Amex Just Increased my interest rate from 4.9% to 14.9%

M_Thomson

loveandlight wrote: »

Thanks for your input YorkshireBoy. Amex got my rate wrong last year and told me it was 3.9% LOB when it was actually 4.9% LOB as I discovered when I went through all my paperwork.

I have just phoned them again and they have told me my rate is definitely 4.9% LOB and the 14.9% is for future purchases only and they have apologised for sending me such a badly worded letter.:mad: They really should take more care when writing to their customers.

I won't be activating the card at all as I will never use an Amex card again.

I have this card with a 4.9% rate. Yes, Amex is bad for putting up the min repayment and raising the purchase rate. I must disagree with you about the letter though. I understood it as soon as I read it. Before running round like a bull in a china shop, take a deep breath, and actually read the letter before giving yourself an ulcer. :rolleyes:

pmwpmw

mattyd433 wrote: »

Yes the balance is not going up to 14.9% (the terms make this clear) it is all purchasing and balance transfers after the first 6 months which is going up. See the enclosed ammended terms.

The bad news is the min repayment on mine is doubling to 5%. Is this legal?:mad:

As long as they give notice which they have then I would imagine yes it is legal to double the repayment amount.. unfortunately I cant afford to double my repayments so will hope to come to an agreement with Amex to cancel the card and slightly increase my payments... otherwise they'll force me to go into a debt repayment plan

loveandlight

posted by M Thomson
I have this card with a 4.9% rate. Yes, Amex is bad for putting up the min repayment and raising the purchase rate. I must disagree with you about the letter though. I understood it as soon as I read it. Before running round like a bull in a china shop, take a deep breath, and actually read the letter before giving yourself an ulcer.

Dearie me, you really are a presumptious, naive person aren't you. How very sad that you think we all get the same letters and how sad that you are quick to attack someone else before considering what they say first. My letter clearly states they were changing my balance from 4.9% to 14.9%. It was only when I told them on the phone that I have absolutely every single piece of paper concerning this account including the original T&C's (including envelopes) that Amex backtracked and agreed my rate should stand at 4.9%.

Shame on you.