Editor’s Note: These offers have expired.
This is just a quick heads up to let you know that both Citi and Amex are revising their cardmember terms and increasing their credit card interest rates and fees. I wrote about this in more detail over at Credit Addict, but here’s the executive summary…
- Purchase APR is going up to a minimum of 16.99%
- Cash advance APR is going up to a minimum of 21.99%
- Default APR is easier to trigger, and increasing to a minimum of 23.99%
- Fees for foreign transactions are increasing (new 3% transaction fee)
- You can opt out of the changes, but they’ll ultimately close your account
- Cash advance APR is increasing to Prime + 17.99%
- Late payment APR is increasing to Prime + 14.99%
- Default APR is increasing to Prime + 23.99%
- Foreign transaction fee is increasing to 2.7%
And here are the direct links to the articles, where I’ve transcribed the full text of the letters that I received:
Citibank Change in Cardholder Terms, Rate Increase, and Opt-Out Notice
American Express Change in Cardmember Terms, Rate Increases
Forewarned is forearmed. You should also be on the lookout for credit limit reductions, as you don’t want to trigger any over-limit penalties.