The American Express Company is practicing improper billing. There are many different pieces to this problem.
One is the fact that our Congress seems to keep turning their back on their citizens they are supposed to protect against these type of unfair practices and gouging. They seem to be changing laws FOR these financial institutions to overcharge and manipulate the system.
I thought I was losing my marbles with our bill constantly being due immediately or now being late. But it became crystal clear what was going on after this morning's advisement by my husband that the payment isn't going to make it in time.
American Express has decreased the pay cycle. Many are now engaging in this practice, but when I called Citibank out on it, they changed and extended my pay cycle, acknowledging that I have good credit. (as to say, if one has a large balance and can't pay it off, too bad, we're going to gouge you) but American Express wants no part. They don't want to give a fair 28 day or even a 25 day payment due date from account closing date, NOOOOOO. Ammerican Express, with their True Earnings Card (through Costco) as they clearly noted when I called, in which that account only gets 20 days to pay from closing date. 20 days!
If you actually had 20 days to pay it, that might be okay, but you don't. That 20 days is your last charge. They then have to process your paper bill and mail it out and allow for USPS to deliver the statement and you have to inturn get it back to them with your payment in that shorted 20 day cycle. And apparently they are having a problem getting this process done in a timely fashion, giving me absolutely NO time to pay this account on time. Our bill arrived the beginning of this week. I placed it next to my husbands computer, because he pays them online. He goes to pay it lastnight and this morning advises me it is going to be late. It's due Monday already when I just received it the beginning of this week...Monday or Tuesday.
Why are they doing this unfair billing? So they can gouge us more. Those nice late fees REALLY ADD UP. Not to mention with the laws now allowing to charge us increased interest rate when you are late on your bill. They are now charging 25 to 30 percent interest rates. And if I pay my statement in full every month so they can't get that interest, they'll find another way to make extra money. They can sit on my bill, get it to me right before it's due and then charge late payment fees and start adding high interest on the unpaid bill. Not to mention affecting my credit.
Have you been checking your credit card bills?
Please join me in filing a complaint with the FDIC.
FDIC
Attn: Consumer Response Center
2345 Grand Blvd., Suite 100
Kansas City, MO 64108