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EXCLUSIVE: More American Express changes – interest rates go variable, ‘over limit’ fees scrapped

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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.

American Express moving to variable interest rates

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? – September 2021 update

If you are looking to apply for a new credit or charge card, here are our September 2021 recommendations based on the current sign-up bonus

You can see our full directory of all UK cards which earn airline or hotel points here.

The following offers will end soon:

  • 2,000 Virgin Points on Virgin Atlantic Reward Mastercard (ends 15th October)
  • 30,000 Virgin Points on Virgin Atlantic Reward+ Mastercard (ends 15th October)
  • 10,000 Avios on British Airways American Express (ends 2nd November)
  • 40,000 Avios on British Airways American Express Premium Plus (ends 2nd November)
  • 60,000 points on The Platinum Card from American Express (ends 2nd November)
  • 30,000 points on American Express Preferred Rewards Gold (ends 9th November)

Here are the top current deals:

British Airways BA Amex American Express card

British Airways American Express

10,000 Avios for signing up, no annual fee and an Economy 241 voucher for spending ….. Read our full review

British Airways BA Premium Plus American Express Amex credit card

British Airways American Express Premium Plus

40,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review

Nectar American Express

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & two airport lounge passes Read our full review

American Express Platinum card Amex

The Platinum Card from American Express

60,000 points and an unbeatable set of travel benefits – for a fee Read our full review

Virgin Rewards credit card

Virgin Atlantic Reward Mastercard

The UK’s most generous free Visa or Mastercard at 0.75 points / £1 Read our full review

Virgin Rewards Plus credit card

Virgin Atlantic Reward+ Mastercard

30,000 points bonus and the most generous non-Amex for day to day spending 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.

American Express Business Gold

20,000 points sign-up bonus and free for a year Read our full review

Amex Platinum Business American Express

American Express Business Platinum

40,000 points sign-up bonus and a long list of travel benefits Read our full review

British Airways Accelerating Business American Express card

British Airways Accelerating Business American Express

60,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

Capital On Tap Business Rewards Visa

The most generous Avios Visa or Mastercard for a limited company 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:

Barclaycard Select Cashback Credit Card

1% cashback and no annual fee Read our full review

Comments (70)

  • Jon says:

    I am getting really fed up with Amex Plat.. I have had a complaint raised with them since February and have not had a response. I was told I would get a written reply but when I speak to them they say we tried to call. I travel a lot and am working a contract at the moment, I do not always have my UK mobile on as I keep getting sales calls at overseas rates but Amex refuse to call an international number. In this day and age where calls are often done on VOIP and cost next to nothing this is ridiculous. I wonder how they contact their New Delhi chat line centre. Is it not Globaly yours? Don’t leave home without it? At £500+ per year it really is poor

    • Amit Puri says:

      That does sound familiar and pretty $hit from Amex, especially towards a plat holder – I’ve had these sorts of issues when communicating with their non-UK staff; utterly hopeless – Get hold of someone in Brighton and things get sorted out 100% of the time. You might have to ring them direct, UK time, get the issue resolved, give them an earful about the customer care or lack of, and pocket compo.

    • Jill ( Kinkell) says:

      My OH had issues and after months of not getting anywhere,ended up sending a fully documented written snail mail to Director of CS. Response was almost immediate. Brighton end couldn’t believe the poor level of service , listened to all the phone calls, agreed totally with my OH, points etc and compo given.. All discussed in a phone call…at a time to suit my OH… and all backed up with a 3 page letter, with profuse apologies. Keep trying and good luck.

  • JAD says:

    Hoping someone can help with a quick Amex Platinum query re sign-on bonus. The current sign-on bonus is 30k MR or 35k if referred (after spend target is reached). Was this the same before Amex put up the annual fee for new applicants and put up the spend target threshold? Thanks.

    • Anna says:

      Yes, no change on the Platinum and BAPP sign up bonuses.

      • JAD says:

        Thanks Anna, Amex CS are refusing to award me the 35k even though I was referred by my OH and she has the referral points showing on her account from my successful application. They have awarded me 30k.

        • 3742 says:

          Is it possible that you met the original target, but not the new target, and they have (incorrectly) refused the extra 5k on the basis that you have not met the new target?

          • JAD says:

            Thanks. CS haven’t been able to offer an explanation – only that the ‘back-office’ team have looked into this and according to them i’m not due the 35k. It doesn’t make sense to me as a) I applied under the old Ts & Cs requiring 2k spend which I have met by some margin, b) my OH received referral points, and c) they have awarded me 30k points. They have also awarded 5k for a supp – and this is clearly shown on my statement as being for a supp plat card.

  • BJ says:

    Datapoint: For first time ever I failed to get a bonus when adding a supp so readers may want to be patient and wait until they see offer on their account. I tried adding it to a PRG with no offer showing. Also added it for somebody at another address for first time but I doubt that makes any difference.

  • JB says:

    I would appreciate if anyone can give me advice re a BA complaint. 4 CW seats LHR – MIA. Done this journey twice within a month. First trip refurbished 747 everything fine. Second trip (paid for seats) dated CW cabin. One monitor with permanent pink glow so basically unwatchable. No recline on one seat and daughter moved back a row pre-boarding as a changed seat with a crew member on staff ticket. On boarding decided to decline the seat change and live with no recline as would have separated us with a stranger in our row inhibiting conversation (row 62 on upper deck).

    Wondering if worth complaining or move on life is to short? If complaint what is the best method, 2 seperate or one overall complaint and what compensation is likely?

    Any advice appreciated.

    Thank you.

    • Shoestring says:

      you’d get some Avios (10,000?) for no IFE

      Not sure you’d get any for the non reclining seat as you got offered a working seat but declined the offer, def worth the question, though, I think not wanting to be split up helps your claim

      If you pitch it pleasant but all about service recovery, I’d say 10-20K Avios

  • David S says:

    Advice on Amex. Wife has basic BA Amex and I have the old Amex gold card. Looking at getting BAPP card for both. What’s the best strategy to get most sign up bonus.

  • AeroJ says:

    Could anyone please advise on what might be the best way to earn points on a referral to an Amex ‘Corporate’ Gold? I hold Amex Pref Rewards Gold. My company (well not mine but I have significant influence) wish to switch to a points-earning cards. Can I refer them and get some points in the process? Read Rob’s article but all the recent changes have left me confused. Thanks!

    • Memesweeper says:

      Business cards can be referred to/from personal ones. Bonuses as normal.

      I’m not aware of anything for the *corporate* cards in the UK.

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