Consumer complaint received 2015-06-25
Company: AMERICAN EXPRESS COMPANY
State: GA
Product: Credit card
Issue: APR or interest rate

Complaint:
Recently, American express increased ( XXXX ) my interest rate because of a supposed penaly APR due to late payments. They said that I made XXXX late payments ( none more than XXXX days late ) and I have no choice but to pay the additional monthly interest of about {$170.00} per month.I called them to discuss and even got a supervisor to try to get this turned back to the old rate.. They showed absolutely no empathy and were basically saying tough. I even offered to have the montly payments automatically deducted so their would be no future lateness. Again, they could just care less. I was absolutely furious. 
This credit card was in my business name, The XXXX XXXX. My company went out of business in XXXX due to the Financial crisis. I could have just filed bankruptcy and avoided paying any of my creditors but that is now how I am made up. Its a principle with me to pay my debts. Since this time, I have never missed a payment. I am intent on paying them every last dime that I owe them. My question is this : I am a working Mom with XXXX children to support. I am struggling to just get buy. In XXXX, American express cancelled my card because I did not get them my tax returns in the XXXX weeks time that they stated I needed to, and this just out of the blue. I never signed anything with Amex agreeing to pay a penalty APR. I can understand late payment fees, but how can someone just double the interest rate? I thought Loan sharking was illegal? I thought the credit card act of 2009 made it illegal to change the interest rates on existing balance? I see Amex lost their contracts with XXXX and XXXX and it looks like they are desperately trying to increase their profits at the American consumers expense. This process of penalty APR 's is absolute predatory lending, is completely unfair and is just morally wrong. I can not believe for a moment that this type of conduct can be allowed. I basically have a choice, either pay them this extra money or buy groceries??? I paid them the normal payment of {$300.00} on XXXX. I can not and will not pay this extortion APR. While making the payment on the phone with them, I was actually berated by their rep because I was not paying the " penalty '' This is ridiculous. I am hoping that you can intervene in this situation and get my interest rate back to where it should be. But even more than that ... I am hoping that you can do something to stopn doing this to other people. People who are struggling sometimes make late payments. They pay the price with late fees. Doubling the interest rate and " penalizing '' these same people is unconscionable. Something needs to be done to stop this! I am going to write all my Senators, congressman and alert every single media, news and internet provider out there to put pressure on these monsters so this strops. Its just completely Unamerican and if it is not illegal, it should be. Consumers need to be protected from these people. If we can not rely on the CFPB, then who? Thank you so much for your attention to this matter.

Company response to consumer: Closed with explanation