This morning, I discovered that the interest rate on our American Express Blue card was raised by 3.25 points. I immediately called to find out wtf happened between last month and this month. We have been exceptional customers and I thought that there must have been some sort of clerical error.
I was told by the very polite lady on the phone that we received notice in our November bill telling us about the increase. Okay, great but why the increase? The answer I got was that all AE Blue cards got the rate increase and there was just nothing that we could do about it. Period. No offer to opt out. Then she went on to say that we could be secure in the knowledge that we are receiving the lowest rate that they offer.
Oh, and that is such a huge consolation considering most of our wedding expenses went on this card. PISS ME OFF.
So this is how it is. The responsible people are going to pay for all of the others who have left American Express holding the bag. Lovely.
You know, this financial crisis is not going to last forever. Eventually, we will recover and when we do, I hope that all of us who were penalized just because we could be remember what companies valued us and what companies bent us over.
Fuck you American Express.
4 comments:
A few months ago I had heard that all of the cards I have were supposed to go up by about that much. So far most haven't. Thankfully I have my biggest balance locked in at 4.99% from a balance transfer. A lot of those good offers have dried up, but that will be my next strategy if my rates do go up. Craziness.
Unfortunately, that's almost always the way it is - the responsible are left holding the bag, paying up, cleaning up, picking up, fixing, etc., etc., etc.
I'm fighting it, but it will be more and more a fact of life in the next 4 years to come. Blah.
Sorry it has affected you, and so many other who ARE responsible, DO pay their bills, etc.
It's like with the housing loan bail outs. We don't qualify to re-finance at these rock bottom rates, because WE PAY OUR MORTAGE EACH MONTH. Only those who have skipped out on paying are eligible. Which is why so many are skipping out now, even though they can pay, so that in a few months they will be allowed to refinance. Is that screwed up, or what!?!
I would SO cancel that card.
Yeah but for the ones "skipping out" ..it's not all roses and sunshine. They'd be stupid to that as a financial planning strategy unless absolutely necessary. Their FICO scores will plummet and their ability to get credit, mortgage, (and even in some cases a job, because employers are now checking FICO scores) will be irreparable damaged for 7-10 years. Not a good idea to do that on purpose. In fact quite the opposite.
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