Amex Credit Card Holders Face £36 Annual Fee

[interestrateripoff]

http://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/8229659/Amex-credit-card-holders-face-36-annual-fee.html

Holders of two fee-free credit cards, the Green Membership Rewards Credit Card and the Gold Cashback Credit Cards, will receive letters in the next few weeks, telling them that their card products are being closed. Instead, they will be moved to one of two products – one of which carries a £36 annual fee.

A spokesman for Amex said that the change would affect a “significant” number of the company’s customers, but could not say how many would end up being charged annual fees for their credit cards.

“We have reviewed the number and range of cards we offer customers and have taken the decision to consolidate our existing portfolio,” a spokesman said. “This has resulted in the closure of some of our existing products and the migration of some Cardmembers from one product to another.

“In addition, we have consolidated the range of interest rates and annual fees we charge across our portfolio which has resulted in changes in APRs and annual fees for some of our cards.”

The company said it has already started sending letters to affected cardmembers, and that all changes will be effective from February 23 of next year. Those who are affected will be able to cancel within 30 days to avoid paying the annual charge.

I don't have a Amex card, if I did and I read this I would have already wrote my letter cancelling the card.

It would be interesting to know how many people end up cancelling the card and how many just simply stump up the cash. A nice little earner if people don't cancel.

[Snafu]

Used to work with Amex peddling it when I was a student. I remember the "value story" we told the merchants as to why it was good accepting amex cards in stores. Supposedly Amex card holders spent more than the average customer. In return the shop had to accept paying Amex up to 5% on each transaction. Needless to say was hard to sell. I guess this charge of36 quid will make it more exclusive!

[Harry Monk]

Good, anyone who has an AmEx card is simply a poser who is 20 years out-of-date.

[winkie]

Good, anyone who has an AmEx card is simply a poser who is 20 years out-of-date.

...give me access to a diners any day.

[Chest Rockwell]

Something is going on with Amex for sure because I have their British Airways Amex card and last week the reduced my credit limit by 1k? I always make sure the balance is paid but I messaged them asking why they were f*Cking about with my limit to which they replied with some bollo about being a responsible lender???

Anyways, should have my free ticked to Oz by next June but I suspect Amex will slice and dice my limit further.

[catsick]

I dunno , i use amex a lot , the retailers get whacked with a massive charge , and I get miles which I use to upgrade my long haul flights to biz class , doing this is worth over 10% of what you spend which for me makes it worth bothering with ....

[papag]

All of them are at it my Lloyd's card has just gone up from a 3 euros annual charge to 9 euros

some one has to pay for their folly

[Tiger Woods?]

Good, anyone who has an AmEx card is simply a poser who is 20 years out-of-date.

The only good thing I can say about Amex is that they were very helpful when some friends of mine got stuck in Athens 15 years ago. The service in the office was impeccable. They arranged tickets, cash and all sorts. I don't know whether they still have the same service ethos.

However, what is the point of a credit card that many stores won't accept or if they do will only accept if you pay more?

[walker127]

My employer got everyone in our department a corporate Amex card. The first time I used It was refused at a small hotel in the UK, then refused at a hotel in India and air India wouldn't accept it either. I have bought petrol with it in the Netherlands.

About 2 months after I got the card, Amex cancelled it then wrote to me saying I did not meet their criteria for money laundering....so I put it in a draw and it is still there.

Don't have these kind of hassles with NatWest Mastercard.

In the short period I had the card it was the worst service I have ever encountered.

[porca misèria]

My recollection of Amex is of rejecting it precisely because it had stiff annual charges, something in the same ballpark as this £36 back in the 1980s. And a host of other reasons: the poor acceptability compared to visa and mastercard, the junkmail, the worse deal for retailers making it unlikely they'd take market share, ...

Arthur Dent must be spinning in his ... wherever he is nowadays.

[kilroy]

Something is going on with Amex for sure because I have their British Airways Amex card and last week the reduced my credit limit by 1k? I always make sure the balance is paid but I messaged them asking why they were f*Cking about with my limit to which they replied with some bollo about being a responsible lender???

Anyways, should have my free ticked to Oz by next June but I suspect Amex will slice and dice my limit further.

Limit doesn't really matter if you pay it off every month. If they halve your limit you just pay it off twice a month!