Amex To Raise Card APR By 2%

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
20 posts
luvbullmarkets
Centurion Member
Centurion Member
 
Posts: 244
Joined: Thu Apr 21, 2011 1:02 am
Location: TPC Stonebrae

Postby luvbullmarkets » Thu Feb 26, 2015 12:16 pm

I view this based on the recovered economy more so than the decoupling with Costco. Keep in mind the Fed shall be raising interest rates later this year.

Either way this is not a factor for me since I always pay in full. Only carrying balances on cards during 0% APR period.
Amex PRG, Amex EveryDay, Amex BCE, Barclaycard Arrival, CSP, Chase Freedom, Discover it, Wells Fargo Propel 365 Amex, Wells Fargo Visa Signature

"Attack this day with a level of enthusiasm unknown to mankind." - Jack Harbaugh


oldsoldier
Centurion Member
Centurion Member
 
Posts: 115
Joined: Mon Nov 17, 2014 5:34 pm
Location: TN

Postby oldsoldier » Thu Feb 26, 2015 1:33 pm

Even with the 2% it will still be the best APR in my wallet. I guess it's just one of those things as consumers we have to live with.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $19,000
NFCU Cash Rewards $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $7,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $11,600

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3933
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Thu Feb 26, 2015 6:31 pm

This could be good news for PIF-ers... if it means Amex is trying to make money by doing something other than cutting rewards and perks.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Battery111
Centurion Member
Centurion Member
 
Posts: 284
Joined: Wed Apr 09, 2014 9:40 pm
Location: Lawton, ok

Postby Battery111 » Thu Feb 26, 2015 7:34 pm

CarefulBuilder14 wrote:This could be good news for PIF-ers... if it means Amex is trying to make money by doing something other than cutting rewards and perks.


I tend to agree. Really hoping the rumors of a substantial benefits upgrade for the platinum soon are true.

I can sympathize with those that don't or can't PIF for whatever reason. We all have life circumstances that dictate our choices. But since most AMEX cards really focus on rewards, I would prefer they don't trim back those perks. As has been said a ton of times before, it's quite rare/impossible to find an apr that doesn't completely cancel out the rewards, even if the balance is only carried for a few months.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3933
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Thu Feb 26, 2015 8:48 pm

Battery111 wrote:I tend to agree. Really hoping the rumors of a substantial benefits upgrade for the platinum soon are true.

I can sympathize with those that don't or can't PIF for whatever reason. We all have life circumstances that dictate our choices. But since most AMEX cards really focus on rewards, I would prefer they don't trim back those perks. As has been said a ton of times before, it's quite rare/impossible to find an apr that doesn't completely cancel out the rewards, even if the balance is only carried for a few months.


Maybe there will be some upgrades to the Platinum, but I wish there were some in store for the other charge cards. Rumor/forum consensus is that we're past 'peak value' on Green, Gold, and PRG and steadily declining. Perhaps those cards will just be continually nerfed with nothing new added.

My estimate of the value of I get from my PRG is about breakeven after the AF. That ignores the hundreds I've saved with ShopRunner, but would still save with just the BCE. Ironically, if ShopRunner became a perk exclusive to charge cards, that would make me a hardcore PRG loyalist.

It's funny how incentives can work...Amex providing a wonderful perk on a no-AF card...a perk I use mostly when making purchases with Chase and Discover.

On the other hand, my month-old CSP has already helped me offset most of the (future) annual fee by making the URs I get transferrable.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Battery111
Centurion Member
Centurion Member
 
Posts: 284
Joined: Wed Apr 09, 2014 9:40 pm
Location: Lawton, ok

Postby Battery111 » Thu Feb 26, 2015 9:49 pm

CarefulBuilder14 wrote:Maybe there will be some upgrades to the Platinum, but I wish there were some in store for the other charge cards. Rumor/forum consensus is that we're past 'peak value' on Green, Gold, and PRG and steadily declining. Perhaps those cards will just be continually nerfed with nothing new added.

My estimate of the value of I get from my PRG is about breakeven after the AF. That ignores the hundreds I've saved with ShopRunner, but would still save with just the BCE. Ironically, if ShopRunner became a perk exclusive to charge cards, that would make me a hardcore PRG loyalist.

It's funny how incentives can work...Amex providing a wonderful perk on a no-AF card...a perk I use mostly when making purchases with Chase and Discover.

On the other hand, my month-old CSP has already helped me offset most of the (future) annual fee by making the URs I get transferrable.


I actually would really like to see SOMETHING added to the green. I'm ok with the PRG as it is right now. The standard gold really doesn't seem to make any sense at all anymore. Shop runner is nice, but like you say it's good with any centurion bank issued card so not really a persuasive benefit towards any one product.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

flan
Centurion Member
Centurion Member
 
Posts: 387
Joined: Tue Apr 09, 2013 10:16 pm
Location: chicago

Postby flan » Fri Feb 27, 2015 8:05 am

Patcell87 wrote:I really can't complain... The rate on my BCP his currently 7.24%, which is way lower than any of my other cards. If it goes up 2 percentage points that's 9.24%. Still lower than my next lowest of 10.24% on the Chase Freedom. Bummer, but they are still the lowest around. At least of my current cards...


It's going to go up 575 basis points. The announcement was, basically, that the lowest APR they will offer is 12.99%.

In other amex news, they're raising the annual fees of the gold and the PRG. the PRG will get a $100 incidental travel credit, and no FTF.

luvbullmarkets
Centurion Member
Centurion Member
 
Posts: 244
Joined: Thu Apr 21, 2011 1:02 am
Location: TPC Stonebrae

Postby luvbullmarkets » Fri Feb 27, 2015 12:07 pm

flan wrote:In other amex news, they're raising the annual fees of the gold and the PRG. the PRG will get a $100 incidental travel credit, and no FTF.


Here is the link.

I could see people PC the Platinum card to PRG.
Amex PRG, Amex EveryDay, Amex BCE, Barclaycard Arrival, CSP, Chase Freedom, Discover it, Wells Fargo Propel 365 Amex, Wells Fargo Visa Signature

"Attack this day with a level of enthusiasm unknown to mankind." - Jack Harbaugh

CC Deville
Centurion Member
Centurion Member
 
Posts: 1077
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Sat Feb 28, 2015 10:09 am

I received my letter today on my plain Jane Blue:

"Re: Blue from American Express

Account ending in XXXXX

Dear CC Deville,

We are writing to let you know that we're increasing the Annual Percentage Rate (APR) for new purchases and balance transfers for your account listed above, beginning on April 23, 2015.

We would like to explain why we made this decision. We are making these changes because your current APRs are lower than average APRs on similar cards in the marketplace for consumers with similar credit profiles...blah blah blah."

Mine is going up 3% from 9.24% to 12.24%.

I have never paid a dime of interest on this card (I have PenFed Promise at 7.49% and 8.24% on BofA Better Balance Rewards if/when I need to revolve for a few months). I just wish these companies would be honest; "Dear CC Deville, yeah.... we are up poo p creek since losing Costco...so yeah...we're going to have to raise APRs to make up for lost income...thanks, American Express. ps check your mail for further exciting changes including a new annual fee and 10x Membership Rewards points on all bubble gum and toilet paper purchases"

I'm not complaining; I don't pay interest so it is of little consequence. I just find it funny.

Patcell87
Platinum Member
Platinum Member
 
Posts: 63
Joined: Fri Mar 14, 2014 4:55 am
Location: Bergen County, NJ

Postby Patcell87 » Sat Feb 28, 2015 11:41 am

Interestingly, I got a notice on my last BCP statement that stated my penalty APR was being increased by 2%. No mention of the regular purchase APR. At least not yet. Thankfully, I have never triggered the penalty APR.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests