AMEX & New Credit Card Law

[Wolf3]

---

@fused wrote:

---

@Wolf3 wrote:

---

@fused wrote:

---

@Wolf3 wrote:

Moving the dates around generated a lot of late fees and bank profits.  That was the main reason for it.

---

I wonder how banks will counter back. They always seem to find "new" ways to make lots of money. LOL!

---

Nothing to wonder about:   Annual Fees and Higher APR

---

I'm sorry, but I'm not buying it. AFs and higher APRs won't be enough. Banks won't just turn over a new leaf. TILA didn't prevent banks from duping and abusing consumers, and I'm not convinced this new Credit Card Act will accomplish much. Banks will find ways to make up for what they'll lose in late fees and other fees.

---

The value of rewards has dropped significantly as well.

IMO, The new law is pretty weak from a consumers protection point of view.  The banks still have the advantage.

[fused]

I agree, Wolf3, I agree!

[OptimalFICO]

Me three, I agree too!

Note that if you need to change your due date going forward so that it better accommodates your payroll cycle (i.e., getting paid the 10th of each month), you can call AmExp and request a particular due date that works better and AmExp will accommodate you! (obviously an infrequent change, they won't do it every month)