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Established Contributor
plasticguy
Posts: 556
Registered: ‎02-21-2008
0

AMEX Blue Change in Terms On PAge 7 of Nov Statement., But no APR Increase mentioned

Important Notice:

We are making several changes to our card products in response to the challenging environment and the increasing costs of doing business.
These changes include raising interest rates on some American Express cards and increasing the conversion rate for Charges made in foreign
currencies. Please see below for details.

American Express offers a number of tools and resources designed to help you take advantage of all the benefits and features your Card
offers, including the ability to make payments electronically or by phone free of charge, free alerts by e-mail or phone, and tips for using your
Card. For more information, visit http://www.americanexpress.com.


Notice of Changes to Your Account


The terms of your Account are subject to change in accordance with the American Express Cardmember Agreement ("Agreement":smileywink: governing
your Account (including increasing rates and fees, changing fixed rates to variable rates, and adding new terms). Any language in your
Agreement contrary to or conflicting with terms amended herein is replaced fully and completely. All terms of the Agreement not amended
herein remain in full force and effect. These changes apply to existing balances and future balances on your Account. We urge you and any
Additional Cardmembers on your Account to read this notice carefully and file it along with your Agreement in a safe place for future reference.

APR for Cash Advances
For billing periods that begin on or after December 2, 2008, the second sentence of subsection B of the Finance Charges section of your
Agreement is replaced with the following:
"The APR for Cash Advances is the Prime Rate plus 17.99%."
This is a variable rate. As of October 13, 2008, the Prime Rate plus 17.99% is an APR of 22.49% and a DPR of 0.0616%.

APR for Late Payment
For billing periods that begin on or after December 2, 2008, the first sentence of subsection C of the Finance Charges section of your
Agreement is replaced with the following:
"Notwithstanding the foregoing, unless a higher rate applies, the APR for all balances except Cash Advances will be equal to Prime plus
14.99% if during any Review Period any portion of any Minimum Amount Due is not credited to your Account by its Payment Due Date."
This is a variable rate. As of October 13, 2008, the Prime Rate plus 14.99% is an APR of 19.49% and a DPR of 0.0534%.

APR for Default
For billing periods that begin on or after December 2, 2008, the last sentence of subsection D of the Finance Charges section of your
Agreement is replaced with the following:
"The Default Rate is a DPR which corresponds to an APR equal to the Prime Rate plus 23.99%."
This is a variable rate. As of October 13, 2008, the Prime Rate plus 23.99% is an APR of 28.49% and a DPR 0.0781%.

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%."
Electronic Funds Transfer (EFT) Agreement
Effective December 2, 2008, we are adding a sentence to the last paragraph of the "In Case of Errors or Questions About Your Transactions"
section of your EFT Agreement. The following is added after the third sentence:
"You authorize us or an agent to debit your Bank Account for this amount
Senior Contributor
score_building
Posts: 3,554
Registered: ‎01-10-2008
0

Re: AMEX Blue Change in Terms On PAge 7 of Nov Statement., But no APR Increase mentioned

i received an identical notice in connection with my amex Clear, it notes several apr increases.  None pertain to regular purchases at this point.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: AMEX Blue Change in Terms On PAge 7 of Nov Statement., But no APR Increase mentioned

Similar one for my Gold card (posted this a couple of weeks ago.)

Moral of the story: anyone with any type of American Express card, heads up: read your most current statement, especially the last page. Even if you PIF, etc etc, it's nice to know what the current realities are.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
psychic
Posts: 1,518
Registered: ‎04-20-2007
0

Re: AMEX Blue Change in Terms On PAge 7 of Nov Statement., But no APR Increase mentioned

I had a similar message regarding my Optima Platinum:  No increase in APR for purchases.

 

According to Experian, AMEX requested my credit report (for Account Review) on 4/21/2007, and not again until 11/12/2008.  I only use my card 3 or 4 times a year.  I pay my balance in full the day my purchase transaction posts.  Also, my Experian score has been 830+ for the past 2 years. 

EQ 814 / TU 815 / EX 842
Established Contributor
plasticguy
Posts: 556
Registered: ‎02-21-2008
0

Re: AMEX Blue Change in Terms On PAge 7 of Nov Statement., But no mention of APR increase

Funny thing is statement date is Nov 27. Terms change as of Dec 2. Lots of time to react! Also, I PIF the day before statement closes and have done so for at least 6 months. Card was open in Jan 08. 1st membership however is 1987. Whenever I see the soft pulls on AMEX, a pre approval arrives
Established Contributor
plasticguy
Posts: 556
Registered: ‎02-21-2008
0

Re: AMEX Blue Change in Terms On PAge 7 of Nov Statement., But no mention of APR increase

Here 's a way to find out your purchase APR

Go to View billing statement page . Look to the left , under manage and click transfer a balance. It will show your current APR


APR: Currently 6.49% APR.1 This is a variable rate determined by adding 1.99% to the Prime Rate.

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