APR increases on Life of Balance balances - Blue Card

By: VIC2

I was fortunate to obtain a American Express Blue Card with a Life of Balance APR of 9.99%. I was also offered in the next year a 6.9% APR Life of Balance.

I paid the BT Balance off and continued to use my card on the 9.99% APR LOB. But I had to continually call AMEX to reverse the increases in my APR back to the 9.99% rate.

Last November I found they boosted my APR to 17.49%. After I called they reduced it back to 9.99%, Jan 2009 they sent out "new cardmember agreements" stating the APR will be 12.99%. I have always paid the balance due on time or early. I thought life of balance meant life of balance. They boosted the entire balance to 12.99% instead of honoring their agreement for LOB. I could understand the new APR for new charges, but I can see now they are in survival mode. On top of doing this to me and probably thousands of others, they are laying off another 4,000 employees after just getting done laying off 7,000. If anyone knows of a class action suit I can get involved in regarding LOB APR changes, let me know. In the meantime, if you have any stocks purchased from AMEX, beware. They are acting scared. The actions they are taking to screw over cardmembers and employees will leave them with a very small cardmember base and not much room for profit for a very long time.