AMerican Express unfair practices

[citygirl67]

I began my credit history at the age of 22-I'm now 40 and have always paid on time, always paid much more than the minimum amount due and as of October 2008 ceased using all my credit cards; Citi, Chase, Discover Amex. In December Amex began lowering my credit limit which decreased my available credit on that credit thus resulting in a lower credit score (debt to availability ratio) I immediately threw money towards that account and had paid it down decently and remember I also had ceased using all credit and only paid down when they reduced my credit again! Same scenario, I threw as much money at that card as fast as possible but this unfair practice of American Express (and only American Express!) continued. I'm taking out a home equity loan to quickly pay them off because at this rate they're ruining my credit score. You know I can only blame myself with dealing with this company, years before under another Amex credit card account, a merchant in the Bahamas tried to fraudulently charge my card even though my husband and I had cancelled well in advance of their policy time frame and we had to literally fight with Amex for weeks to get the charge reversed, at that point my husband ripped up that card and swore he would never use them again- dopey me I gave them a chance to drag me down again--do not open an account with this company-not worth the headaches especially when you are a great customer. Who needs them?

[cowb0ysfan]

a merchant in the Bahamas tried to fraudulently charge my card even though my husband and I had cancelled well in advance of their policy time frame and we had to literally fight with Amex for weeks to get the charge reversed

That's interesting...Amex usually sides with the consumer in almost all cases of a merchant dispute. I feel comfortable using my Amex for this purpose.

[xinfinityx]

Citi, Chase and Target have done this to me... and American Eagle, only AE likes to lower you down below what you owe and charge you a bunch of fees and raise your APR - it's completely legal too, I checked! Credit card companies are EVIL! I can't wait until I'm out of debt, I'll be using my cards just to keep them "recent".. charge them for little things here and there and pay them off in full. I haven't used my credit cards in a year now, it's all debit for me!

[rixey]

It is not legal to lower a credit limit below your current balance and then charge you overlimit fees, unless you used the card since being notified of your new credit limit.