Major APR increase on AMEX card

bluejosua · ‎10-03-2019

My apologies if this is the wrong forum. Feel free to move if necessary.

I have an AMEX Everyday card. Have had it for several years although I believe it was converted to the Everyday card back in 2017. I have just noticed that on my June 2019 statement ( I know, I should always read my statement closely) that they notified me my APR would be going up. Now I realize APR's are rising but in this case the rate increased 33%. The explanation was that a review of my credit scores prompted this increase. Essentially when they reviewed my scores they did so like I was a new customer applying for credit.

Is this normal? I have had credit limits decreased after review but I have never had such a drastic increase in APR. I had one card that wanted to change the terms but they gave me the chance to opt out. I have gone back over the statement numerous times and was not given the option to opt out. Fortunately this only applies to purchases going forward so do have control over that.

Has anyone else experienced this?

Thank you.

Brian_Earl_Spilner · ‎10-03-2019

That's pretty insane. I'm gonna go look at mine now.

Brian_Earl_Spilner · ‎10-03-2019

Mine was never increased.

CreditCuriosity · ‎10-03-2019

Did you have a late payment, if so that is probably the reason in such an APR increase.

Stralem · ‎10-03-2019

Wait. Just so we're clear, did it increase to 33% or did it increase by 33%? Big difference there.

The former sounds like a penalty APR for a late/returned payment.

I Have Way Too Many of These.

American Express - No CLI or Appreciation Gift in 7 Years

Citibank - Handing Out Credit Limits Like Candy

Chase - Surprisingly, Still Tolerating My Credit-Chasing Ways

Bank of America - My Newest Bae.

Everyone Else.

FinStar · ‎10-03-2019

@Stralem wrote:
Wait. Just so we're clear, did it increase to 33% or did it increase by 33%? Big difference there.

The former sounds like a penalty APR for a late/returned payment.

Right. So @bluejosua, what was your previous APR and what's the adjusted one?

bluejosua · ‎10-03-2019

There has not been any late payments. I would understand that. My credit score has dropped but not due to a late payment.

bluejosua · ‎10-03-2019

Sorry about that. The rate did not increase to 33%, it increased by 33%.

Anonymous · ‎10-03-2019

@bluejosua wrote:
Sorry about that. The rate did not increase to 33%, it increased by 33%.

What was your before and after actual APR?

Remedios · ‎10-03-2019

That can't even be penalty APR, because that one is 29.9%

https://www.americanexpress.com/us/credit-cards/card-application/apply/prospect/terms/amex-everyday-...