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American Express 'to increase interest charges for missed payments'

American Express is implementing increased interest charges for credit card holders who have missed a payment in the past year, it has been reported.

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27 August 2009

American Express 'to increase interest charges for missed payments'”

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American Express is implementing increased interest charges for credit card holders who have missed a payment in the past year, it has been reported.

Interest rates will increase from 19.9 per cent to 23.9 per cent for those who miss a payment.

According to the Daily mail, American Express commented the higher interest charge is a "last resort" and the credit card provider would try everything else first to ensure customers did not miss payments, including email and text message alerts.

Other changes to the cards, which include a platinum credit card and an airmiles credit card, include a dormancy fee of £20 if holders do not spend anything for 12 months.

The interest rate from October will also be 19.9% APR for new customers.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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