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.
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.
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