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  1. #1

    Amex Late Fees Going Up in the New Year

    American Express announced that it will raise its late fees to $38 for all its cards, starting January 2017.

    This is the new maximum late charge allowed by the CFPB (the previous limit was $37). Amex is the first card issuer to take advantage of the limit increase.



    More incentive than ever to pay your credit card statement on time every time. And as there are about 20% of you who do not do so, please think about setting up automatic payments to avoid these penalties.
    Current Fico Scores: 710 TU, 732 EQ
    My Goal for 2016: 750+

  2. Amex Late Fees Going Up in the New Year
  3. #2
    Registered User Junior Member
    Posts
    34
    I'm surprised that Amex is the first to move on this.

  4. #3
    This is only a $1 increase in late fees. And most issuers will probably follow suit shorty.

    But I've seen reports indicate that 20% of cardholders pay a late fee at least once a year. So that $1 can add up to the bottom line for Amex.
    Current Fico Scores: 710 TU, 732 EQ
    My Goal for 2016: 750+

  5. #4
    Registered User Senior Member
    Posts
    165
    Just remember, business cards are not subject to the caps on late fees. Watch out Plum and other Amex biz cardholders.

  6. #5
    Registered User Semi Pro Member
    Posts
    321
    Interesting way to try to make up lost revenue. I guess most people will not notice or care. Still, I'd rather have actual card membership growth.

  7. #6
    Registered User Junior Member
    Posts
    21
    Funny how the CFPB seems to raise the allowable late fee every year. They really are looking out for the little guy. (Snark.)

  8. #7
    Registered User Semi Pro Member
    Posts
    282
    But they tell us there is no inflation! While everything gets more expensive, and my salary remains the same.

  9. #8
    Registered User Junior Member
    Posts
    49
    Is the CFPB trying to protect consumers, or profitability of big companies?

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