Just got a letter from American Express informing me no over the limit fees.... and something else

[TwixVoy]

So I read the news story the other day that AMEX has gotten rid of over the limit fees. Sounds nice. No catch was reported in the media.

So I got the letter about no more over the limit fees on my account. Guess what else comes with it?

1. We are informing you we are rate jacking your account on all purchase balances you may have.

2. We are rate jacking any balances you may have in default.

3. We are INCREASING the late payment FEE.

4. Oh and by the way, we are pleased to let you know there is no more over the limit fee!

All I can say is good thing I have a ZERO balance on this card! The good news of no more over the limit fees is sure going to burn people who do though.

[alstephenson]

1. I got the same letter.

I've been a customer since 1994 - the only card I use regularly and yes, unfortunately I do have a balance...

[robinlynne]

3. same letter here.

[bbinacan]

2. ?

I have an AMEX and there is no interest rate because I have to pay it each month. What am I missing here?

[TwixVoy]

4. Research your credit products

There are REVOLVING credit products and CHARGE credit products from AMEX. AMEX has a full line of each. A lot of people who don't pay attention to finances are under the mistaken impression AMEX does NOT offer revolving products when in fact they have for many years.

AMEX Gold, Platinum, etc cards are CHARGE cards. They must be paid in full every month. They do NOT have an APR. These cards almost ALWAYS have an annual fee.

AMEX Blue cards, AMEX ONE Cards, etc are REVOLVING credit products and you can carry the balance on them for 20 years if you want. They DO have an APR and some do NOT have an annual fee.

AMEX also from 2000-2007 was pushing STUDENT AMEX BLUE cards like fucking candy. They were handing out several thousand dollar limit cards to students with no jobs. These were REVOLVING accounts. They still have these cards, but they have stopped pushing them so much. (gosh, who would have thought handing out multi-thousands dollar limit credit products to a section of the public that likes to party and typically do not have jobs could ever go wrong?)

[bbinacan]

8. I have a revolving

credit option but don't use it.

[theothersnippywshrub]

10. My basic green Amex card that I have had for decades allows me to designate any purchases

I would like to pay for over time and pay whatever the APR is. It has been that way for at least 5 or 6 years, quite possibly longer. I have never used, and would never use, that option but every monthly statement tells me about it and I occasionally receive a separate letter about it.

[Davis_X_Machina]

6. Some AMEX cards...

...especially some small-business cards, the Blue series, allow you to carry a balance. They have a tame bank, Centurion Bank, and it works like a VISA at that point.

[TwixVoy]

7. Blue cards are NOT business cards

Blue cards are intended to be primarily regular consumer credit cards. The vast majority of Blue card holders are individuals. AMEX has a special line up of cards for business, but they are not Blue cards.

[KaryninMiami]

5. Mine arrived today- i have zero ballance as well. nt

[rusty charly]

9. I pay every card off

every month.