I opened up my first Amex in July 2013. I opened a few others afterwards with my last one being January 2014 (Mercedes Benz). I called about a week ago and was told by new accounts that they would waive the 1st year annual fee due to an issue with misinformation about the number of cards a member could have. Well to make a long story short, the CSR today said that there was no credit listed on my Mercedes Benz account, but offered to do a product change to a Blue card (Blue, BCE or Blue Sky). CSR said that a change to the Blue or BCE would not have an annual fee and the annual fee on the Mercedez Benz card would be waived if I chose one of those cards. I was under the impression that you couldn't do a product change until after 12 months. I guess this means that the original Mercedes Benz card opened on January 2014 was backdated to January 2013 (using the current month for account opening and the original member since year of 2013). If this is the case, does that change the month of my other cards to Janaury or just this new Mercedes Benz now BCE?
(Formerly known as: Credit is my hobby (1.6M)/TCL objective)
AFAIK, all the cards should have an MSD of whatever month you got them, and the year of 2013.
However, what Amex uses for your MSD has no bearing on the laws in regards to what banks can do in certain periods of time.
However, the 'no product change within the first 12 months' rule is, in my opinion, an overzealous interpretation of the law. The law they were referencing is designed to protect people from unscrupulous banks who would make negative changes to accounts to try and get more money from them. A consumer requesting a product change, especially from a bank that doesn't do the underhanded tactics that some of these other institutions do, isn't the same thing and shouldn't be restricted.
@phonic wrote:AFAIK, all the cards should have an MSD of whatever month you got them, and the year of 2013.
However, what Amex uses for your MSD has no bearing on the laws in regards to what banks can do in certain periods of time.
However, the 'no product change within the first 12 months' rule is, in my opinion, an overzealous interpretation of the law. The law they were referencing is designed to protect people from unscrupulous banks who would make negative changes to accounts to try and get more money from them. A consumer requesting a product change, especially from a bank that doesn't do the underhanded tactics that some of these other institutions do, isn't the same thing and shouldn't be restricted.
Thanks. It sounds like Amex doesn't always follow the 12 month rule since I just opened the Mercedes Benz card in January 2014 (last month) and they are doing a product change one month later. I agree with your analysis regarding the law and the loose interpretation that some use.
Amex has this policy: if you want to PC from an annual fee card to a no annual fee card, you can PC before 12 months. If you want to PC from a no annual fee card to an annual fee card, you have to wait 12 months.
@grinlikechelsea,
Thanks that makes sense
Thanks that makes sense
@creditaddict,
Thanks
Thanks
@grinlikechelsea wrote:Amex has this policy: if you want to PC from an annual fee card to a no annual fee card, you can PC before 12 months. If you want to PC from a no annual fee card to an annual fee card, you have to wait 12 months.
+1...Yes, that is the way I understand it to be. Thanks.
