The American Express Policy Change
San Francisco Bankruptcy Attorneys discusses American Express credit card policy change regarding late payment...
This San Francisco bankruptcy attorney couldn't help but notice the 2010 American Express announcement on their new policy for certain co-branded rewards cards. When you are late for a payment on an American Express card, you will now not only have to pay a late fee, you will now also lose rewards points unless you pay an extra $29 to get them back. The cards affected by this policy are Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels.
Americans are already facing trouble keeping up with their credit cards more and more with the current economic crisis. When a person is as little as a day late on a credit card, they are affected not only by the late fee but by an increase in interest.
It is not uncommon for someone to have a 0% promotional interest rate on a high-balance card, and then have their interest rate jump to 29% and their minimum payment increase dramatically. This then often happens over a few cards at once for someone who has recently become unemployed or faced a hardship, and facing all of these increased payments at once can become a real struggle.
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