Debt threat from AmEx credit card charges
Debt threat from AmEx credit card charges
Monday 8th September 2008
The new charge will hit customers that either miss a payment deadline or go over the limit on their card.
This is the second time within a year that AmEx has lifted its charges, introducing its latest £2 increase across major credit cards including Platunum Moneyback and Nectar cards.
A spokesperson for the credit card firm noted that the increase stemmed from rising administrative costs accounts that have defaulted.
She told the Guardian: "These increases reflect a rise in our administration costs associated with handling accounts in default.
"Our fees are in line with recommendations made by the OFT [Office of Fair Trading] in April 2006."
An OFT report in 2006 suggested that it would consider legal action against credit card companies charging more than £12 for going over credit limit or missed payments.
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