Effective May 1, 2001 Amex will change the terms of its account agreement for almost all credit cards (not charge cards): 1. Balance trasfers (BT): A fee will be assessed for 3% of the amount transfered. Min BT fee is $5, max is $50. 2. One returned check would put the account in default status bearing penalty APR for at least 12 months! 3. For Blue accounts, effective April 1, 2001, one late payment would jack up the APR to 17.99%: Not suprime, But not exactly prime either. Also, missing the due date w/ the Blue is easy anyway, since the grace period in only 20 days. This doesn't look good. I believe that was a bad move by Amex. Even the most credit-worthy people can bounce a check ONCE, or pay their Blue bill 21 days after the cycle closes, which means being one day late. Saar
DOES THAT MEAN I SHOULD FALL OFF THE BANDWAGON FOR MY AMEX CASH BACK CARD??? 3.90% for six months balance transfer w/o a $50.00 fee... I assumed DISCOVERCARD would again refuse to increase the credit line (w/o an inquiry) in July for the 7th year!!!! LAST INQUIRY THE JUNIPER DENIAL 12/20/2000.
I work for AMEX, so I can verify what Saar has said. He either got this from the "FYI" insert or an updated Cardmember agreement brochure. However, do not over react--each account is different and sometimes things may not always apply per se (i.e. BT rates)--wait until you actually have the terms in writting for your respective account(s) Saar, when I look at some of your posts that you put on this board, sometimes I think YOU work for AMEX!! You are a very knowledgable consumer for not working for the company and provide good info to people!
I agree, Saar is one of the better posters on this forum. That was a very nice piece of information. Thanks to you all. http://www.creditsense.com
