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:
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.