I've had an account with American Express Blue since 2001. At first they promised and sold me on the idea that the it would be a "Fixed rate" of 9.99%. For years before the economic meltdown, it was always steady at 9.99%. Life was good. Then came along the meltdown and wallah, the "Advertised Fixed" rate of 9.99% went to 11.9% Some fixed rate. During this time I was using this for school expenditures and probably shouldn't have. Bam, just this week they send out another notice that it is no longer a "Fixed rate" but a "Variable Rate" and will commence with a 15.4% interest rate as of Aug 1st. I didn't receive this notice until Aug 10th. I'm urging anyone with a card from this worthless company to cash it out and ditch them. They deserve to go to bankruptcy and not to emerge at all.