AXP Rate Increases

American Express has announced that they will start squeezing more interest charges and fees out of some cardholders next month, raising rates by as much as three percentage points.

American Express also plans to increase the conversion rate for charges made in foreign currencies by one percentage point. Look for more credit card issuers to follow the re-pricing trend over the next three months. Remember to check your credit card statements for changes to your credit limit.

Citibank is planning to raise interest rates by at least three percentage points for about 20% of its U.S. card accounts.

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2 responses to “AXP Rate Increases

  1. SEANACHIE ERINACH

    IF ANY AXP STOCKHOLDERS OUT THERE – SELL QUICK! THESE GUYS ARE BRAIN DEAD. HAD AMEX CARD TEN OR SO YEARS. 19M CREDIT LIMIT, 7000 BALENCE – 9.99% RATE. GOT FINE PRINT NOTICE RATE GOING TO 13% WITH LAST BILL – 30% INCREASE (MAYBE THEY THOUGHT I WOULDN’T NOTICE!). I CALLED, SAID INCREASE UNACCEPTABLE. THEY OFFERED NOTHING. CLOSED THE ACCOUNT – WILL PAY OFF TOTALLY NEXT MONTH. ALL 3 CREDIT SCORES OVER 800. IF THIS IS HOW THEY HANDLE THEIR GOOD RISKS, HOW DO YOU THINK THEY’RE HANDLING THEIR BAD ONES!!!!!

  2. Tell that to Warren Buffett. He is one of the largest shareholders of American Express.

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