American Express to charge annual fees for credit cards

Fred_Deering

Just to let you know that I have received a letter from American Express informing that they are going to start charging an annual fee of £36 for their Platinum Credit Card and the interest rate is going up from 18.9%APR to 25.7&APR.

This is proposterous since the Bank of England base reate is only 0.5% interest rates.:mad:

The coalition government promised to rein in the profiteering by the US based credit card companies like American Express, Visa and Mastercard, nothing has happened. No wonder the russian government wants to do something about them.

I have been a member of American Express since 1997 and I have now phoned them to ask them to cancel my credit card.

Fred_Deering

Just to let you know that I have received a letter from American Express informing that they are going to start charging an annual fee of £36 for their Platinum Credit Card and the interest rate is going up from 18.9%APR to 25.7&APR.


This is proposterous since the Bank of England base rate is only 0.5% interest rates.:mad:


The coalition government promised to rein in the profiteering by the US based credit card companies like American Express, Visa and Mastercard, nothing has happened. No wonder the Russian government wants to do something about them.


I have been a member of American Express since 1997 and I have now phoned them to ask them to cancel my credit card.:(

Typhoon2000

I have 2 American Express Credit cards and I pay no fee. On thieir website the Platinum credit card is free of an annual fee. There is a dormancy though.

Consumerist

Fred_Deering wrote: »

I have now phoned them to ask them to cancel my credit card.:(

Voting with our feet, as it were, will be more effective than anything governments can do. Well done.

MPH80

I've just checked my latest statement - no indication of an annual fee. No mention online.

IF they are introducing one - then that explains the increase in APR - as it has to contain any fees. Check out the APR for the 'exclusive' Natwest Black card - a whopping 51% ... but that's because it includes the hefty annual fee. http://www.natwestblack.com/summarybox.ashx

Disappointing if they are - but I'll do the maths and work out if it's still the most profitable card for me.

M.

brightonman123

i think amex used to charge fees for their charge cards, and maybe credit ones too, when first launched..

i guess as MSE has whipped the bank's buutts re interest and late fees etc, they are seeking other income streams.

pay in full, on time..

or, here's a wacky idea

DONT USE CARDS!!

Typhoon2000

I suspect your credit card is not the cashback platimum card which they offerat the moment but some other platinum card you have had since 1997 which they are no longer offering. Should be easy enough to apply for a new card with no fee from them and close your old one.

RichyRich

I haven't received anything on my AmEx Platinum Cashback Credit Card to indicate that they will start charging an Annual Fee but will certainly be keeping a close eye on what the postman brings me. Thanks OP!

kriss_boy

Im not sure If mine is the platinum one or not! It had the 3% for 3 months cashback then 1% thereafter!

Hopefully I wont get charged the fee- Ive only been using it to get the cashback. Got about £60 so far so the fee would cancel half that out


**mine is the platinum cashback card**