American Express is about to announce another round of product changes.
These will impact ALL credit cards (British Airways, Starwood, Nectar, Costco, Preferred Rewards Gold etc). The good news is that there is nothing major to worry about this time.
The changes will take place on 1st October.
Interest rates move to variable pricing
I would hope that no Head for Points readers pay interest on their American Express credit cards.
With one exception – the ‘low rate’ version of the American Express Rewards Credit Card, see here and pictured above, which is a competitive 9.9% APR variable – the interest rates charged on Amex’s credit cards are substantially higher than you can find elsewhere.
From 1st October, interest rates will track, and change, in line with adjustments to the Bank of England Base Rate. If there is a change in the Base Rate, American Express will adjust the interest rate on its cards within approximately 60 days.
These pricing will apply to both new and existing customers.
Good news …. the over limit fee is being removed
At present, American Express charges a £12 fee to anyone who exceeds their credit limit.
This fee will be removed on 1st October.
These changes are minor, and are actually positive for most people – I assume most readers do not pay interest, so they are net winners from the removal of the £12 fee for breaching their credit limit.
If you have an American Express credit card, you will receive a formal notification of these changes over the next few days.
Want to earn more points from credit cards? – January 2023 update
If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.
In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.
You qualify for the bonus on these cards even if you have a British Airways American Express card:
You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.
SPECIAL OFFER: Until 21st February 2023, the sign-up bonus on the British Airways Premium Plus American Express card is increased to 35,000 Avios from 25,000 Avios. You can apply here.
British Airways American Express Premium Plus
35,000 Avios (ONLY to 21st February) and the famous annual 2-4-1 voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & four airport lounge passes Read our full review
The Platinum Card from American Express
30,000 points and unbeatable travel benefits – for a fee Read our full review
Virgin Atlantic Reward+ Mastercard
15,000 points bonus and 1.5 points for every £1 you spend Read our full review
Earning miles and points from small business cards
If you are a sole trader or run a small company, you may also want to check out these offers:
SPECIAL OFFER: Capital On Tap has increased its sign-up bonus to points worth 30,000 Avios if you apply by 4th February. This is exclusive to Head for Points readers. Click here to apply.
American Express Business Platinum
40,000 points sign-up bonus and a £200 Amex Travel credit every year Read our full review
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
British Airways Accelerating Business American Express
30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review
Capital On Tap Business Rewards Visa
Get a 30,000 points bonus, worth 30,000 Avios, until 4th February 2023 Read our full review
For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending.