American Express Finance Charge Fixed

I had my husband call American Express yesterday to get the $689.72 finance charge ^[1] straightened out on his IN: CHICAGO American Express card. He actually tried to call on Wednesday, but the hold time was over 10 minutes. He waited for a few, then handed me the phone to hold when the doorbell rang. Somehow in handing the phone off, I disconnected the call. Oops!

We Were Right

I located the paperwork which clearly stated that any balance transfers posted before 11/14/2007 would receive 0%. The bill shows the balance transfer posted on November 13 so I assumed it wouldn’t be a problem. He spoke with customer service and explained the situation. After a couple transfers he got someone who agreed that they would fix it. Whew!

Security

The only hurdle was that they wanted the security code on the card to verify his identity. Unfortunately, since we are on vacation, we don’t have the card with us. (We had the paperwork because I brought some papers with me to enter into Microsoft Money ^[2].) When my husband explained we wouldn’t be back for two weeks they agreed to fix the charge without the card.

I understand why they need the card for security reasons, but I would find it highly unusual for a thief to call and ask to have their balance transfer interest rate fixed! Speaking of thieves, I did have a card number stolen recently, but more about that later.

Action Plan

While it all worked out in this situation it is a good reminder to make absolutely certain of the terms before completing a transfer. It seems like too often the companies computer systems don’t jive with the offers that they send out.