Hi All, I got my Amercan Express Bill today which I usually pay off each month. But last month I did not pay it off and so when I looked at the interest amount it seemed high.

I examined the bill more closely and found that the interest I was being charged was 30.24%!!!!!!!!!. 

I called up American Express who apologized and said my last payment may have come in late but there was no late charge so he put me back to the rate I had for 5 years which is 9.9%.

I asked what triggered this and he said if a customer has 1 late payment tier rate is permanently changed to 30.24%!!!!!!!!!!!!!!!

I am sure American Express is not alone in doing this but I cut up my card anyway and sent them a payment in full to get rid of the balance and will most likely never use them again.

I am hoping you get this warning because this is horrible that the credit card companies can do this to people especially since they have changed the bankruptcy laws to make it very difficult for people to declare bankruptcy

Richard