ED Magedson – Founder
American Express2965 W. Corporate Lakse Blvd. Weston, Florida USA
American Express Renewal fees plus interest rates add up to excessive greed! Weston Florida
In 2009 as the recession took off, our business declined and our credit suffered. Even though we had always paid our credit card bills, AMEX arbitrarily lowered our credit limit from $7500 to $1000. If that isn't bad enough, we just looked at our current statement and we see where they want to charge a renewal fee come May 1, 2014 of $195.00 for a credit limit of only $1000. $95 would be bad enough but $195.00? That is equivalent to an additional interest charge of $16.25 per month but required to be paid in advance, on top of the nearly 30% usurious annual interest they charge.
If this is not a Rip Off, we don't know what qualifies. It would seem that AMEX uses these exhorbitant usurious fees as a disincentive for consumers to use their card.
We are on the way to building another business and in another 12 to 18 months we will be in the black again. How does AMEX expect consumers like us to be interested in a banking relationship at that time, when they treated us like dog doo doo when we were down?
This report was posted on Ripoff Report on 03/07/2014 09:18 AM and is a permanent record located here: http://www.ripoffreport.com/r/American-Express/Weston-Florida-33331-3626/American-Express-Renewal-fees-plus-interest-rates-add-up-to-excessive-greed-Weston-Flori-1128964. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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