Today, I received a notice from my Costco American Express Card...
Today, I received a notice from my Costco American Express Card. Along with banks moving to payday lending rates, they have joined the piranhas feeding on the consumer.
The note says: effective October 1, we are raising your APR on purchases and cash advances (never use)- prime rate plus 11.99%- and we are increasing the late fee. The changes apply on existing balances (retroactive) and on future balances.
Included in the notice/Notice of changes to your account: The terms of your account are subject to change in accordance with the American Express cardmember Agreement ("Agreement") governing your Account referenced in or with this notice (including increasing rates and fees, changing fixed rates to variable rates, and adding new terms). Any language in your Agreement contrary to or conflicting with terms amended herein remain in full force and effect. These changes apply to exising balances and future balances on your account...
I called AmEX to protest and to affirm that I had always paid more than the balance due. An operator indicated that it had nothing to do with me, changes - increases - were being made across the board.
It is no accident that these changes are being made now. There is no one protecting the comsumer from these piranhas dressed in respectable business attire. Do I sound a tad angry?
From Lottie Sneed of Baltimore, MD