American Express and Raising Interest Rates - credit Cards

By: acadian

I have a FICO credit score of 794, have never been late on any payments and have a credit line of $10,000 with AMEX. None of my credit cards have a balance and I pay all credit cards as well as any bills in full every month. Yesterday, I received a letter from AMEX that starting with my October statement my interest rate will jump to 15% on any balance due. Thankfully, I never carry a balance from month to month so this will not affect me. Nevertheless, I applied and received a credit card from my credit union with a 7% interest. So now, I will use my credit union Visa and AMEX will be the loser. AMEX as well as all other credit card issuers are rushing to raise rates before the new credit card ruling comes into effect-