http://www.greenpandatreehouse.com/2009/05/amex-customer-horror-story/ Personal Finance for College Students and New Graduates Wed, 17 Mar 2010 11:53:55 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.greenpandatreehouse.com/2009/05/amex-customer-horror-story/comment-page-1/#comment-36770 Don Lucas Tue, 23 Jun 2009 22:25:50 +0000 http://www.greenpandatreehouse.com/?p=2082#comment-36770 In February 2009, I agreed to permit my 23 year old son to purchase an auto using my American Express credit card. But first called American Express to confirm the available credit on the card. They stated it had a credit reserve well over the $11,700 needed to make the purchase, however 3 weeks later I recieced an invoice from them stating that my account was $4000 over the credit limit for this card and that my new intrest rate was to be 27.24% plus an additional $30.00 per month over limit fee. I have had an accout with them for many years and have never been late with payments and always paid more than the minimum payment. I called them and inquired as to this action, they stated there was nothing they could do even though they admitted giving me the wrong information at the time of my credit inquiry. I have 2 other American Express credit cards both of which I recieved letters regarding, stating the credit limits had been reduced to less than my current balance also incurring over limit fees. In May I recieved a telephone call stating that they would like to make a deal with me send them a $12,000 payment and they would give me $617.47 back and also lower the credit limit to $7000 or send $12,000 and have the interest rate reduced to 3.99% plus prime this would equal approx 7.24%. I chose the latter and can not wait to pay them all in full as soon as possible. Needless to say I will not be requesting credit with them again In February 2009, I agreed to permit my 23 year old son to purchase an auto using my American Express credit card.
But first called American Express to confirm the available credit on the card. They stated it had a credit reserve well over the $11,700 needed to make the purchase, however 3 weeks later I recieced an invoice from them stating that my account was $4000 over the credit limit for this card and that my new intrest rate was to be 27.24% plus an additional $30.00 per month over limit fee.
I have had an accout with them for many years and have never been late with payments and always paid more than the minimum payment.
I called them and inquired as to this action, they stated there was nothing they could do even though they admitted giving me the wrong information at the time of my credit inquiry.
I have 2 other American Express credit cards both of which I recieved letters regarding, stating the credit limits had been reduced to less than my current balance also incurring over limit fees.
In May I recieved a telephone call stating that they would like to make a deal with me send them a $12,000 payment and they would give me $617.47 back and also lower the credit limit to $7000 or send $12,000 and have the interest rate reduced to 3.99% plus prime this would equal approx 7.24%.
I chose the latter and can not wait to pay them all in full as soon as possible.
Needless to say I will not be requesting credit with them again

]]> http://www.greenpandatreehouse.com/2009/05/amex-customer-horror-story/comment-page-1/#comment-35741 Green Panda Thu, 14 May 2009 11:57:42 +0000 http://www.greenpandatreehouse.com/?p=2082#comment-35741 I was really surprised that customer service at American Express thought that was acceptable. I hope they re are able to resolve this without a lawsuit. I was really surprised that customer service at American Express thought that was acceptable. I hope they re are able to resolve this without a lawsuit.

]]> http://www.greenpandatreehouse.com/2009/05/amex-customer-horror-story/comment-page-1/#comment-35718 The Weakonomist Wed, 13 May 2009 22:37:53 +0000 http://www.greenpandatreehouse.com/?p=2082#comment-35718 That's a really bad story. That is is a security issue if I must say so. I was listening to a podcast where the host talked about AT&T sending unprotected passwords in emails. Not only that but the log in to this person's account doesn't even use the ***** method for passwords. Just plain text. What is this 1995? These big companies need to lock down their security. Glad I don't have Amex, but there's no telling how dumb my card company is. That’s a really bad story. That is is a security issue if I must say so. I was listening to a podcast where the host talked about AT&T sending unprotected passwords in emails. Not only that but the log in to this person’s account doesn’t even use the ***** method for passwords. Just plain text. What is this 1995? These big companies need to lock down their security. Glad I don’t have Amex, but there’s no telling how dumb my card company is.

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