AmEx interest rates hike

MrSilk

Hi All,

I've noticed AmEx have increased their interest rates, My BA card is now advertised at 22.9%, when I took it out it was 15.9% APR (3 months ago!)

Their Platinum Cashback Credit Card is now advertised at 28.2% inc fee, 22.9% without. When I got it it was 14.9% without fee.

What's going on? I've emailed them asking what my current APR is across my cards, surely they would have sent me a letter if my APRs are increasing?

Their cards had the best APRs on the market, severely underpriced, I think they found that out and increased them in line with competitors. I don't have a problem with this but would have been nice for them to tell me!.

Anyone shed some light on this? Cheers

nidO

I got a letter a good couple of months ago about their rate hike.

Edit: So did a lot of other people, there were threads on here about it.

B19JON

I saw the previous thread and thankfully didn't get the letter.

However if you check the first page of your bill it tells you what your Apr is.
Had mine 2 years and it's still in the 18% region.

MrSilk

I spoke to them.. my BA has gone up to 19.9% my platinum is 13.9%.

They said letters where sent but I didn't receive any.

colin79666

Keep in mind that the interest rate doesn't affect you if you pay off in full each month. If you aren't doing that then there are better cards out there with 0% periods or just low rates. Amex cashback or airmiles won't offset the higher rate if you are holding a debt.

guesswho2000

MrSilk wrote: »

I spoke to them.. my BA has gone up to 19.9% my platinum is 13.9%.

They said letters where sent but I didn't receive any.

If you only took it out a few months ago it shouldn't have changed, I didn't think they could increase APR in the first 12 months, as per the 2009 'lending code'? Unless Amex were never party to that?

I've just checked my BA statement, from end August, still 1.24% per month, so 15.9% APR, account held less than 12 months and no letter received. Anyway, as Colin states, won't make a difference if paid in full each month, I won't worry if they do increase it.

You say your BA is 19.9% - do you have the Premium Plus card, with the £150 annual fee? Because the purchase rate on that was 19.9 before the changes.

MrSilk

My BA card is always cleared in full via DD, my platinum cashbook card I pay manually (£25pa fee).

I had an old Nectar AmEx that I closed today as it was coming up to the fee being due so transferred the limit to my BA card, which is now £4k.

The BA card was opened months ago and they've changed the limit. I wasn't aware they could change it for 12 months? Especially when I wasn't informed! Very confused!