Sunday, February 12, 2006

American Express - The Recurring Battle

Back in December, I applied for an American Express Blue credit card. I applied for this card because it advertised a 3.99% lifetime interest rate on balance transfers initiated during the application process. I ended up transferring $13,000 to the card from two merchant cards issued by Citi Bank. I didn't have balances on either of these cards and was able to request refund checks due to the credit balance the transfers caused. This all went smoothly. Unfortunately, my first and now my second statement both show the balance transfer as a regular purchase and thus is accruing interest at 13.99%. I called customer service and they assured me it would be fixed this month and that my next statement would have the proper adjustments. Hopefully this will be true, so I don't have to go through the hassle of calling them again.

As an FYI, I applied for this card so I could payoff my Home Equity Line of Credit (HELOC) which had a variable rate that had jumped to over 8%.

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