American Express Goes Pirate

Who else has seen American Express turn to robbery with its credit cards lately? We've been faithful, prompt-paying customers for twenty years. Last month we were two days late on a payment, for the first time in memory, and we've now been notified that our interest rate is rising to 27.24%! I was laid off recently, so paying off the balance now is nearly impossible for us. We are stuck with their usury.

Apparently we are not alone. When I called AMEX, they told me that anyone even one day late on a single payment will now be forced into this new rate, which can rise with the prime rate! 27.24% and rising!

This is downright immoral. So much for being good customers for twenty years. I'm dumping AMEX the first chance I get, and I suggest that smart consumers will do the same.