EXCLUSIVE: More American Express changes – interest rates become variable, ‘over limit’ fees will be 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.

American Express removing £12 over limit fee

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 miles and points from credit cards?  Click here to visit our dedicated airline and hotel travel credit cards page or use the ‘Credit Cards Update’ link in the menu bar at the top of the page.)

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  1. 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

  2. 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.

  3. 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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