Amex Credit Card Complaint

Amex Credit card department,

APR or interest rate New Jersey

I received a letter from American Express in late - ( I believe ) more or less stating that my interest rate on my credit card was being adjusted to nearly TRIPLE the rate I have had for almost 23 years. The reason was not one wherein I did anything to default on my card terms and conditions or anything of the like. I called in - to address the matter and was told that American Express needed to align its card product to be in better alignment with market standards. It was due to a subjective business decision in other words. I was told that in order to contest the interest rate change, I was REQUIRED to go though an appeal process. Required. The supervisor with whom I spoke said she would submit one for me stating she understood and was in agreement that I had a stellar relationship with them for a long time and never paid late as I stated etc ... Within three days I received a letter in the mail stating that my FICO score which was very good. But AME- still has chosen to raise my interest rate without material reason. The letter provided


and with whom I spoke. I suspected they were running a game hoping I would go away. AME- is imposing usury level interest charges to suit their greed. If you provide a line of credit based on credit worthiness and the consumer has not breached any of the terms, it is beyond unreasonable to just decide to triple the interest rate because my guess is AME- did not like the fact that I had recently let me balance run higher than normal. I have that right because it is in line with what I was approved for and I even paid off the entire balance. One time I was even connected to a group called Responsible Lending and spoke with a very reasonable rep who demonstrated the patience to hear out all details and he even said he did not understand why my interest rate would be raised so high. Yet he could not help me ultimately because I had been improperly transferred for the 3rd time that day. That aside, in terms of quality of customer service, in all of my nearly 23 years with this company, AME- gets an F+ for making a decision to communicate such an egregious unfounded change to my interest rate after being an E-CELLENT customer so long. There is a deficiency in the internal processes to handle these sorts of matters which leads me to believe it is intentional. I am not going to just swallow a usury application of a charge. I made many efforts to identify the proper party to speak with re : what would become a SFP complaint and some were just ignorant and others just did not seem to care. Very unfortunate.