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About LinkBacksI just read on the Guardian that Amex will start to charge a £20 fee to customers that go a year or more without using their account. They also are chopping down their top tier of cash back from 1.5% to 1.25% for new cardmembers. Apparently they're not the only ones doing it there I read that Lloyds does also.
This would never fly in the US. They know not to pull that crap here because we would cut up our cards and cancel them if they did.
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Amex will start charging European customers "dormancy" fees
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
Current Cards: American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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Well, I would cut up my card...
but there are probably many who wouldn't in the U.S., and that would be rationalization enough for them to start doing it here, too.
I have a "dormant" Amex Blue Cash. I'll be keeping an eye out for any notice of change in terms. If they want to charge me for the privilege of having the credit line, they can have it back.
However, there are probably some who would be willing to pay 20 bucks for the account. And there are probably even more who would just pay the fee to avoid a fuss. I hope I'm wrong because I think now more than ever consumers need to be pushing back on all businesses. But we'll see...
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I can say that I would cancel the card even if it were a $2 annual fee. It's the principle of doing so that I so adamantly disagree with.
I also have an Amex Blue card I do not use. The reason I do not use it though is because they cut my credit limit for no reason- Mogul I remember you mentioned the same thing happened on yours.
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It's kind of ironic.
The banks are supposed to be loosening up with us and being more friendly but they have been doing the opposite. They are raising our APRs and charging all kinds of fees.
Next time we think about giving a bailout we may want to reconsider.OBAMA
Stop talking crap about him!
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