Amex Credit Card Complaint

Amex Credit card department,

APR or interest rate Michigan

I received a American Express Card offer in the mail. The rate disclosure about their penalty APR says : " The ( penalty ) APR may be applied to new transactions on your account if : 1 ) you make one or more late payments ''. If Amex is applying their 29.49 % penalty APR after 1 missed payment, they fly in the face of the CARD Act, which states " Card issuers generally are prohibited from increasing the interest rate on an existing balance unless the cardholder has missed two consecutive payments. '' I have been a - for 40 years ( probably one of the oldest on the planet! ), and I witnessed my clients struggle due to many of the credit card abuses. I was thrilled with the passage of the CARD Act, and I am reporting American Express because I do n't want the industry slipping backward. I will keep the offer and the Truth in Lending Disclosure in case it 's needed as evidence.