'American Express introduces dormancy fee for unused credit cards'
American Express credit card holders will be asked to pay a £20 dormancy fee if they do not use their Platinum cashback credit cards for a year, it has been reported.
'American Express introduces dormancy fee for unused credit cards'”
American Express credit card holders will be asked to pay a £20 dormancy fee if they do not use their Platinum cashback credit cards for a year, it has been reported.
New customers will face the fee immediately and it will come into place for existing credit card holders from October 1st, according to the Guardian.
American Express vice president UK lending told the paper: "Rather than making changes across the board we have looked very closely at card member usage to ensure that we continue to offer the best proposition we can for our existing card members."
Meanwhile Santander and Lloyds TSB credit card holders also face a fee for low or no card use.
The American Express Platinum cashback credit card gives users 5% cashback up to £100 for the first three months. To earn cashback, users must spend a minimum of £3,000 on their card each year.
The rate on the credit card is 19.9% APR variable.
Written by Sarah Nyman
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