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These changes will NOT affect folks who pay their monthly statement in full and on-time.
I’ll explain what’s going to change!
What’s the Deal With Upcoming AMEX Changes?
American Express offers several types of charge cards. These cards have no pre-set spending limit, but you have to pay the balance in full each month.
Effective January 1, 2017, Travel With Grant indicates the upcoming changes to the AMEX Platinum charge cards include:
- Lose all AMEX Membership Rewards points earned during the billing period if your statement is not paid in full on the due date
- Lose AMEX Membership Rewards points for returned purchases
- Negative AMEX Membership Rewards point balances will be offset with future earned points
- Increasing fees (from $37 to $38) for late and returned payments
Previously, AMEX allowed folks to get points back for late payments if they paid a $35 fee. But this option seems to be going away.
These changes may impact other AMEX charge cards like The Business Gold Rewards Card from American Express OPEN. I recommend reading your upcoming AMEX statements to see if the updates will affect your cards.
Folks who pay the statement amount each due date will NOT be impacted.
That’s why I always recommend paying your monthly balance in full on all cards. Because if you carry a balance, the benefits of the points will be offset by interest and late charges.
Effective January 1, 2017, you will lose AMEX Membership Rewards points earned on AMEX Platinum charge cards if you do not pay the monthly statement in full by the due date.
And you’ll no longer be able to pay a fee to reinstate points after a late payment.
Other AMEX charge cards may be impacted as well. Please let me know if you see changes on your statements!
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