Why are companies like American Express allowed to damage peoples credit because they were unable to manage their business properly. 1st they lowered my credit to amount owed making my credit score go down. Then I paid them in full and they cancelled my card cheating me out of $500.00 in travel bonus I was saving for my 50th birthday. I can understand they are having tough time, some busnesses are but how can they be allowed to damage people unchecked. My other credit card raised my rate also, I didn't sign up for that. I can understand raising it on new balances but on previous balance seems unfair and inappropriate.
I'd like to know what is being done to keep these credit card companies in check and stop them from ripping people off. They should not be allowed to cancel my card when I have 500 dollars in unredeamed points, that is stealing. They should not be allowed to raise my credit rate on previous balances.
They are hurting the economy further by damaging my credit score. Understand I am not some loser that doesn't pay her bils. I have never been late with these companies and have paid them and used their services in good faith. I have a good job with Oracle my company is solid I only owe about 1/3 of what my house is worth. I haven't done anything different then I have done in the last 20 years but all of a sudden because of their ineptitude Im being penalized and so is the enconomy in general because as you know I am one of thousands they are doing this too.
Credit card companies need some legislation or punishment in the form of class action law suits they are out of control.