Just got a letter from American Express dated 8/4/09 that they are raising my interest rate. Not beause of a change in my credit history. Nor have I ever been late on my payments -NEVER! I always pay more than my minimum balance each month. Effective Oct 1, 2009 - my new interest rate goes into effect- and it applies to EXISTING Balances and future balances. American Express explanation... due to the business and ecnomic environment. I thought that could not punish consumers with interest rate increases unless we were 60 days late. How doe... read full review »