I had a 9.99% fixed rate account with American Express since 2001. American Express raised the interest rate on my account to 12.5% without sending me separate written notice of the change. I was not then nor am I now in default on my payments or any other terms of the card agreement. When I found out about the increase I contact Amex and was told it was due to "market conditions". I immediately closed my account. Four months later they raised the interest again to 15.24%. I contacted them and they refused to return the rate to what it... read full review »