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By their “Senioe Money Writer”. He demonstrably doesn’t know the difference between a charge card and a credit card, and it goes downhill from there.
“This became the first “charge card”, a type of credit card which requires the balance to be repaid in full each month. Amex’s cards today still operate essentially like this; customers face eye-wateringly high interest rates if they do not clear their balances in full each month.”
https://www.telegraph.co.uk/money/banking/credit-cards/how-amex-took-over-the-world/
It’s crap but partially true.
Amex sent me a special offer yesterday – £500 travel credit if get the Plat and spend £10k on it within 6 momths.
The bold lettering in the email was “Representative Example: Representative 691.7% APR variable. Annual Fee: £650. Based on £1,200 Credit Limit. Purchase Rate: 29.7% p.a. variable”
I’d call 691% eye watering.
Since they know my income doesn’t qualify me for the Plat and a £1200 credit limit would be useless it’s a terrible piece of marketing.
OMG they have decided to double up with this article that claims you will be charged nearly 700% of your monthly unpaid balance, not realising it includes the annual fee:
“There can also be incredibly high repayment rates and fees – with the Amex Platinum card charging 691.7pc APR variable, along with £650 a year in annual fees.”
https://www.telegraph.co.uk/money/banking/credit-cards/alternatives-amex-that-offer-better-rewards/
By their “Senioe Money Writer”. He demonstrably doesn’t know the difference between a charge card and a credit card, and it goes downhill from there.
“This became the first “charge card”, a type of credit card which requires the balance to be repaid in full each month. Amex’s cards today still operate essentially like this; customers face eye-wateringly high interest rates if they do not clear their balances in full each month.”
https://www.telegraph.co.uk/money/banking/credit-cards/how-amex-took-over-the-world/
This quote is sort of correct, to the extent that you need to be dim or desperate to roll a balance on an Amex card. Plenty of cards are available with interest rates a fraction of Amex’s.
The bold lettering in the email was “Representative Example: Representative 691.7% APR variable. Annual Fee: £650. Based on £1,200 Credit Limit. Purchase Rate: 29.7% p.a. variable”
I’d call 691% eye watering.
Blame the regulators for this. They came up with the idea to include annual fee.
He’s quoted Rob, presumably without asking …
The bold lettering in the email was “Representative Example: Representative 691.7% APR variable. Annual Fee: £650. Based on £1,200 Credit Limit. Purchase Rate: 29.7% p.a. variable”
I’d call 691% eye watering.
Blame the regulators for this. They came up with the idea to include annual fee.
If anyone is daft enough to pay a £650 annual fee, then borrow £1200 and only make the minimum payment each month, the concept of an APR is probably way over their head!
Let’s face it if you didn’t pay the fee in the first place you could halve your debt 😄
I take that back. With a £1200 credit limit, once you’ve paid the fee you could only borrow a further £550, so not paying the fee would leave you debt free!
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