Nasty Amex

terriermama · 6 October 2006 at 4:24PM

Hello, I haven't been on this board for ages as was just trying to cope with repaying debt and major financial upheaval etc etc. Throughout it all I have made sure to make at least the min. payments and on time and make sure the credit file remains unblemished.

Now as I'm starting slowing to chip away at the debt, many of the credit card companies have raised their APR's to ridiculous levels and doing what they like and not broaching any argument. :mad: A very vicious circle. I just got a letter from American Express stating that they won't allowing any further transactions on my Amex credit card and that they'll be taking a increased amount monthly till it's repaid in full. Basically cancelling my card. What b*stards! My record is impeccable. I make the min. payments on time each month. I know they are really horrid to deal with as my OH had a run in with them last year and they just cancelled his card. I cannot afford to pay off this card yet as am concentrating on others with higher APRs first. Are these card companies trying to kill us?

Tr@cker · 7 October 2006 at 2:34AM

They tried a similar thing on me too so i transferred the balance to another card and basically told them to shove their card where the sun dont shine!

aj3001 · 7 October 2006 at 9:08AM

As above, just transfer the balance to another card

Mule · 7 October 2006 at 10:51AM

I had a letter from them yesterday aswell saying the same thing. However, I am pleased about it as I didn't want to use the card anymore anyway and it made me cut it up once and for all. They have offered me a lower APR if I set up a direct debit so for me it's a good thing.

terriermama · 7 October 2006 at 3:31PM

I wish I could transfer the balance to another card but I don't much of an available balance on any others

retroglide · 8 October 2006 at 8:29PM

The same thing happened to me as well. I got the letter on Friday.

I rang them up but they wouldnt give me much in the way of details.

I now have to pay them 2.5% of whatever the balance is on my October statement ie the minimum payment will not reduce at all until the balance is cleared.

They said once I owed nothing I could write to them to ask them to allow me to use the card again - not bloody likely. I've only had the card about 10 months and always paid on time why the hell did they let me have it in the first place?

Can't anything be done about this?

AMILLIONDOLLARS · 9 October 2006 at 10:41AM

Can I ask, did you do balance transfers onto your cards, or were you using your cards for spending only?

I just want to find out whether those of us who got the cards for their 4.9% deal are now being treated this way, it could be a start to getting rid of none spending card holders.

Elstree20 · 9 October 2006 at 10:57AM

I recieved the same letter on Friday and have had the card for about 3 years. I phoned up customer services and was told that it was because I have not been spending on it ( I have not used it for about 6 months and instead have been concentrating on reducing the balance) . I only used it for spending .I queried this logic and did not get very far.

I was also informed that it would not affect my credit score as this was an internal matter???. I was also informed that once I had cleared the balance I could reapply for a new card with a higher credit limit?? I doubt that either of these are true.

I gave up in the end and will be writing to complain as I have never missed a payment and always kept within the limit. However I am sure the best option would be to transfer the balance and get rid of the card

Tr@cker · 9 October 2006 at 11:03AM

As i was saying on a similar thread, they really only want people who break the terms and so pay much higher interest. They're going to have to get used to the idea that some of us are savvy about these things.

retroglide · 11 October 2006 at 9:52PM

The bulk of the balance was at 4.9% and I did spend reularly on it as the APR was still less than any of my other cards.

Nasty Amex

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