American Express Membership Rewards - AMEX blue, terms changing?

i have heard that starting in May, purchases will not have a grace period unless you've paid your balance in full for the previous TWO months. Anyone else hear anything about this? Thats a slimy move if it is true

i have heard that starting in May, purchases will not have a grace period unless you've paid your balance in full for the previous TWO months. Anyone else hear anything about this? Thats a slimy move if it is true

I think this is true. I got a notice on my most recent statement. I think they are also reducing the days in the grace period maybe? Does this imply that if you do not pay in full for previous two months you immediatley start paying interest on new purchases on top of the balance? Is this new policy typical of MasterCard and Visa cards (although the issuing banks control the T&C)? Or is this a whole new thing from Amex that is bad for consumer?

They changed so much I can barely understand it all. I'll probably stop using although it is always paid in full....it is no longer special to have.

i have heard that starting in May, purchases will not have a grace period unless you've paid your balance in full for the previous TWO months. Anyone else hear anything about this? Thats a slimy move if it is true


I just received the same mail from my Starwood Amex. I will reconsider using this card again,even though my balance is always paid in full.

I agree ii is a nasty move.

Whoa! If not for you all I wouldn't have seen this. I get estatements only, and just pay balance, never read the statement.

1) Change in rebate structure.

2) Change in APR and finance charge calculations.

Sounds like they no longer like the credit card business, and are trying to move back to charge cards only. Wonder what they'll do to those whose 0% APR agreement hasn't expired. Sounds unethical to me.

Hmm, I too only get online statements. Just checked for my statements online though and there was no mention of this stuff on my last statements. My Blue still has 12 months left (out of 15) for 0% APR promo so if they take that away, I'll be transferring that balance away from Amex right quick.

It is an extremely dirty move. The only thing that the Blue card will be doing is gathering dust in my wallet. My Citi Visa Dividend platinum earns me cash at a much faster rate and it's accepted at more places, anyway.

This sounds like "two-cycle" billing, which most Visas and MasterCards do have.

Say in month #1, you have a revolving balance of $5000 that you've carried for several months prior. You pay $30 in interest on this $5000 debt.

Month #2, you pay off the $5000 completely. At the end of your statement cycle, you still owe residual interest from the past month, even if there's a zero balance on the card otherwise.

Just another way for the banks to squeeze more money out of cardholders, and one of many reasons never to charge more than you can pay in full each month.

none of my visa or mastercards have this kind of billing. to me, its just the fact that they changed terms once alot of people have the card. i almost consider it stealing.

I just received the bill for my annual fee, along with the insert that listed these new terms. I may reconsider keepingg my Starwood Amex. I pay my bill in full every month, but there is very little time between the day I receive the bill and the date the bill is due. It would be very easy for them to claim it arrived a day late.

I also have never had a Visa or Mastercard with this type of term, although I know they are out there.

Does anyone know if this is affecting UK Amex credit cards?

Chris

I pay my bill in full every month, but there is very little time between the day I receive the bill and the date the bill is due. It would be very easy for them to claim it arrived a day late.


Why not pay from the website via ACH draft on your bank account instead of writing and mailing a check? The payment credits on the day made, you can print out a receipt showing the payment and payment date, and you save postage. (You can also program the payment up to the very date due.)

It is an extremely dirty move. The only thing that the Blue card will be doing is gathering dust in my wallet. My Citi Visa Dividend platinum earns me cash at a much faster rate and it's accepted at more places, anyway.


I myself might switch over to Citi for cash back. I dont like this new sneaky tactic that AmEx is using. I got the blue cash back, I figured it was one of the more easier cards to obtain being a college student. I might do a balance transfer once my 0% APR is up. Ive thought about calling them and asking for them to extend the 0% APR.....does anyone know if it will work?

I myself might switch over to Citi for cash back. I dont like this new sneaky tactic that AmEx is using. I got the blue cash back, I figured it was one of the more easier cards to obtain being a college student. I might do a balance transfer once my 0% APR is up. Ive thought about calling them and asking for them to extend the 0% APR.....does anyone know if it will work?

Citi also offers a student version of the Dividend Platinum, which is only different by higher APR and smaller credit limit depending on credit history. I initially had the Blue Cash as well but then I calculated how little I would really get with that card, so I switched to regular Blue. Then I realized that I was just giving free transaction charges to AMEX so I've recently changed to Starwood. Sure there's an annual fee, but I think I can get much better benefits using the card.

I've gotten over the fact that I won't have a "cool" looking card in my wallet anymore :p... the utility of the card is much more important to me now.

I myself might switch over to Citi for cash back. I dont like this new sneaky tactic that AmEx is using. I got the blue cash back, I figured it was one of the more easier cards to obtain being a college student. I might do a balance transfer once my 0% APR is up. Ive thought about calling them and asking for them to extend the 0% APR.....does anyone know if it will work?

I doubt Amex will extend your 0%, as interest charges are the primary way they make money from no-annual-fee cardholders. But plenty of other banks (Chase, Citi, Discover, MBNA) offer 0% for anywhere from 6-12 months, and if you apply for one of these cards you can transfer your debt over until it's paid off completely (hopefully before the next 0% period expires!)

Keep in mind that you should never make purchases on a card you're carrying a balance transfer on, as most cards have a lower interest rate for BTs than purchases. If you transfer your 0% Amex debt to another card, you can then use the Amex as a pay-in-full-monthly card for purchases to get the (albeit small) cash back.