Well, I'm about to give up on getting the 9.99% rate. I called Amex again today and I get the same answer. The rate cannot be changed. It is tied to the account when it was originally opened. I asked the rep for the Executive Office number. I called and spoke to a really nice fellow who also informed me that the rate is tied to the account when it is opened. He stated that I could apply for the pre-approved offer I received for the 9.99% rate, but I would have to close my current account before I do so as the system would give an automatic decline since I have an existing account. I informed him that I know individuals who have had their rates adjusted without jumping through these hoops. He stated that if that was done, the customer's previous account was closed and a new one was opened. Thus, my credit report would show a closed account and a new account. The opening date on my credit report for the new account would not reflect the opening date on the old account. Saar or George: Is this what shows on your credit report? Have you checked? Did they pull another inquiry on you when the rate was lowered? The Analyst did say that this is not a great process, but stated that they are working on the system so the interest rates can be adjusted manually. I don't know what to believe from Amex on this issue. I am not whining, as my rate is not bad at 10.99, but if that was the lowest rate they were offering at the time I applied, my credit should be good enough to have the lowest they are offering now. Boy, this credit game can be frustrating!! :-\
BS, BS & BS. I currently have 2 open Blue accounts. I never understood why getting the 9.9% took an unusually long fight, but it can be done. Saar
THEY DON'T HAVE ANY IDEA WHAT THEY ARE TALKING ABOUT!!! I was going to give up and close the account!!! I was a VERY LONG process!!! I talked to so many people!!!
I told them that they will NEVER get any interest money unless I get the 9.99% rate because that rate is the UPPER LIMIT of what I will pay...
Keep us mosted miles....I'll be going through the same process once my reports are updated and my score jumps. So any tips you can share from your process would be greatly appreciated!
Well just to share a little bit from what I learned today when I called. According to the rep, they can't adjust a card, but I can apply for a new Blue card with a lower rate and cancel the old one. Although I don't necessarily believe that (because Saar and George seemed to have done it w/o opening a new account), in case I do have to do it that way I specifically asked if I could have more than 1 Blue account so I don't have to close my current one until I find out what I'm getting with the second one and she said absolutely I could have more than one.
Thanks for the update. It really burns me up that I was told by an Executive Office Analyst I could only have one account at a time. What is going on there? :-/ I wouldn't mind opening another account if I could keep the opening date on the original account, but that doesn't seem to be the case. I really can't afford to open anymore new accounts (with new account opening dates). I need to let my current ones continue to age. Oh well, I guess I will concentrate on my next strategy. :-D
Here's another update for you miles.... I just finished writing a letter to Alfred Kelly, Gen. Manager for Consumer Cards at Amex and cc'ed it to the CEO inquiring about the process and complaining about the process as it's been described to us. I'll let you know about the response that I receive from them.
miles, Join the club, hon. I have been trying for a year to get my 12.99% reduced to the 9.99%. I have gotten nowhere, but I do try every month or two just in case I do get lucky one day. It is silly that it is so hard to get the rate reduced 1, 3, or 5%. Interest rates should be determined based on your current credit, not how that credit was when you applied for the card years ago. At this point I rarely use Blue because the interest rate is higher then any other card I have. Dani
I'd try a PFB before giving up. That way the Exec. Assistant has some time to evaluate your request, and doesn't have to come up with an answer on the spot. Seems it worked for George. Saar
I THINK I DID 2 PFB'S... I also did... REGULAR C.S.R. M.O.R.E. M.C.S. NEW ACCOUNTS FAX (3-4 TIMES) C.E.O. I DON'T KNOW IT'S ALL A BLUR...
Thanks everyone for the support and advice. It is appreciated. Saar, I think I will definately try Planetfeedback now. What do I have to lose? :-D
