American Express AMEX Open Unconscionable, unscrupulous, unethical business practices Nationwide

I opened a small mortgage brokerage in 2002 and as an existing AMEX customer, I decided I needed an AMEX business card. I applied for and received an AMEX Open business credit card. I used the card to purchase equipment and supplies for my new mortgage office and I also cashed a $750 cash advance check. In 2008, I, along with many other small mortgage companies had to close my doors as a result of the implosion of the mortgage market. I struggled to manage my personal and business debt for for the next four years and finally in 2012 I could see the light at the end of the tunnel. One day, I was updating my household budget and forecasting payoff of a few more bilsl when I noticed that according to my monthly statement, my total outstanding cash advance amount was just over $7000. I immediately jumped on the phone to AMEX to have the error corrected and wondered how far back the error went and how long I'd been paying 21.24% on $7000 instead of $750 without catching the error. To my dismay, the customer service agent explained as I made payments on my Open account over the past six years or so, the entire amount of ALL payments was going to the outstanding purchases balance on the card since that rate was considerably lower. One would think that the interest due on each balance each month would be paid first and then anything remaining would go to one or both of the principle balances but of course that makes too much sense to the common person. By posting all of my payments to the lower interest rate balance and zero to the $750 cash advance balance, my cash advance balance negatively amortized and over the course of six years had mushroomed to $7000. I have been working hard to pay this card off and had made considerable leeway but it is not paid off as yet. When I looked at my statement this month, I just about had a heart attack when I saw that this thief of a company had increased my interest rate from 21.24% to 25.24% just because they wanted to do so. According to the customer service agent I spoke to this was an across the board rate hike for business accountholders with OPEN cards. I've been paying on time and paying more than my minimum in an effort to pay this thing off but they raised my rate! Interest rates are low, their cost of funds is low but they raised my rate. I am in total disgust.  I cannot even begin to understand how the decision makers at this company sleep at night.  I have to admit that I have a banking background and this one got by me. I take full responsibility for not looking closer at my monthly statements to understand how payments were being posted. I have no excuse for that BUT my lack of attention to detail in no way makes what this company has done ok.

What makes this so unconscionable is the fact that the CARD Act makes this behavior illegal on consumer accounts but business accounts are not protected by this legislation. Given the fact that this behavior is illegal for consumer cards, it stands to reason that the behavior is less than honest even when a business card is involved. I certainly hope regulators stand up and pay attention because while they are working hard to protect consumers, they have left small business account holders to be prey to the companies who simply don't give a d**n and will make a dollar any way they can.