Fighting a AMEX on a dispute

I had a problem situation where a bill I paid got posted a day late and I got hit with a huge interest chagre. I have done literally millions of dollars with AMEX for many years with never an issue. I have already talked to them and mailed them and they dont want to back down, however I think they basically tell everyone to get lost. Since the card companies are really under the gun right now I think I should try and press the complaint further. Whether it will help me or not who knows. Any suggestions where I shoudl file some formal complaints to get their attention? Thanks for any advice. Sometimes with big companies I have found it key to get to the right person.

TIA

mrdealfanatic said: I had a problem situation where a bill I paid got posted a day late and I got hit with a huge interest chagre. I have done literally millions of dollars with AMEX for many years with never an issue. I have already talked to them and mailed them and they dont want to back down, however I think they basically tell everyone to get lost. Since the card companies are really under the gun right now I think I should try and press the complaint further. Whether it will help me or not who knows. Any suggestions where I shoudl file some formal complaints to get their attention? Thanks for any advice. Sometimes with big companies I have found it key to get to the right person.

TIA

If you have millions of dollars of history with them, I'm surprised they wouldn't waive it as a one time customer courtesy.

My Citi relationship is <$40K/year and they've waived fees and interest charges every time I've called them. Either try another CSR, contact Executive Customer Service, or move on with your life.

Why do you feel you should get out of this interest charge simply based on how much you charged over the years, versus someone who had to pay interest on a $100 purchase? Interest charges are just that, a penalty for paying late...Which you did. What is your argument going to be, "I am better than everyone else, make a special exemption for me?"

My 75 year old father occasionally forgets to pay and they always waive the interest and late fees. He's been a customer for almost forty years, but I don't think his total spending on the card has reached anywhere near the millions.

If you can afford to spend that much, you can afford to pay the interest. Deal with it.

mrdealfanatic said: Never late in 17 yrs. Had an issue with the online system. And frankly doing several million dollars in charges over the past 5 years or more should count for something. Yes there are people that charge a few hundred per month. In one month I may charge more than their account 5-10 yrs combined. The realties of life and business are companies generally do more to keep large accts, and rightfully so. AMEX got into trouble trying to acquire a different account base. The level of service from Nordstrom is different than WalMart.

I have several thousand accounts with my wholesale business. If a top tier account has a beef I wont lose that customer over something petty. BTW all the comments about being late etc are fine until 2009 when the US government gave AMEX tarp money. I can afford to pay the interest, however it burns me. And I can assure you AMEX the way is to get past most of the paper pushers.

I don't disagree that a loyal, profitable customer is someone that they aim to keep.

I'm just shocked that you're having a hard time getting a waiver. I've never really encountered anyone turned down for a "customer courtesy". There must be something more to this story.

BTW all the comments about being late etc are fine until 2009 when the US government gave AMEX tarp money.
I don't see how that has anything to do with your interest payment. In addition, AMEX paid back TARP in July with interest.

NEW YORK - American Express Co. said Wednesday it repaid the $3.39 billion it received last fall as part of the government's $700 billion bank investment program.

American Express received the money as part of the Treasury Department's Troubled Asset Relief Program to help revive the stagnant credit and lending markets amid one of the worst periods of the credit crisis.

The New York-based credit card lender also paid the Treasury Department $15.1 million of accrued dividends on the investment. American Express had previously paid the government $59.3 million in dividends on the investment.

So if anything, the lesson here is that... if you borrow money, you should pay it back on time with interest. No?

AMEX Executive Customer Service:

212-640-2000

Executive Secretary's Office

212-640-5583 (ask for executive customer service)

For someone running your amount of business thru their credit cards, I'm certain that you will get the assistance you seek.

Ryan431101111 said: You actually have a large credit limit on your AMEX?

No most of them 50-60K limits. Per year total business approx 1 million yr.

I call bluff. I have been an AMEX customer for about 8 years now with an average spending of $1500 a month, and have missed payments a couple of times. Always called the CR and they waive it off. There is something more to the story than what OP tells us!

Get a f life.

I think OP carries a balance on his AMEX account month to month. If you are late on an account with balance, they will bump up your interest rate by a huge amount. Maybe OP transferred his credit card balance to a low intro rate AMEX account, and now it jumps up to the regular credit card rate after the late payment.

A similar thing happened to me recently and AMEX credited FC of 0.85 and late fee ($19.00) in about 2-4 days after I called. The waiver was not as instantaneous as it was several years back with my Citibank account. As you can see from my FC value of $0.85, I hardly used that AMEX account.

Technologist said: Millions in charges, and can't get a "first-time" oops waiver.... Yeah, right!

Do you want to bet on this? I can show proof. If you would like to bet me a fancy dinner I will gladly get my statements (cross out name and acct numbers and show this to you via email. They are being hardasses. Not only that the the bill was paid on due date online but did not post until the next business day. I have more than 270K starwood pts and I just spent more than 100K a few weeks ago. And a perfect record for 17+ yrs. I am not giving up so easy.

swintec said: Why do you feel you should get out of this interest charge simply based on how much you charged over the years, versus someone who had to pay interest on a $100 purchase? Interest charges are just that, a penalty for paying late...Which you did. What is your argument going to be, "I am better than everyone else, make a special exemption for me?"That's about the way at least some card issuers feel -- they're more willing to accommodate highly profitable customers than other customers.

mrdealfanatic said: Any suggestions where I should file some formal complaints to get their attention?Follow the directions printed on the back of the statement, meaning you should mail a letter to the special address for billing problems and refer to the interest charge you're contesting as a "billing error". Those directions aren't the card company's but are a summary of federal law (not necessarily accurate or complete). Exactly what have you done so far?

BTW, are you aware that most card issuers require payment by 9:00 AM on the due date, and if the due date is on a weekend, they require it be made by the previous Friday, regardless of the date listed on the statement? And then there's the longtime requirement that if you deliver payment to any of their address but the one they list for payments, the issuer can insist that it be made as much as five days earlier.

larrymoencurly said: mrdealfanatic said: Never late in 17 yrs. Had an issue with the online system. And frankly doing several million dollars in charges over the past 5 years or more should count for something.No, it shouldn't. Both large and small customers should be treated identically and always according to the law and contract.
Yet in real-life, most companies will give breaks to someone who makes them $10,000+ a year versus someone who will make them <$100. It's not fair, but that's business.

IAskStupidQuestions said: mrdealfanatic said: Technologist said: Millions in charges, and can't get a "first-time" oops waiver.... Yeah, right!

Do you want to bet on this? I can show proof. If you would like to bet me a fancy dinner I will gladly get my statements (cross out name and acct numbers and show this to you via email. They are being hardasses. Not only that the the bill was paid on due date online but did not post until the next business day. I have more than 270K starwood pts and I just spent more than 100K a few weeks ago. And a perfect record for 17+ yrs. I am not giving up so easy.

Do you think that maybe the poorly paid CSR is sick of arrogant entitled spendthrifts or maybe American Express doesn't mind waiving interest for a $200 bill since that is next to nothing, but interest on $100,000 equals the entire profit for the company for the month?

AMEX's merchant fees are about 2.5%. In the last week, they just made $2500 from merchants for his $100K charge. Say the interest is $5000 for 1 month of interest ... it would be dumb for AMEX to not waive that.

tazzy531 said: IAskStupidQuestions said: mrdealfanatic said: Technologist said: Millions in charges, and can't get a "first-time" oops waiver.... Yeah, right!

Do you want to bet on this? I can show proof. If you would like to bet me a fancy dinner I will gladly get my statements (cross out name and acct numbers and show this to you via email. They are being hardasses. Not only that the the bill was paid on due date online but did not post until the next business day. I have more than 270K starwood pts and I just spent more than 100K a few weeks ago. And a perfect record for 17+ yrs. I am not giving up so easy.

Do you think that maybe the poorly paid CSR is sick of arrogant entitled spendthrifts or maybe American Express doesn't mind waiving interest for a $200 bill since that is next to nothing, but interest on $100,000 equals the entire profit for the company for the month?

AMEX's merchant fees are about 2.5%. In the last week, they just made $2500 from merchants for his $100K charge. Say the interest is $5000 for 1 month of interest ... it would be dumb for AMEX to not waive that.

If you could get me 2.5% I'd be happy with that.

Depends on your industry. Can be over 3%.