Amex 23% to 27% range APR rise.

Dandytf

Only received today,.
Amex 23% to 27% range APR rise.
Need to repay 3xx balance soon, though whilst no surprise over rate rise, 23% range did offer some mental comfort.
This thread is not a request for those who repay in full to respond.

thanks

Marchitiello

Whilst you state that you do not want people that pay in full to respond, the only feedback I would give, which I gave my sister in law once she used my referral to apply for her Amex, is that American Express Card are not “designed” to be used  for paying over time, they should only be used for pay in full. There are many lower APR, 0% on spend products out there for that purpose so you should shop around.

having an Amex to earn MR points, Avios, cashback etc but then paying the interest on balance will more then negate the benefits of any rewards earned .

Dandytf

I have used Amex for 'offers' such as FT subs etc.
No harm in using card for groceries and maybe take away sandwich.
I intend to repay soon, other priorities to be re paid sooner.
I don't get to take advantage of points as such.
Enjoy.

thanks

Marchitiello

Nothing to enjoy, but again independently for the general advice of paying in full for all Credit Cards, the fact remains that Amex are not the best cards to carry over a balance if you have other priorities to repay first, maybe use another CC with lower APR.. again paying interest at 27% will probably negate the 5% rebate you got at Morrison. 

[Deleted User]

Just more proof you are living a life you can't afford. 

Your signature should say REPAY DEBT REPAY DEBT REPAY DEBT! not wasting money on frivolous things

floppydisk1

Dandytf said:

I have used Amex for 'offers' such as FT subs etc.
No harm in using card for groceries and maybe take away sandwich.
I intend to repay soon, other priorities to be re paid sooner.
I don't get to take advantage of points as such.
Enjoy.

thanks

there is a very real harm  in using the card  - it's called 27 %  APR  , as stated any and every offer will be completely obliterated by aforementioned APR. You have been living beyond your means for some time, no amount of juggling around with finances - you ( nor anyone else ) can't borrow your way out of debt.   If you really use that card for groceries or take away sandwich - you should have no problem clearing it off in full. If you buy groceries on credit and can't clear it at the end of the month - you have SERIOUS problem - groceries will only go up in next few months, bills will go up too and you will have even less ( if any ) disposable income left than you have at the moment. Either swallow 27 % APR and pay for the privilege, or use the lowest APR card you can get and stop using Amex - those cards are really designed to be paid  in full  every month . 

cymruchris

When credit card companies start increasing your APR's - it can be due to your overall 'risk profile' worsening. That might be the way you handle your account with them directly - but it might also be your other debts as recorded on  your CRA reports, and how they're rising. Take this as a warning that things are heading the wrong way, and that you (although said many times before) need to rein in the spending, and focus on the repayments. You shouldn't be in a position where you're paying interest unless you've been spending beyond your means. Rising APR's with balances incurring interest should be ringing your alarm bells loudly.

Dandytf

In this instance I suspect as Amex mentioned, BOE base rate response....
Your personal rate is an interest rate we set just for you. It’s based on a number of things, including your credit score and credit history. We add this to the Bank of England base rate to get your ‘simple’ rate, which is the interest rate you pay on your card, before it compounds.

It happens, I've no concerns in repaying, whilst mser's continue to 'take part' in replying to a number of mser's whom choose not to repay in full every time.

Marchitiello

Dandytf said:

In this instance I suspect as Amex mentioned, BOE base rate response....
Your personal rate is an interest rate we set just for you. It’s based on a number of things, including your credit score and credit history. We add this to the Bank of England base rate to get your ‘simple’ rate, which is the interest rate you pay on your card, before it compounds.

It happens, I've no concerns in repaying, whilst mser's continue to 'take part' in replying to a number of mser's whom choose not to repay in full every time.

Internal Credit Scoring by Amex, non the Credit Agency Credit Scoring that is never seen by Amex.. 

Credit history (present and past) is the only thing they can see from the CRAs

eskbanker

Dandytf said:

This thread is not a request for those who repay in full to respond.

Dandytf said:

It happens, I've no concerns in repaying, whilst mser's continue to 'take part' in replying to a number of mser's whom choose not to repay in full every time.

Can I just ask what sort of responses you are looking for?

There isn't any obvious question in your OP and it doesn't seem to be conveying any information likely to be of interest, use or relevance to anyone else, so it's not clear what you're hoping to achieve by posting threads like this, but you shouldn't be surprised to hear from those who advocate saving money if you post on a site called Money Saving Expert....

Qyburn

The "Purchases" interest rate on my American Express card increased by 0.25% in July, increasing APR by 0.3%.  Maybe the OP is confusing simple and compound interest rates to get what looks like a 4% rise.  For example my July statement said ..

"your overall Simple Rate for purchases and balance transfer will change from 23.06% to 23.31% (25.7% to 26.0%

compound equivalent)"

And the real reason for my post - How do you get a 5% rebate from Morrisons?