AMEX Letter

GalacticaActual

I received an email from Amex this afternoon (11th November 2021) headed “Changes to your terms and conditions – Notice of Variation”.

Amex are increasing the interest rates on my Platinum Cashback Credit Card account for the second time in under a year. I pay the balance in full every month, so it shouldn’t affect me.

Amex state in their email:

We are increasing the interest rates on your account because the costs to us of providing your account have increased. These new rates will take effect from the date of your first statement issued after 1 February 2022.

Also:

We appreciate that by giving you this lengthy notice period about planned changes to your interest rates that things can change for you in the meantime. For example, you may encounter actual or possible financial difficulties.
You are receiving this notice today because we have not assessed you as being in actual or possible financial difficulties and therefore the increases are appropriate. We will continue to monitor and reassess your repayment record and any other relevant information should your financial position change with us. Unless we identify signs of financial difficulty, we will proceed with the rate increase. If we do identify issues of financial difficulty at this stage, we will contact you again to explain how we will help.

jay1804

GalacticaActual said:

I received an email from Amex this afternoon (11th November 2021) headed “Changes to your terms and conditions – Notice of Variation”.

Amex are increasing the interest rates on my Platinum Cashback Credit Card account for the second time in under a year. I pay the balance in full every month, so it shouldn’t affect me.

Amex state in their email:

We are increasing the interest rates on your account because the costs to us of providing your account have increased. These new rates will take effect from the date of your first statement issued after 1 February 2022.

Also:

We appreciate that by giving you this lengthy notice period about planned changes to your interest rates that things can change for you in the meantime. For example, you may encounter actual or possible financial difficulties.
You are receiving this notice today because we have not assessed you as being in actual or possible financial difficulties and therefore the increases are appropriate. We will continue to monitor and reassess your repayment record and any other relevant information should your financial position change with us. Unless we identify signs of financial difficulty, we will proceed with the rate increase. If we do identify issues of financial difficulty at this stage, we will contact you again to explain how we will help.

I received the same email, again always paid in full, and use amex offers where I can. 

northernstar007

jay1804 said:

GalacticaActual said:

I received an email from Amex this afternoon (11th November 2021) headed “Changes to your terms and conditions – Notice of Variation”.

Amex are increasing the interest rates on my Platinum Cashback Credit Card account for the second time in under a year. I pay the balance in full every month, so it shouldn’t affect me.

Amex state in their email:

We are increasing the interest rates on your account because the costs to us of providing your account have increased. These new rates will take effect from the date of your first statement issued after 1 February 2022.

Also:

We appreciate that by giving you this lengthy notice period about planned changes to your interest rates that things can change for you in the meantime. For example, you may encounter actual or possible financial difficulties.
You are receiving this notice today because we have not assessed you as being in actual or possible financial difficulties and therefore the increases are appropriate. We will continue to monitor and reassess your repayment record and any other relevant information should your financial position change with us. Unless we identify signs of financial difficulty, we will proceed with the rate increase. If we do identify issues of financial difficulty at this stage, we will contact you again to explain how we will help.

I received the same email, again always paid in full, and use amex offers where I can. 

i`m in the same boat as you guys, pay all my cards off in full, never missed a payment on anything over 6 years, and then this same email from them
not bothered as its paid in full but making it out i`m more of a risk

GalacticaActual

Nearly a year has passed since Amex sent me a letter advising me they were increasing my Personal Interest Rate (with a second increase implemented by Amex in November 2021).

I have, this morning, received a letter from Amex saying they have reviewed my account and overall risk profile and are reducing the PIR from 29.4% to 25.7% p.a.

Similar spending with the balance paid in full, every month, as I noted earlier on in this thread. 🫤