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 Loan Shark Rates.
Posted Mon November 2, 2009 4:17 pm, by Abtin S. written to American Express Credit Cards
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I have been a loyal American Express customer since 2003. I am not 100% sure, but I don't think I have missed one payment in six years. However in May of 09, I was travelingo outside the country, and I missed a payment and my interest rates went from 8.99% to 27.99%. I do all my payments on-line and just recently looked at my finance charges. The good news is that I just made a full payment and my balance will be zero by the end of the week. However I have not missed one payment, and the first time I do, my rates go from a reasonable 8.99% to a loan shark level of 27.99%. And this doesn't include the late fee, and the damage to my credit score. I know I am at fault, as I was doing on-line banking, but I have had a low balance for a long time, and never miss a payment, 27.99% is outrageous.
I would like American Express to return my finance charges to 8.99%, or at least a reasonable level.
And I would like the difference between the 27.99% charged and the 8.99% level to be credited to me over the last few months.
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by Fairbank R. Posted Thu November 5, 2009 @ 3:18 PM
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Abtin S. said, "And this doesn't include the late fee, and the damage
to my credit score."
As long as the payment was not 30+ days past due, you credit score
should remain unaffected.
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by Donno Posted Mon November 2, 2009 @ 6:01 PM
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Your card is currently paid up. Just keep it that way, and you don't
have to worry what the rate is. Problem solved.
That is the way I have used my card for 21 years. I have never paid
any interest. My current rates are Idon'tCARE%.
Using a credit card to your advantage means paying it off every month.
If you really need a loan, a credit card is one of the worst places
to get it.
27.99% *is* an absurd rate, but you are the one who entered the
agreement, and the one who broke the rules. Therefore, you really
don't have anyone else to blame.
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You broke the terms of the agreement, you were late, so you get hit
the punishment.
If you dont like the games, cancel the card and be done with them.
There are alot of articles about since Obama changed the law. Fees for
inactive cards, fees for people that pay them off every month accruing
no interest.
In the end, if you choose to play with, they will bite you in the
end.
Just stick with cash.
Good Day
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