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Thursday, May 04, 2006

American Express "Loan Shark" Interest Rates

I closed my account one year ago. Since then I've had three late payments (1 day late because they moved the due date back and forth). Subsequently, they raised my rate to 29.74%  I called and asked how long it would remain like that, and they stated that since the account is closed, they can't "adjust" the interest rate. It seems to me they were able to "adjust" the interest rate UP just fine. Other credit companies will lower your rate back down after 6 months of on-time payments. Not American Express.

1 comment:

  1. This is really frustrating, I think this is just one way of American Express to scam their customers.


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