American Express , AMEX AMEX loan shark interest rate interest RAPE! Nationwide
I've been an AMEX cardholder for years and use it for my small business. I was SLIGHTLY late on making a payment, but never more than 30 days. It was simply a matter of the timing of when I pay my bills, and AMEX has never had to write off one cent.
The first ripoff is that they charge a $39 fee for being one day late. But the second ripoff takes the cake.
These lousy rats raised my interest rate to an unbelievable ***27.4%***
These are interest rates worthy of a mafia loan shark. And my call to AMEX to try to get that rate reduced met with a flat NO.
So, if you own a business, I urge you NOT to accept American Express - I've done exactly that in my retail business and have met with no resistance at all. The best part is that by moving all business to MC and Visa, my cost for processing drops by about 33%.
And no matter what, I urge you to dump your AMEX card. Voting with our feet is the best weapon we as consumers have available to fight unfair trade practices.
AMEX loan shark victim
Boston, Massachusetts
U.S.A.
3 Updates & Rebuttals
Cory
San Antonio,Texas,
U.S.A.
Interesting
#4Consumer Comment
Sat, April 11, 2009
He's probably right about his costs dropping by 33% by not taking A/E because A/E's fee is around 3% to 5% depending on your industry, where V/MC charges around 2% to 3%, so his cost can be 33% less. As for his interest rate going up, he was late. Either You WERE late or you WEREN'T late. It doesn't matter how SLIGHTLY late you were. As for the mafia, the charge like 27% A WEEK. EVERY credit card company charges a late fee and now-a-days almost every credit card company is just looking for any excuse to raise your rate. He gave it to them. I hate A/E. I dumped my A/E years ago. Why should I have to pay any company to have a card. I don't need to impress anybody by having any card.
Robert
Irvine,California,
U.S.A.
Look before you leap...
#4Consumer Comment
Sat, April 11, 2009
Why do people think that other credit cards would be any different?
When you move to a VISA or MC be sure to read the terms very carefully. Because you will find that the same ability for them to raise your interest rate and charge a late fee. Yes, even if you were 1 day late. There are some credit cards where being late by 1 day boosts your interest rate up to the low 30% range. Other credit cards are raising interest rates on people that have never even been late.
I am not saying this is right to make good customers pay for their bad mistakes. However, if you read the terms of any card this is the very thing you agreed to when you opened and used the card. If you don't like it then don't use the card.
John
Califon,New Jersey,
U.S.A.
But you were late.
#4Consumer Comment
Sat, April 11, 2009
and that's the way it works for everyone. Why should you be an exception?
An our processing figure of 33% in reference to AmEx is a lie. If th8s was true, you would have stopped taking their card long ago or you really suck at this 'business' thing. Why the need to embellish other than they are right, and you know they are right?