Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

American Express UK Credit Cards Consumers To Pay Higher Interest Rates Starting February

By John F. Heerdink, Jr.

Reportedly, American Express Company (AXP) is set to increase interest rates that it charges UK consumers’ credit cards from 22.2% to 24.5% starting February next year. The increase of 2.3 percentage is because of the rising costs of providing loyalty programs, rewards, and benefits to its customers. The rate for withdrawing money on a card will rise from 27.2% to 31.5%. The changes just apply to personal cards, and not business cards.

In August this year, American Express also cut the amount of cashback that Platinum Everyday and Platinum Cashback cardholders could earn. The cardholders will be written to over the next two months to give them notice of the change.

In a statement, the company said, “American Express regularly reviews its cards to ensure that we continue to offer our cardmembers competitive credit cards that represent good value and provide a range of benefits. Following a recent review, we are making changes to the interest rates on our personal credit cards, to reflect the cost of providing rewards, product benefits, and loyalty programs, which have increased in recent years.”

Dow 30 component American Express Company (AXP) and its subsidiaries provide customers and businesses with charge and credit payment card products and travel-related services globally. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

Stay Informed! Stay Competitive! Please join us at Vista Partners, receive our FREE email updates throughout the week, and view our exclusive content and research.

(Read Original Story: American Express to raise credit card interest rates by more than 2% in The Guardian)


Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

Connect with us