Amex Credit card department,
I failed to notice for a few months that my American Express card had raised my interest rate on new purchases. Therefore, I have been making payments in excess of my minimum payment requirements in an attempt to pay off this higher interest balance. However, I have discovered that my the entire portion of my payment up to the minimum amount due is only applied to my lower interest rate balance. And that only the amount of my payment over the minimum amount due is applied to the higher rate balance. Is this disportionate application of my payment legal?
Amex customer in Florida
Sep 19, 2016
* Source: CFPB Complaint Database
Amex response to complaint:
Closed with explanation
Submit a complaint with the Consumer Financial Protection Bureau today
File ComplaintWebsite | https://www.americanexpress.com/ |
Phone | 800-528-4800 |
Address | P.O.Box 981540 El Paso TX 79998 |
Amex | |
Amex |
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