Sandra Is a Single Mother And Worried About Paying For College

Question: Dear Steve, I am a 40-year old single mother of one. Currently, I have $22K in credit card debt among 3 creditors: American Express $16K (9.99%), Home Depot $3K (12%), and Furniture Express $3K (zero interest and payment until March 2010). I have $35K in student loans (6.2%) with Wachovia, who is also the … Read more

Actual American Express Card Cancellation Complaints

Actual Consumer Complaints About Closed American Express Cards The information below is from actual consumer complaints reported to the Consumer Financial Protection Bureau (CFPB). The list is the last 107 complaints listed by the CFPB as of the date of my post, American Express is One Day Away From Cancelling Your AmEx Card. The data … Read more

Can I Use My American Express Points to Settle My American Express Card Balance?

Question: Dear Steve, I have a $19,000 balance with American Express. I also have like 500,000 points. If I settle what will happen to the points? Can they be applied against the settlement amount? Jose Answer: Dear Jose, You ask a great question. You will need to do something with your points before you even … Read more

I’m Really Pissed Off at American Express and Want to Punish Them

Question: Dear Steve, I’ve been an excellent American Express customer for many years. Recently, I was not treated like an excellent customer. A phone call got the problem corrected, but it should never have occurred in the first place. It cost me time and embarrassment. I’d like to post some (negative) reviews about my experience. … Read more

How Can I Obtain Relief From American Express?

Question: Dear Steve, I’m just beginning to hunt for a solution. I’m 68, disabled and on limited Social Security and a very modest state pension. My wife still works (age 63) and makes about $36K. We have excellent credit and are not late YET on a American express card we’ve had in good standing since … Read more

A Debt Collector is Chasing Me in Texas Over an Old American Express Bill

Question: Dear Steve, Got an American Express card back in 2007 (I think). Got divorced, hadn’t worked in 20 years. Tried to open a restaurant lost all my money, couldn’t find a job, found one in 2013 part time. Finally found full time but I’m still not making enough money to pay off this debt. … Read more

Can My Credit Card Company Raise My Interest Rate?

The recent announcement from American Express that it will raise interest rates for more than 1 million cardholders has a lot of people asking questions, like how this change will affect them or whether or not this could be the start of an industry-wide trend. It’s been a while since credit card issuers were in … Read more

Costco Says Dumping American Express Was About “Saving Money For Customers”

(photographybynatalia) Yesterday, American Express announced the impending end of its monogamous relationship with Costco, meaning that not only will AmEx cards no longer be accepted at the popular warehouse store but that co-branded AmEx/Costco credit cards will be useless after March 31, 2016. Now Costco is breaking its silence on the split, saying it was … Read more

American Express to Pay Millions for Illegal Credit Card Practices

On Christmas Eve the Consumer Financial Protection Bureau (CFPB) ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for illegal credit card practices. These practices included unfair billing tactics and deceptive marketing with respect to credit card “add-on products” such as payment protection and credit monitoring. American Express will pay … Read more

Does Moran Drexen’s Preferred Creditor Program Create a Problem for Consumers?

Last week new information in the lawsuit between Morgan Drexen and the CFPB brought to light a commission compensated department called the Preferred Creditor Program. You can read that article, here. At least one commenter mentioned Morgan Drexen is not the only company to have such a program. If not, then an industry wide problem … Read more