plat changes; increase fees; int rates; shortened payment schedule
Nov 5, 2008, 7:08 am
#1
Original Poster
Join Date: Jul 2004
Programs: CO Gold; SPG Gold***; AvisFirst;
Posts: 3,970
plat changes; increase fees; int rates; shortened payment schedule
Guess I won't be using Amex abroad. 
In today's statement:
In today's statement:
Transactions Made in Foreign Currencies
Effective January 11, 2009, the bolded clause in the Transactions Made in Foreign Currencies section of your Agreement is replaced with the
following:
"in each instance increased by 2.7%."
Effective January 11, 2009, the bolded clause in the Transactions Made in Foreign Currencies section of your Agreement is replaced with the
following:
"in each instance increased by 2.7%."
Late Fees
We are changing the day upon which late fees may first be assessed as a result of late payment. If you have not paid the Amount Due on this
statement before the 20th day after the Closing Date of your next statement, you will be assessed a $35 late fee (Iowa $15). For billing
periods that begin on or after December 2, 2008, we are replacing the Late Fees section of your Agreement with the following:
"If any portion of the Amount Due on a billing statement is not credited to your Account before the 20th day after the next Closing Date, we
may assess a fee of $35 (Iowa $15). In addition, if any portion of that Amount Due is not credited by the following Closing Date, we may
assess an additional fee in that same billing period of the greater of $35 or 2.99% of any amount past due (Iowa $15). If any amount past
due is not credited to your Account by successive Closing Dates, we may assess a fee equal to the greater of $35 or 2.99% of any amount
past due (Iowa $15)."
We are changing the day upon which late fees may first be assessed as a result of late payment. If you have not paid the Amount Due on this
statement before the 20th day after the Closing Date of your next statement, you will be assessed a $35 late fee (Iowa $15). For billing
periods that begin on or after December 2, 2008, we are replacing the Late Fees section of your Agreement with the following:
"If any portion of the Amount Due on a billing statement is not credited to your Account before the 20th day after the next Closing Date, we
may assess a fee of $35 (Iowa $15). In addition, if any portion of that Amount Due is not credited by the following Closing Date, we may
assess an additional fee in that same billing period of the greater of $35 or 2.99% of any amount past due (Iowa $15). If any amount past
due is not credited to your Account by successive Closing Dates, we may assess a fee equal to the greater of $35 or 2.99% of any amount
past due (Iowa $15)."
APR for Flexible Payment Features
For billing periods that begin on or after December 2, 2008, we are replacing the third sentence of subsection B of the Finance Charges section
of your Agreement with the following:
"Except as provided below, the APR is the Prime Rate plus 11.99%."
This is a variable rate. As of October 13, 2008, the Prime Rate plus 11.99% is an APR of 16.49% and a DPR of 0.0452%.
For billing periods that begin on or after December 2, 2008, we are replacing the third sentence of subsection B of the Finance Charges section
of your Agreement with the following:
"Except as provided below, the APR is the Prime Rate plus 11.99%."
This is a variable rate. As of October 13, 2008, the Prime Rate plus 11.99% is an APR of 16.49% and a DPR of 0.0452%.
Nov 5, 2008, 7:30 am
#3
Original Poster
Join Date: Jul 2004
Programs: CO Gold; SPG Gold***; AvisFirst;
Posts: 3,970
Nov 5, 2008, 7:46 am
#4
Join Date: May 2005
Programs: AA EXP, DL Plat, US Chairman, SPG Plat, Hilton Diamond, Marriott Gold, IC RA
Posts: 1,436
I only use my Amex abroad if I have to pay for a Centurion Hotel. Otherwise, I use my PenFed Visa. PenFed doesn't charge a fee for those transaction, so there's only the 1% fee charged by Visa. PenFed also gives you 1.25% cash back on ALL transactions, which means you end up getting .25% back on all foreign transactions.
PenFed also has great customer service and will actually give you a servicable credit line ($50K in my experience).
PenFed also has great customer service and will actually give you a servicable credit line ($50K in my experience).
Nov 5, 2008, 9:04 am
#5
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,486
Wasn't the FOREX charge previously 2% for AMEX? This is an unfortunate change. I try to use my Capital One card (no FOREX charge) when I travel abroad, but unfortunately FHR hotel stays need to be paid for using an AMEX.
Nov 5, 2008, 1:37 pm
#6
Join Date: Oct 2008
Location: SEA
Programs: All Around Nobody
Posts: 861
Nov 5, 2008, 11:12 pm
#8
Join Date: May 2000
Location: Houston, TX, USA
Programs: UA 1K, AA Lifetime Platinum, DL Platinum, Honors Diamond, Bonvoy Titanium, Hertz Platinum
Posts: 7,969
Nov 6, 2008, 6:02 am
#9
Join Date: Sep 2006
Posts: 700
Boy, the foreign currency/conversion fee really is just gouging. Other than canceling the card, or not using it abroad, does the card holder have any other option if they want still to use the card? I imagine none of this is negotiable with AMEX?
And, they are doing this to their so called "best customers?" Plat card holders?
AMEX just layed off 7,000 employees. Now these additional charges. The company must be doing really well . . .
And, they are doing this to their so called "best customers?" Plat card holders?
AMEX just layed off 7,000 employees. Now these additional charges. The company must be doing really well . . .
Nov 6, 2008, 6:11 am
#10
Join Date: Dec 2006
Location: SNA
Programs: Bonvoy LTTE/AMB, AmEx Plat, National EE, WN A-List, CLEAR+, Covid-19
Posts: 4,966
before the 20th day after the Closing Date of your next statement
Nov 6, 2008, 6:38 am
#11
A FlyerTalk Posting Legend
Join Date: Apr 2001
Location: PSM
Posts: 69,232
Here's my read on this line:
I have roughly 50 days from the closing date of any one statement to when I have to pay. That would be 20 days + the 30 days to get to the next closing date.
I don't think that is the part that is really changing.
The part that is changing seems to be that they are now going to charge a "fee" of $35 or 2.99% in addition to the interest due each month that you pay late, and there is a double hit of the fee at next close + 20 and 2nd next close dates, so if you pay your bill 65 days late you'll be destroyed with fees.
If any portion of the Amount Due on a billing statement is not credited to your Account before the 20th day after the next Closing Date, we may assess a fee
I don't think that is the part that is really changing.
The part that is changing seems to be that they are now going to charge a "fee" of $35 or 2.99% in addition to the interest due each month that you pay late, and there is a double hit of the fee at next close + 20 and 2nd next close dates, so if you pay your bill 65 days late you'll be destroyed with fees.
Nov 6, 2008, 2:05 pm
#12
Join Date: Jul 2004
Location: SNA
Programs: AA EXP, UA 1K (until it expires then never again), *wood Plat, Marriott Gold
Posts: 9,239
The FOREX change is redonkulous, I mean it was bad enough that there are some cards that only charge 1% and AMEX did 2% but to jack it to just about 3% is wrong.
FWIW the other cards that charge 2% its my understanding its 1%->Issuer and 1%->Visa/MC, which is why some cards only do 1% which is just paying the Visa/MC fee so with this change since Amex is the issuer and the processor if you will they are grabbing 2.7% vs 1% on Visa/MC. Thats over the top.
FWIW the other cards that charge 2% its my understanding its 1%->Issuer and 1%->Visa/MC, which is why some cards only do 1% which is just paying the Visa/MC fee so with this change since Amex is the issuer and the processor if you will they are grabbing 2.7% vs 1% on Visa/MC. Thats over the top.
Nov 7, 2008, 3:44 am
#13
Join Date: Sep 2004
Location: Southern Bavaria, Germany
Programs: LH Blue, BA Blue, Hyatt Gold
Posts: 1,517
Most VISA and Mastercards of Germany charge between 1,75 and 2%
commision for any use in other than the own currency !!
Will look on my next statement if they change the commission in Europe too, I Think it's now 2 % . Was increased some years ago.
As a great fan of Amex I will just look how this will develop.
One hint for all GERMAN cardholders which want to get foreign exchange commission free:
One bank, the Deutsche Postbank, offers a new kind of savings books. This savings book is a savings account not with the old traditional book ("Sparbuch") but in the new type of a Sparcard !
This Sparcard works anytime free of charge for wirthdrawal on "own" cash machines in the inland/domestic and TEN TIMES FOR WITHDRAWALS IN FOREIGN CURRENCY PER YEAR !! ^
Due to the fact that I don't want to get commissions for any recommendations, you can just search this by yourself in the internet offers of the Deutsche Postbank (postbank.de) or any German post office.
So this may be an alternative for any german based cardholder, especially to get smaller amounts of money for purchases.@:-)
Hope this helps.
Will look on my next statement if they change the commission in Europe too, I Think it's now 2 % . Was increased some years ago.
As a great fan of Amex I will just look how this will develop.
One hint for all GERMAN cardholders which want to get foreign exchange commission free:
One bank, the Deutsche Postbank, offers a new kind of savings books. This savings book is a savings account not with the old traditional book ("Sparbuch") but in the new type of a Sparcard !
This Sparcard works anytime free of charge for wirthdrawal on "own" cash machines in the inland/domestic and TEN TIMES FOR WITHDRAWALS IN FOREIGN CURRENCY PER YEAR !! ^
Due to the fact that I don't want to get commissions for any recommendations, you can just search this by yourself in the internet offers of the Deutsche Postbank (postbank.de) or any German post office.
So this may be an alternative for any german based cardholder, especially to get smaller amounts of money for purchases.@:-)
Hope this helps.
Nov 7, 2008, 5:51 am
#14
Join Date: Apr 2006
Location: Ohio and Colorado
Programs: AA Gold MM, DL Gold, US MM, HH Gold, Starwood
Posts: 953
Stopped using AMEX abroad this year. My Credit Union charges no FOREX fees for ATM withdrawals and I use Capital One also with no FOREX fees for charges.
Cheers
Cheers
Nov 7, 2008, 2:30 pm
#15
Moderator: Luxury Hotels and FlyerTalk Evangelist
Join Date: Sep 2002
Location: Palo Alto, California,USA
Posts: 17,854
My previous credit union -- this is why I dropped them -- won't even let me use my card outside the US unless I call them before each and every trip. Given that I am out of the US for work a bunch of times a year, I just couldn't handle that annoyance. Is that restriction unique to the credit union I had been using?