American Express Card / amex hurting consumer credit
American express used to be a great company. Lately — i've had to report them to the ftc and am about to report them to other banking and credit agencies as well. Why?
For several months, they have been advertising (With multiple fliers in the mail, at least two times monthly) — suggesting I accept an offer (Due my great credit history and scores) to accept terms to 'carry-over monthly balances over $100). After much disregard, I finally accepted, after agreeing to open a secondary account with amex in light of the 'new' fico scoring system this year. (The second card was not mandatory, it was for purposes of 'spreading' out available credit to debt for several types of business charges as required with my profession and privately owned business.)
Low and behold — within 2 months of owning the secondary card — the 'offer' they gave me was rejected with a simple letter stating I was a credit risk because there were too many inquiries on my credit report (Only 3 in 6 months — (2) of which was by american express for the second card, and to see if I still 'qualified' under their creditsecure program, which I also happened to accept at the beginning of the year). Not only that, they had already reduced my 'no preset limit' option internally with a $20k limit that I had to coax a nicer rep into disclosing (They were not supposed to disclose the amount to me. Previously, I was truly not under a set limit.)
Worse yet — when the second payment for the second card came due — I sent payments for both accounts to the same bill payment receivables address in one envelope. There is no stipulation by amex under any circumstances — that we cannot send payments in one envelope. They also state they support green and other environmental programs — so I assumed saving an envelope and stamp would be fine.
The following week, while checking my balances — I noticed the second card bill was 'unpaid' and almost overdue. They were not going to notify me until it was later. I immediately called to find out what happened — as they had already cashed the check for the other account payment (Both were 'overpayments' to cover new charges as well.)
I was informed the check was destroyed because it was in with another check in one envelope. I was told if I did not pay again, immediately — (My responsibility, not theirs, of course) — I would be penalized. So they suggest electronic payment.
I am with a credit union for 'real' banking — so I requested amex notify me if the routing transaction did not go through correctly on the first try.
An entire business week later — I find out amex has suspended all of my cards, and I am about to be penalized for their ineptitudes — because they did not notify me about the payment not going through. They claim it was because they found out after hours on the friday night. However — they have 24/7 customer service. Instead of alerting me, per request — they put a 'stop transaction' motion on all my amex cards. (Even though they still have $50 additional overpayment on the primary card.)
They also erased the fact that they lost the original payment on the second card from my records (Since they claim they don't have proof.)
I worked hard to have an extremely high credit score. Now — amex is about to destroy it because I trusted them.
This complaint will be posted on every possible consumer notice and federal trade notice site I can locate, as I am not willing to be a casualty in the credit scams and fall outs that obviously has affected amex more than they are willing to admit. Amex also reported to the media and the federal and stock boards they were tightening up their structure because customers were having trouble paying last month.
I wonder what the truth is — their faulty mail receiving program and lack of warnings and disclosure regarding such, or their refusal to work with customers in a fair and honorable manner???
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