W
Posted by: Wings on 2023-07-25 01:55:31 PM
Griped: www.americanexpress.com
Watch out for AMEX's shady business practice. If you miss a payment, AMEX will charge interest on all your purchases the following month as well as the missed month, even though those purchases are technically not yet due and should not be accruing interest.
So if you miss June's payment by one day, you would think you are going to get 31 days of interest on you next statement...(30 days plus 1 day), but that's not how they do it. Because there billing cycle is 30 days, they sneakily charge interest on all the purchases made during the entire billing cycle until they receive your payment, even though those purchases technically are not overdue and should not be accruing interest.
That is an absolute scam. Any class action lawyers want to give that a go? $900 payment. $70 in interest in June, $40 late fee, $70 interest in July. $180 in fees for 2 days late.