Amex Charge Cards - Firm 'Due Date' Starting January 2017

[Anonymous]

Do you think they'll adjust the "Date due" to 30 days from statement closing? I've been paying my biz platinum card day before closing for last 4 years. 15 days on such a large bill is going to be annoying, time to just use other cards.

[IgnatiusReilly]

Interesting.

I worked there 20 years ago and Pooka89, please chime in, but I was always under the impression that the "please pay by date" was a way of getting customers to pay earlier than they absolutely had to.  Harvey Golub, who was CEO part of the time I was there once talked about how much more profitable AmEx could be if everyone paid their card one day early, based on float and scale.  (And this was before AmEx really figured out revolvers, post $300 million write-down on Optima) I wonder what the upside to doing this is now.

[Anonymous]

With the introduction and push of the Extended Payment Option/Pay Over Time, the constant switching between a "due date" and "please pay by" date (due to regulation introduced during the financial downturn) was causing too much confusion and upsetting Card Members. We also suggested [more recently] that the "Please Pay By" date be the date they send their payment by post to ensure adequate transit time. With payments largely being done online or by phone, that was also no longer really relevant. From what I understand, this is just just to make it easier for everyone.

[Anonymous]

UB as always you beat me to it! GAH! No wonder you are a leader here!! No mention of any "negative MR" on any cards in this house!!  Eeeek!

I assume the firm due date is because amex is so bored they are making 75% of their charge cards into credit cards.  Something weird is going on with them.

To folks that liked this and wanted flexibility they could consider the plum for a 60 day grace period but that is a business card.

[Anonymous]

Very odd, but today I noticed when logging in to AMEX.com that my Personal gold card says "Payment due on 12/X/X" (the same date as it always said Please Pay Before) where as the platinum still says "Please Pay By". 

[Membersince2013]

This is basically to address when your payment is actually due. Please check your october statement and tell me if you see this there. I bolded the important part. Basically, you cant pay before statement date anymore, you have to pay at or before the due date.

Notice of Important Changes to Your Account Terms

We are making changes summarized below to your account terms, which are contained in the American Express Cardmember Agreement ("Agreement") governing your Account referenced in this notice. 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. The detailed changes to your Cardmember Agreement can be found on the following page.

Important Changes to Your Account Terms

The following is a summary of the changes that are being made to your account terms. These changes will take effect on January 1, 2017. For more detailed information, please see the Detail of Changes on the following page(s).

• We are eliminating the 2.99% late fee. As described below, the late payment fee will be a maximum of $38.

• The late payment fee and returned payment fee will be changed from a maximum of $37 to a maximum of $38.

  Revised Terms, effective January 1, 2017

  Late Payment Fee Up to $38.

Late Payment Fee Assessment Date

Summary of Other Changes

Effective January 1, 2017, if we do not receive the required payment by the Payment Due Date shown at the top of your billing statement, we will charge a late fee.

(Previously, you had to make the required payment by the Next Closing Date in order for you to avoid the late fee.)

[UncleB]

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@Membersince2013 wrote:

This is basically to address when your payment is actually due. Please check your october statement and tell me if you see this there. I bolded the important part. Basically, you cant pay before statement date anymore, you have to pay at or before the due date.

Notice of Important Changes to Your Account Terms

We are making changes summarized below to your account terms, which are contained in the American Express Cardmember Agreement ("Agreement") governing your Account referenced in this notice. 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. The detailed changes to your Cardmember Agreement can be found on the following page.

Important Changes to Your Account Terms

The following is a summary of the changes that are being made to your account terms. These changes will take effect on January 1, 2017. For more detailed information, please see the Detail of Changes on the following page(s).

• We are eliminating the 2.99% late fee. As described below, the late payment fee will be a maximum of $38.

• The late payment fee and returned payment fee will be changed from a maximum of $37 to a maximum of $38.

  Revised Terms, effective January 1, 2017

  Late Payment Fee Up to $38.

Late Payment Fee Assessment Date

Summary of Other Changes

Effective January 1, 2017, if we do not receive the required payment by the Payment Due Date shown at the top of your billing statement, we will charge a late fee.

(Previously, you had to make the required payment by the Next Closing Date in order for you to avoid the late fee.)

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There was another thread on this just a few days ago:  <removed link, threads are now merged>

Pooka89 contributed, and stated that once the change goes into effect you can have Amex change your due date. 

[Anonymous]

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@Membersince2013 wrote:

This is basically to address when your payment is actually due. Please check your october statement and tell me if you see this there. I bolded the important part. Basically, you cant pay before statement date anymore, you have to pay at or before the due date.

Notice of Important Changes to Your Account Terms

We are making changes summarized below to your account terms, which are contained in the American Express Cardmember Agreement ("Agreement") governing your Account referenced in this notice. 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. The detailed changes to your Cardmember Agreement can be found on the following page.

Important Changes to Your Account Terms

The following is a summary of the changes that are being made to your account terms. These changes will take effect on January 1, 2017. For more detailed information, please see the Detail of Changes on the following page(s).

• We are eliminating the 2.99% late fee. As described below, the late payment fee will be a maximum of $38.

• The late payment fee and returned payment fee will be changed from a maximum of $37 to a maximum of $38.

  Revised Terms, effective January 1, 2017

  Late Payment Fee Up to $38.

Late Payment Fee Assessment Date

Summary of Other Changes

Effective January 1, 2017, if we do not receive the required payment by the Payment Due Date shown at the top of your billing statement, we will charge a late fee.

(Previously, you had to make the required payment by the Next Closing Date in order for you to avoid the late fee.)

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"Basically, you cant pay before statement date anymore, you have to pay at or before the due date." - Please tell me where it says this?  

I do not see this anywhere.  Furthermore, AMEX or any company should allow a customer to pay their bill ahead of time and not right when the statement cuts.  It would be foolish for a company to turn away any paying customer who is not in default.  Money collected is money earned.  Nonsense.  

[ibmrad7]

"Basically, you cant pay before statement date anymore, you have to pay at or before the due date." Where did you read this?

[Membersince2013]

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@ibmrad7 wrote:

"Basically, you cant pay before statement date anymore, you have to pay at or before the due date." Where did you read this?

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Poorly worded. What i meant to say is that, you will now be charged a late fee if you dont pay your statement balance at or before the due date. We were usually able to pay before the statement cuts.