Complaint #1725375 submitted on 01/04/2016 relating to Amex. Complaint relates to Credit card - APR or interest rate .
Complaint was submitted via Web and sent to the company on Monday 4th January 2016.
My American Express XXXX Business credit card payment date is on the XXXX of each month. In XXXX, I paid on the XXXX - 2 days late - and Amex increased my interest rate to more than 25 % without any prior notice. It 's my understanding that credit card companies can not increase the interest rate unless the payment is more than 60 days late. Amex claims they increased it because I previously paid 2 days late, but the previous late payment was 7 months ago, and a result of misinformation I received from an Amex agent stating that I could change the account from which my previous automatic payments were being withdrawn from in time to have the payment post that was due XXXX. The increased payment of more than double my former interest rate is causing financial hardship and seems to go against the XXXX XXXX of 2009.
| Company | Amex |
| Complaint ID | 1725375 |
| Date Received | 01/04/2016 |
| Product | Credit card |
| Issue | APR or interest rate |
| State/ZIP Code | NY 112XX |
| Consumer Consent | Consent provided |
| Company Public Response | |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 01/04/2016 |
| Result | Timely Response: Yes, Consumer Disputed: No |
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