American Express - Beware of American Express Credit Cards

Posted on Thursday, August 28th, 2008 at 8:19am CDT by 148e113a

Product: Business Cards and Credit Lines

Company: American Express

Location: US

Category: Other

Beware of offers for the American Express Business Cards or Credit Lines. They offer credit lines at an annual fee starting at 10,000.00. American Express agents tell you to use the money anyway you wish, for payroll, equipment purchases ect. but when you use a portion of the money they suddenly cut your limit back, this makes your card appear to be maxed out when in reality it was fine until they lowered the limit. This then affects all of your other cards because it lowers your credit score and others began to raise your rates slowly destroying your otherwise good credit.

What is worse is they require very high payments and still charge the same anual fee for what is now half of the original credit limit.

I see a pattern here, a deliberate act to where an offer is made for an anual fee, then the offered amount is lowered but the anual fee remains the same and the interest rate goes up, now, the maxed card is reported to the credit reporting agency and any other cards you may have tend to increase your interest rate because your credit score is now lower.

I fell for their trap but caught on and intend to let others know exactly what is going on, we must defend ourselves now as we do not have a government overwatch that will protect us against these criminal actions.


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