suspended amex account

g.mcateer

Hi has anyone had this happen and what did they do with it.
just received a letter from amex suspending my account with no reason other than they reguraly revue and close accounts.i have to make at least the min payment each month.They have offered to put my remaining balance on at 14.32% apr. surely this would be illegal as this is forcing me to have a very high interest rate loan.any suggestions would be very much appreciated. Thanks

Mule

Hello
There was a thread running on this topic yesterday entitled "nasty amex" - have a look there as it seems to have happened to a few of us over the past few days.
Mule

grumbler

Mule wrote:

...There was a thread running on this topic yesterday entitled "nasty amex" ...

Nasty Amex

g.mcateer wrote:

...i have to make at least the min payment each month.They have offered to put my remaining balance on at 14.32% apr. surely this would be illegal as this is forcing me to have a very high interest rate loan.

Surely?:rolleyes: Probably this could be illegal if you had the balance transfered under Low Life of Balance interest rate offer (or under some other promotional offer). Otherwise they can do whatever they want: rise iterest rate, close accounts, ...
Card Terms and Conditions :

5.5 We may change any of the ... standard rates of interest at our discretion.
16.2 We can end this Agreement at any time by giving immediate notice to you but unless there are exceptional circumstances we will give you 30 days' notice. If we end this Agreement you must pay all money you owe on the Account, and all money you owe not yet debited to your Account.

Astaroth

Plus it doesnt prevent you from moving the debt to another card if you are so inclined to do so

Fahim_2

What did you do to make them suspend the account???