I had a 9.99% fixed rate account with American Express since 2001. American Express raised the interest rate on my account to 12.5% without sending me separate written notice of the change. I was not then nor am I now in default on my payments or any other terms of the card agreement. When I found out about the increase I contact Amex and was told it was due to "market conditions". I immediately closed my account. Four months later they raised the interest again to 15.24%. I contacted them and they refused to return the rate to what it was when I closed my account and claim they can chnage the terms of the agreement at any time for any reason and I have no ability to opt out of the change. American Express recently reported huge increases in profits. I ahve filed complaints with the FTC, my state attorney general, the BBB and I encourage anyone else who has been ripped off by Amex to do the same. I would welcome inquries by class action attorneys.

I received the same rate increase letter. I have never paid late or missed a payment. I had all of my higher interest rate balances transferred to American Express Blue. I was lured into a fantastic fixed rate that was supposed to be for the life of the loan! They lied! Capital One also did the same thing to me. Also, I had never missed a payment or paid late. Capital One, at least offered to keep the fixed rate if we cancelled the card. I did that. However, American Express would not do that for me. I called and begged. I was almost in tears. The letter they sent did not even have a phone number to contact them regarding this rate increase. I call this the old bait and switch! False promises and false advertising. I told the credit person at AMEX that she should check out how long I was a customer and see how I NEVER paid let or missed a payment!!! She said "Oh, we appreciate that." She also said that the government was passing a law that would prevent CC companies from doing this. Then...it clicked!!! The CC companies are all jacking up the rates before the law is in effect!!! THANKS A LOT AMERICAN EXPRESS FOR LETTING ME KNOW HOW YOU ARE RIPPING PEOPLE OFF UNFAIRLY BEFORE THE LAW IS PASSED!!! WHY!!! I can't take it anymore. I cancelled my Amex card and will now struggle to find a way to get another loan to pay off my balance. A loan that will not offer false promises! Help! Any ideas???

Claudia

Ps - We all need to go on you tube and complain like the woman who was mad at bank of america! They lowered her rate after that!

I've had this same experience with Amex twice within 6 months. I was with them since 1993 holding both the green standard card and the gold card. My Gold card had a line of credit of $23K with a balance of only $5K never a late payment. I cancelled the lousy green card in Fall 06. Last year in March 07, while travelling for an assignment, I used the Gold card to pay for a week-long hotel stay, but the payment for the next week's stay was rejected. I used another card, rushed to my room and went online to check my account fearing fraud, just to find out my new line was reduced to barely the existing balance of $7K, and when I called Amex, they said it was due to too many inquiries on my Experian credit report. By now I am freaking out and thinking identity theft. I immediately got back online to buy my credit report just to find out there is nothing wrong with it and . They lied. So much for me trying to keep my credit card balance below 30% of the available credit to keep my FICO score at 750. Because of what Amex did, once that data hit the credit bureau, my FICO dropped by 30 points in a snap thanks to Amex.

It gets better, 4 months later, and on their own, they increased my line to $16K. Not trusting their practices now, I refrained from using the available credit, and Thank God I did because as soon as I refinanced my house two months later, they went in and clipped the credit line again to $8K, again barely enough available credit to cover the finance charges. I am just waiting to pay off the old balance and leave the account open with $0 balance forever and let THEM be the ones wasting money on maintain the account and sending their junk mail.

I still have all my documents. If there are more cases like this, we can file a class action suit for them causing harm to our credit worthiness for no fault of our own.