Attention AMEX cardholders

[UNCjigga]

That sucks. Good thing I just paid off over $3600 in balances on Amex cards.

 

[Baked]

Heh, I don't carry balance for any of my CCs, and I pay them by eBill within the week I received the bill. Sucks to be people who buys a shed load stuff but don't have the bank to back it up.

 

[RaiderJ]

Wow, that kinda blows. Makes me consider cancelling my account even though I have a zero balance.

 

[Zugzwang152]

is this applicable to only a certain family of cards or all Amex cards?

I have an Amex Blue for Students and it's my second highest limit card. Hate to cancel on them for this...

 

[dionx]

i think it applies only to amex credit cards. i received an amendment to my amex gold but thats a charge card and didnt have changes like the one in this thread

 

[vegetation]

I'll probably cancel due to this, plus their website is the most horrible out there.

 

[kranky]

That system sounds like what is called the two-cycle method of determining finance charges, and there are plenty of banks out there who use that system. A lot of people don't even realize it because it doesn't affect people who always carry a balance or people who never carry a balance - it only affects the people who carry a balance sometimes.

And another point - before people get carried away and cancel their cards, you might want to make sure those terms even apply to you. It's not uncommon for different customers to have different terms.

 

[AndrewR]

Well, so much for using AMEX. Haven't seen these changes on our account, but if we have it, we're done with AMEX. We'll save it for emergencies, at least for the time being.

 

[Doggiedog]

Damn. Thanks for the heads up.

I just noticed this on my last statement. I saw that I got charged interest on something I just bought and had no opportunity to pay for until I got the bill. WTF?

I've had Amex for 18 years but I guess if they are going to pull sh!t like this, I might as well cancel all of my cards.