I have been a customer for 13 years. In that time my payments were never late. Dec. 2007, I was late. A customer rep called me and I handled it right away. (Late payment was the result of an unexpected death in immediate family.)
As a result the interest rate was raised to the maximum 29%. This made my monthly payments change from the $140 I’d been paying to over $250. I called immediately and was told that after 6 months of on time payments, my interest rate would be restored to it’s original amount.
It was difficult, but I managed to make the 6 months of payments. But when I contacted AMEX to again request my rate be restored, I was told that whoever I’d spoken to prior was incorrect and my rate would not be changed. My question is, is that legal to bait & switch like that? As a result of the rate hike, I have since defaulted on the account and am now being sued by AMEX.
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I Am in Debt to American Express And Being Sued By AMEX. - Linda by Steve Rhode