AMEX to Increase APR for Over 1 Million Cardmembers

[AirlinerDudeB6]

Saw this on Bloomberg yesterday....It appears AMEX is already taking action to claim back a piece of what it anticipates to lose from their disolved Cosco relationship.

http://www.bloomberg.com/news/articles/2015-02-25/amex-said-to-increase-rates-for-more-than-1-millio...

To be fair to Amex, it appears that the increase is to "better align" their low end APR's with the current market. 

However, the timing is ironic...no?

Has anyone gotten notification yet about their APR going up?  Wondering which cards it will impact...

[takeshi74]

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@AirlinerDudeB6 wrote:

However, the timing is ironic...no?

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How is it ironic?  Or is this the Alanis Morissette definition of ironic? 

[Anonymous]

This has been discussed previously in another thread:

http://ficoforums.myfico.com/t5/Credit-in-the-News/AmEx-Said-to-Increase-Rates-for-More-Than-1-Milli...

[Anonymous]

I didnt get an APR increase of normal APR but I just received an increase on Penalty APR to almost 30%! Glad I dont ever pay late!

[VinnyofLegend]

According to the article, there are card holders with prime rate Amex cards  as in 3.25% APR. It doesn't say how many of the million  are those 3.25. It doesn't sound like an increase for customers already at the post-card act 12.99 or higher rates we've seen.

[-NewGuy-]

Locked to redirect to existing thread:

http://ficoforums.myfico.com/t5/Credit-in-the-News/AmEx-Said-to-Increase-Rates-for-More-Than-1-Milli...