Amex Complaint: Other

#1721922 30 Dec 2015

Credit card

Complaint #1721922 submitted on 12/30/2015 relating to Amex. Complaint relates to Credit card - Other .

Complaint was submitted via Web and sent to the company on Wednesday 30th December 2015.

Narrative (may be redacted).

I am filing this complaint about American Express ' policy of raising interest rates on XXXX its consumer and business cards to a usurious XXXX per cent level when the customer falls even slightly behind on payments There is no warning or effort to communicate with the business owner or individual consumer before a peremptory raising of these rates .I can accept and even understand charging XXXX per cent or XXXX per cent which is within the prescribed range above prime when cardholders are in arrears. XXXX or XXXX per cent are rates charged by loan sharks or people who break arms to enforce payment terms .When I called Amex a month ago to raise XXXX about the XXXX per cent our business was being charged and asked for a refund based on retroactive lowering of the rate back several months it only agreed to lower the rate going forward .This tells me that they are engaged in outright XXXX knowing thatthe average business or consumer will not challenge it The rate has been raised to the same level for my daughter on her individual card We are demanding ( not requesting ) that American Express lower her rate and refund XXXX the business card and her card the excessive interest charges .My wife is a plaintiffs attorney as is my son in law and you can communicate to AMEX that we are prepared to enlist others in a class action suit if it does not honor our demand within the next 45 days We are gratified that the CPFB has been taking such aggressive action against these credit card XXXX as I read recently in a XXXX Magazine article Thank you XXXX and XXXX XXXX and XXXX XXXX

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