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Article: Credit cards.(credit card interest rates and fees)(Brief Article)(Statistical Data Included)
- Article from:
- Kiplinger's Personal Finance Magazine
- Article date:
- September 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A tough, new late-payment policy may cost Amex credit card holders millions of dollars
If you carry an American Express credit card--such as a Blue, Optima or Platinum rebate card--make sure you give your payment time to travel through the mail and arrive by the due date. Amex has pulled the plug on its policy of giving customers a few extra days before imposing a late fee (usually $29). The change of heart could cost cardholders as much as $13 million a month, says Robert McKinley of CardWeb.com. He bases his estimate on an assumption of how many payments currently arrive a few days late.
Amex acknowledges that the grace period is no more--for credit ...