Hello all,
I paid off my AMEX Blue card before the statement cut this month (carried a balance for a long time). This card has a $20,000 limit, open since 2000, never missed a payment. It will not be used for much as I have been using a few cards for cash back or points and PIF on those cards. There was a notice that there was a change in terms to the account on the statement.
I copied the notice as it appears in my statement below. Here are the highlights to save you the full read. Curious if anyone else has seen this on their statement or are they getting ready to jack around terms on me? Looking forward to members thoughts
. Penalty APR and When it Applies Effective April 23, 2016,
This APR may be applied to your account if: 1) you make one or more late payments; or 2) your payment is returned by your bank. We may also consider your creditworthiness in determining whether or not to apply the penalty APR to your Account.
Please note, this notice does not indicate that you have triggered the penalty APR on your Account.
(Copy and paste from statement follows if you really want to read it.)
Detail of Changes to Your Cardmember Agreement This notice amends the Cardmember Agreement (the "Agreement") as described below. We have the right to amend the Agreement. Any terms in the Agreement conflicting with this change are replaced fully and completely. Terms not changed by this notice remain in full force and effect. We encourage you to read this notice, share it with Additional Cardmembers on your account, and file it for future reference. If you have any questions about this change, please call the number on the back of your Card. Penalty APR and When it Applies Effective April 23, 2016, we are amending the Rates and Fees table on page 1 of Part 1 of your Agreement by deleting the Penalty APR and When it Applies row and replacing it with the following: Penalty APR and When it Applies 29.49% This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if: 1) you make one or more late payments; or 2) your payment is returned by your bank. We may also consider your creditworthiness in determining whether or not to apply the penalty APR to your Account. How Long Will the Penalty APR Apply? If the penalty APR is applied, it will apply for at least 6 months. We will review your Account every 6 months after the penalty APR is applied. The penalty APR will continue to apply until you have made timely payments with no returned payments during the 6 months being reviewed. How Rates and Fees Work Effective April 23, 2016, we are amending the How Rates and Fees Work table on page 2 of Part 1 of your Agreement by deleting the Penalty APR for new transactions row and replacing it with the following: Penalty APR for new transactions The penalty APR may apply to new transactions if: • you do not pay at least the Minimum Payment Due by the Payment Due Date on one or more occasions; or • your payment is returned by your bank. We may also consider your creditworthiness in determining whether or not to apply the penalty APR to your Account. If the penalty APR applies to a balance, it will apply to charges added to that balance 15 or more days after we send you notice. We will review your Account every 6 months after the penalty APR is applied. The penalty APR will continue to apply until you have made timely payments with no returned payments during the 6 months being reviewed.
