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 2021 update
If you are looking to apply for a new credit or charge card, here are our January 2021 recommendations based on the current sign-up bonus.
British Airways American Express
5,000 Avios for signing up, no annual fee and a companion voucher for spending £20,000 Read our full review
British Airways American Express Premium Plus
25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review
The Platinum Card from American Express
30,000 points and an unbeatable set of travel benefits – for a fee Read our full review
Virgin Atlantic Reward+ Mastercard
15,000 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:
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
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
Earn both Avios and BA On Business points with your business spending 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
Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points and do not consider interest rates, service levels or any impact on your credit history. By recommending credit cards on this site, I am – technically – acting as a credit broker. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as a credit broker.