I like spin as much as the next person, but American Express takes it to a whole new level. This was on their home page:
Amex repaid their TARP money in June and is now restoring compensation cuts they made. And how did they do this? By increasing interest rates up to 50% and lowering credit limits.
So how did they get this wonderful rating?
Let's see what J.D. Powers has to say:Fees and Rates Drive Decline in Overall Credit Card Customer Satisfaction
Driven by a significant decrease in satisfaction with fees and rates, overall credit card customer satisfaction declines to a three-year low....Overall satisfaction among credit card customers remains the lowest across the financial services industries....
Ah, so consumer satisfaction has dived for credit card companies, but among the fallen American Express is the best of the worse. Now that makes sense.
Pigs can fly!