Financial Services Industry
Industry: Email Alert RSS FeedCredit cards - credit card interest rates and fees - Brief Article - Statistical Data Included
Kiplinger's Personal Finance Magazine, Sept, 2001 by Joan Goldwasser
A tough, new late-payment policy may cost Amex credit card holders millions of dollars
If you carry an American Express credit card--such as a Blue, Optima or Platinum rebate card--make sure you give your payment time to travel through the mail and arrive by the due date. Amex has pulled the plug on its policy of giving customers a few extra days before imposing a late fee (usually $29). The change of heart could cost cardholders as much as $13 million a month, says Robert McKinley of CardWeb.com. He bases his estimate on an assumption of how many payments currently arrive a few days late.
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Amex acknowledges that the grace period is no more--for credit card users, anyway. Holders of the familiar green, gold and other Amex charge cards, who are expected to pay off their balances each month, will still get a few days before being slapped with a late fee.
Low-interest premium cards Best if you carry a balance
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(C) FEE
Pulaski Bank & Trust (G) 6.50% 6.50%/none 50
Simmons First National (G) 8.25 8.25/none 35
USAA Savings Bank (G,P) 8.50 8.50/none 45
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Pulaski Bank & Trust (G) $29/$29 800-980-2265
Simmons First National (G) 20/none 800-636-5151
USAA Savings Bank (G,P) 20/none 800-922-9092
No-fee premium cards Best if you usually pay the balance each month
RECENT CASH-ADVANCE GRACE
ISSUER RATE(*) RATE/FEE(C) PERIOD
Chase Manhattan Bank (G,P) 8.65% 18.55%/3% 22 days
Capital One (G,P) 9.90 19.8/2.5 25 days
Wachovia (G) 9.90 19.99/4 20 days
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Chase Manhattan Bank (G,P) $29/$29 800-356-5555
Capital One (G,P) 25/25 800-548-4593
Wachovia (G) 29/29 800-842-3262
Rebate cards Best of the Cash-back cards
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(C) FEE
Fleet Cash Rebate (P) 14.99% 19.8%/4% none
Amex CashRebate (P) 18.49 21.49/3 none
Citibank Dividend Visa (P) 20.65([dagger]) 19.9/3 none
REBATE TELEPHONE
ISSUER TERMS NUMBER
Fleet Cash Rebate (P) up to 2%(#) 800-494-9472
Amex CashRebate (P) up to 2% 800-467-8462
Citibank Dividend Visa (P) 1%(**) 800-950-5114
(#) As of July 5; rates are adjustable, often tied to the prime rate.
(C) Cash advances often have no grace period; additional fees may be
charged. (G) gold card (P) platinum card ([dagger]) may be lower,
depending on credit history. (#) annual maximum of $500 (**) annual
maximum of $300 SOURCE: FOR LOAN RATES AND CREDIT CARDS: Bankrate.com,
N. Palm Beach, Fla.
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