Any ideas how this will work for those of us whose cards fall in that date range, but who have an older year for the "member since" part? Presumably they'll know when the card itself was opened, but it could be a surprise mini-backfire on AmEx backdating.
And what about AU's who were added during this period? --I'm guessing that it will go by the "real" cardholder's opening date, not when the AU was added.
An excellent point!
I just opened my card about two months ago. Like my Zync, it is back dated to 1979. Statement will arrive next week so I will read and report!
Well, the law is the law, backdating or not. Amex is bound to the conditions they told you when you opened the card for one year.
Shoulda posted the entire disclosure...
"With billing periods starting in August 2011, we are reducing the reward percentage earned for eligible purchases at restaurants from 3% to 2%. Accordingly, effective with your billing period starting in August 2011, in the Supplement to the Cardmember Agreement describing How Your Reward Program Works, "3% for eligible
purchases at restaurants" is deleted and replaced with "2% for eligible purchases at restaurants". However, if your account was opened between August 1, 2010 and July 31, 2011, you will continue to earn 3% on eligible purchases at restaurants until the start of your 13th billing period. You will then earn 2% on eligible purchases at
restaurants as described in the Agreement."
So, for those of us who got cards before August 1 of last year, we get dropped to 2% in August.
For those who have had the card for less than a year, they will get 12 months at 3%, but then it will drop to 2% after that.