any specific information about how much the my card was rising. I phoned and was told to see the back of the letter. There, in tiny print, possible font size negative 8 or something, I saw words printed. I had to find reading glasses to view the minuscule print and learning my rate was rising to just under 16% from almost 11%. The representative couldn't offer my any information, except to repeat the vague wording of the letter and reiterating that everyone's rate was increasing. Let me get this straight, one acts irresponsibly with AMEX credit and your rates rise. One always pays AMEX on time, and... Your rates rise... I guess I'll be using my Discover card, with its single digit interest rate and recite " American Express - Be Sure to Leave Home Without it..."

Company: American Express
Country: USA

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