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by SirNic from North D

Last Post 263 days, 10 hours Ago


American Express Card Update
Jun 15, 2007 | 1:22 PM
Category: News
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for those that care.... update to a prior blog

After my screaming and hollering (not really - but spoke firmly and with resolve) at AmEx for upping my rate because I was late on one payment... one payment in like 10 years of having that card... they actually returned my rate to where it should be... and within the billing cycle.

So briefly, before this fiasco my rates were:
Transfer Balance: 2.88% for life
Purchase Balance: 21%

I really didn't care about the purchase rate as I got the card for the 2.88% to handle some divorce debt and never carried a purchase balance.

But after being late on one payment it went to:
Transfer Balance: 32% !!!!
Purchase Balance: 32%

Now not only did I get the my Transfer Balance back to 2.88%... they even lowered by purchase balance to 7% !!!

Well I almost take back every thing I said about them... almost. They never should have jacked the rates in the first place. But it's nice to know that threatening to remove the money from them worked. I did make arrangements to clear the balance... but that 2.88% is hard to beat when my investments are earning 10-12%

 

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Member Comments Total Comments: 7
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luckylibby2 read my blog view my photos
Jun 15, 2007 | 2:30 PM

Good for you....I do the same thing when that happens to me (and like you, I am not late on payments).

I was late getting a payment in to an account one time and I KNOW it was not my fault as I mailed it in plenty of time to get there and for it to sit on someones desk for a day or two and then still had time in there for it to maybe get applied by the due date.

Well, they hit me with a late fee. I called and told them number 1, no way could it have been late as I mailed it two weeks in advance and I also am familiar with some payment centers and humans do have to open the envelopes to get the checks out and that human has to get that check somewhere or to someone if not them to have it applied. And I am also familiar with how people don't think twice about not applying that payment when it is received.

I got the late fee taken off because I believe they KNEW I was right and for once someone actully called them out on it.
scottythecomic read my blog view my photos
Jun 15, 2007 | 2:44 PM

Oh, man, I think I am in trouble! I had a $10,000 limit on my Visa. So since they were being nice, I spent every dime of it. Now, being a nice guy I didn't want to take advantage of their kindness. You see, they kept sending me letters every month and rather than open them, I just threw them away. Do you really think they want to give me more money for free?
Passing_Out_Valium read my blog view my photos
Jun 15, 2007 | 3:45 PM

Credit card companies are nothing more than legal loan sharks.

32% APR? How do you even start paying that back?

-POV
scottythecomic read my blog view my photos
Jun 15, 2007 | 5:53 PM

You're correct, POV. These interest rates are absurd. I try to limit my purchases to what I can pay with cash. I'd have loved to do the same thing with my home but I realize the importance of credit in today's society.
Passing_Out_Valium read my blog view my photos
Jun 15, 2007 | 7:08 PM

Have you all seen the commercial with Gary Coleman with that quick loan company?

I paused the fine print and I am not kidding here.

99% APR...A $2300 loan with 42 payments of about $220 a month.

Do the math...

How is this company even legal? I thought we had usury laws.

I mean, $2300 is nice to have if you need it. Paying back almost $10k is not worth it. And that is an understatement.

-POV
silverdiva read my blog
Jun 15, 2007 | 7:27 PM

Glad it worked out in your favor. You're fortunate.
Cherokee55 read my blog view my photos
Jun 16, 2007 | 7:32 AM

Nic - good for you, that must have been a battle.

Scotty - don't go one penny over your limit, or they will start cutting off body parts...

Pov's right that's usury. We're in the wrong business.....
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SirNic

Proud White Catholic Conservative Hetero American - and a really nice guy too...honest! I've been in the DFW area since 1987 and a huge fan of Good Day and the rest of the Fox4 newcast.

Member Since: 1/17/2007


 

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