Buyer Beware! American Express changed my interest rate on a promotional offer; they may do the same to you!

Last year, I transferred a balance to my AMEX. The offer was for a 3% up front transfer fee and 1.99% until the balance was paid off.

Exactly one year later, they increased my interest rate to 12.99%. I have never been late, my credit score is the same and there is no reason that they should have changed my rate.

I asked for documentation as to how and why they changed my rate and they said that they did not have it.

Customer service was very short and they made no attempt to keep my business.

I will NEVER do business with these guys again. This was a clear bait and switch and unfortunately, I do not have the documentation to prove it.

Please, don't do business with these seedy characters.

I received a letter in the mail yesterday that AMEX has cancelled my card. I have had the card for ten years and never made one late payment. My credit limit was only 5K and my current balance is about $500. I hadn't even used the card since Nov 08. Per the "computer generated letter", information from Experian is the reason. I recently completed a short sale on my home. My FICO scored dropped from about 740 to 654. Granted not great, but heck it's not bankrupcy. I have paid every single one of my creditors timely. With the exception of this short sale, my credit history was stellar. In fact, prior to the short sale, I paid my mortage timely. I can't believe company. I'm just trying to rebuild and save again and now my credit score will take another major hit with this card cancellation. How will we ever recover if AMEX is stabbing loyal customers in the back?