Penalty APR on Amex

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jshrek62
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Penalty APR on Amex

Postby jshrek62 » Tue Nov 15, 2016 1:07 pm

Anybody get hit with a penalty APR for being late paying an Amex credit card?
Were you late once or more often?
When and how much did Amex raise your rate or rates to?


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CarefulBuilder14
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Re: Penalty APR on Amex

Postby CarefulBuilder14 » Tue Nov 15, 2016 9:48 pm

No personal experience, but from the experience of others I know all it takes is one late. As far as how high your APR can go, consult your own card's terms.

It's worth a call to see if they will waive fees or interest, but keep any expectations low.
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Travel insurance: Prestige, CSP
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Stros05
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Re: Penalty APR on Amex

Postby Stros05 » Wed Nov 16, 2016 9:00 am

If possible, stop using that card until the balance is paid off in full. If it will take long time to pay off the balance, you may want to transfer the balance to a 0% card and pay the balance down over there.

jshrek62
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Re: Penalty APR on Amex

Postby jshrek62 » Mon Nov 21, 2016 11:29 am

Thanks for your replies. I was hoping someone who had been late and gotten their APR hiked could respond.
Anyone fit that description?

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CarefulBuilder14
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Re: Penalty APR on Amex

Postby CarefulBuilder14 » Mon Nov 21, 2016 3:33 pm

jshrek62 wrote:Thanks for your replies. I was hoping someone who had been late and gotten their APR hiked could respond.
Anyone fit that description?

Try MyFico.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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kcm7
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Re: Penalty APR on Amex

Postby kcm7 » Mon Nov 21, 2016 4:58 pm

CarefulBuilder14 wrote:
jshrek62 wrote:Thanks for your replies. I was hoping someone who had been late and gotten their APR hiked could respond.
Anyone fit that description?

Try MyFico.


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- US Bank (no rewards)
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TXviking
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Re: Penalty APR on Amex

Postby TXviking » Fri Nov 25, 2016 11:00 pm

Many years ago, I had this happen with MBNA America. I was on vacation abroad, and this was before Internet banking was prevalent.

One call to customer service explaining the situation got my usual APR reinstated "as a courtesy", but make no mistake: One late payment and a card issuer can charge that penalty APR until your balance is paid off.

My guess is that most banks, including American Express, will waive the penalty APR if it's a one-time occurrence from a customer who otherwise reliably pays his bills. But legally, they don't have to, and I wouldn't count on getting away with repeated late payments. :money:



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