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American Express 46% APR
Comments
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The minimum payment due each month is going up from 2.5% to 5%% on all AMEX credit cards starting from March.
Balance transfer amounts are not affected by any interest rate increases as rightly the interest rate given at the time is for the LOB.0 -
I have a couple of grand balance on my American Express card ...a long term low rate balance transfer. I'm sure I got a letter telling me of the changes, but, as usual, I didn't read it carefully. As mentioned in the thread, the interest rate changes don't matter if, like me, you have a fixed, "life of balance" rate. so the letter gets a quick glance then gets shredded.
When my statement came in, I noticed my Direct Debit payment had almost doubled ...from £70 to £135.85.
I'll bet a good few of us in the same situation, perhapse with higher balances & tight budgets will get caught out when they don't have the cash in the bank.0
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