American Express Unfair raising of interest rate Newark New Jersey

I have been an AMEX cardholder for over 9 years now & was just informed (after calling) recently that my interest rate was increased. I had an excellent interest rate & have only been late once during those years due to an oversight over 5 yrs ago. But upon calling AMEX, I was told that I'd been informed by a letter that my interest rate would be increasing. I can't say that I remember the letter, but was told by the CS rep that, at any rate, they could not lower my interest rate (even with having excellent credit)!

I didn't argue, but have opened another major credit card & transferred AMEX's balance to that card & for which I will be closing the AMEX acct for good.

I may not have made a dent in the money that AMEX pulls in each & every day, but if all consumers who are fed up take similar action, these big businesses will realize the value of good & loyal customers!

Quietgirl7
Philadelphia, Pennsylvania
U.S.A.