Delta SkyMiles® Platinum American Express Card Agreement

Charges & Financial Obligations · Company practice

Purchase APR is variable: Prime Rate plus 12.74% to Prime Rate plus 21.74%

The Annual Percentage Rate for purchases is shown as Prime Rate + 12.74% to Prime Rate + 21.74%, and the table says it is a variable APR. It changes as the Prime Rate changes (see the cards on variable rates), and the agreement says variable APRs will not exceed 29.99%.

Supporting quotations

Annual Percentage Rate (APR) for Purchases | Prime Rate + 12.74% to Prime Rate + 21.74% This is a variable APR. See Explanation of Variable Rates below.

Variable APRs will not exceed 29.99%.

Qualifications & exceptions

• The rate is given as a range, not a single number.
• The cap statement reads "Variable APRs will not exceed 29.99%".

Not stated here

• The agreement does not say which rate within the range applies to a particular Card Member or what factors decide it.
• This agreement does not state the current Prime Rate value or the resulting numeric APR, and this card does not compute them.

Cross-references

• qualified by (model-proposed): Penalty APR of Prime Rate plus 26.74% may apply to new Transactions after a missed or returned payment — The Penalty APR is a separate, higher variable rate that American Express has the right to apply to new Transactions after a missed or returned payment; it qualifies the purchase APR card, which gives only the ordinary range.

Charges & Financial Obligations · Company practice

Cash advances: variable APR of Prime Rate plus 21.99%, interest from the transaction date

The APR for cash advances is Prime Rate + 21.99%, and the table says it is a variable APR. The table also says interest on cash advances begins to be charged on the transaction date.

Supporting quotations

APR for Cash Advances | Prime Rate + 21.99% This is a variable APR. See Explanation of Variable Rates below.

We will begin charging interest on cash advances on the transaction date.

Qualifications & exceptions

• Cash advances are separate from purchases: the table's statement about not charging interest if you pay in full is written for purchases only.

Not stated here

• This agreement does not state the current Prime Rate value or the resulting numeric APR.

Charges & Financial Obligations · Restriction or exception

Penalty APR of Prime Rate plus 26.74% may apply to new Transactions after a missed or returned payment

American Express says it has the right to apply the Penalty APR, Prime Rate + 26.74% (a variable APR), to new Transactions if you do not pay at least the Minimum Payment Due by the Payment Due Date, or if your payment is returned by your bank. If applied, it applies for at least 6 months. American Express will review the Account every 6 months after the penalty APR is applied, and the penalty APR continues until you have made timely payments with no returned payments during the 6 months being reviewed.

Supporting quotations

Penalty APR and When it Applies | Prime Rate + 26.74% This is a variable APR. See Explanation of Variable Rates below. We have the right to apply the Penalty APR to new Transactions if: • you do not pay at least the Minimum Payment Due by the Payment Due Date; or • your payment is returned by your bank and we will notify you if we do.

How Long Will the Penalty APR Apply? If the penalty APR is applied, it will apply for at least 6 months. We will review your Account every 6 months after the penalty APR is applied. The penalty APR will continue to apply until you have made timely payments with no returned payments during the 6 months being reviewed.

Qualifications & exceptions

• It is a right to apply the Penalty APR to new Transactions; the source does not say it applies automatically.
• For a returned payment the source says "we will notify you if we do".

Not stated here

• The source does not say how or when American Express notifies you, or what exactly counts as a "new Transaction" for this purpose.
• The source does not say whether the 29.99% statement about variable APRs changes how the Penalty APR is applied.

Cross-references

• qualifies (model-proposed): Purchase APR is variable: Prime Rate plus 12.74% to Prime Rate plus 21.74% — The Penalty APR is a separate, higher variable rate that American Express has the right to apply to new Transactions after a missed or returned payment; it qualifies the purchase APR card, which gives only the ordinary range.

Charges & Financial Obligations · Company practice

Variable APRs rise with the Prime Rate, from the first day of that billing period, up to 29.99%

The table points to this explanation for every variable APR. If the Prime Rate increases, variable APRs (and the corresponding Daily Periodic Rates) will increase, so you may pay more interest and may have a higher Minimum Payment Due. When the Prime Rate changes, the resulting changes to variable APRs take effect as of the first day of the billing period during which the Prime Rate has changed. Variable APRs will not exceed 29.99%.

Supporting quotations

Explanation of Variable Rates: If the Prime Rate increases, variable APRs (and corresponding DPRs) will increase. In that case, you may pay more interest and may have a higher Minimum Payment Due. When the Prime Rate changes, the resulting changes to variable APRs take effect as of the first day of the billing period during which the Prime Rate has changed. Variable APRs will not exceed 29.99%.

Qualifications & exceptions

• The source states the effect of an increase; it states that changes take effect as of the first day of the billing period in which the Prime Rate changed.

Not stated here

• The text refers to "corresponding DPRs", but the published agreement does not show any Daily Periodic Rate values in Part 1; this card does not compute them.

Cross-references

• referred to by (model-proposed): ADB is the sum of daily balances divided by days in the period; a DPR is 1/365th of an APR — The variable-rate explanation mentions "corresponding DPRs" and the DPR definition says DPRs are shown in Part 1; the published agreement lists no DPR values, a publisher omission stated on both cards.

Charges & Financial Obligations · Context

Prime Rate means the highest U.S. Prime Rate in The Wall Street Journal on the Closing Date

For the variable APRs, Prime Rate means the highest U.S. Prime Rate published in the rates section of The Wall Street Journal on the Closing Date of the billing period. If the Journal does not publish the Prime Rate that day, American Express uses the Prime Rate from the previous day it was published. If the Journal is no longer published or stops publishing the Prime Rate, American Express may use the Prime Rate published in another newspaper of general circulation. The Agreement defines the Closing Date as the last day of the billing period covered by a billing statement.

Supporting quotations

Determining the Prime Rate: Prime Rate means the highest U.S. Prime Rate published in the rates section of The Wall Street Journal on the Closing Date of the billing period. If The Wall Street Journal does not publish the Prime Rate on that day, we will use the Prime Rate from the previous day it was published. If The Wall Street Journal is no longer published or stops publishing the Prime Rate, we may use the Prime Rate published in another newspaper of general circulation.

The Closing Date appears on each billing statement and is the last day of the billing period covered by the billing statement.

Qualifications & exceptions

• The fallback to another newspaper is a "may", not a commitment to a particular publication.

Not stated here

• The source does not name the replacement newspaper.

Charges & Financial Obligations · User right or choice

Purchase interest is not charged if you pay your entire balance by the due date

The table says the Due Date is at least 25 days after the close of each billing period. American Express will not charge interest on purchases if you pay your entire balance each month by the due date (or, if you have a plan outstanding, your balance adjusted for plans). A later section states that, with an active plan created through Plan It, you enter an Interest Free Period by paying at least the Balance Adjusted for Plans (or Adjusted Balance) by the Payment Due Date.

Supporting quotations

Your Due Date is at least 25 days after the close of each billing period. We will not charge you interest on purchases if you pay each month your entire balance (or, if you have a plan outstanding, your balance adjusted for plans) by the due date.

If you have an active plan created through Plan It, you can enter an Interest Free Period by paying at least the Balance Adjusted for Plans (or Adjusted Balance) by the Payment Due Date.

Qualifications & exceptions

• This table entry is about purchases; cash advances are treated differently (interest from the transaction date).
• The detailed Interest Free Period rules appear in the "When We Charge Interest (Grace Period)" section and are carded with that section.

Charges & Financial Obligations · Company practice

Plan Fee: a fixed finance charge of up to 1.33% a month, charged instead of purchase APR

If you set up a plan, the purchases or amount are added to a plan balance and are subject to a plan fee instead of the APR for purchases. The plan fee is a monthly fee of up to 1.33% of each purchase or amount moved into a plan, based on the plan duration, the APR that would otherwise apply to the purchase, and other factors. It is a fixed finance charge charged each month a plan is active, and its dollar amount is disclosed before you set up a plan.

Supporting quotations

Plan Fee (Fixed Finance Charge) | A monthly fee of up to 1.33% of each purchase or amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.

This fee is a fixed finance charge that will be charged each month that a plan is active. The dollar amount of your plan fee will be disclosed before you set up a plan.

When you set up a plan, the purchases or amount will be added to a plan balance and will be subject to a plan fee instead of the APR for purchases.

Qualifications & exceptions

• The percentage is a maximum ("up to 1.33%"), set by plan duration, the APR that would otherwise apply and other factors.

Not stated here

• The source does not list the factors beyond plan duration and the otherwise-applicable APR; "other factors" is not defined.

Charges & Financial Obligations · Company practice

Annual fee is $350; no annual fee for additional cards

The Rates and Fees Table lists an Annual Fee of $350. The "How Rates and Fees Work" section points back to that table for the Annual Fee, and states the Annual Fee for Additional Cards as None.

Supporting quotations

Annual Fee | $350

Annual Fee: This fee is on the Rates and Fees Table on page 1 of Part 1.

Annual Fee for Additional Cards: None.

Qualifications & exceptions

• Whether any of the annual fee is refunded on closing the Account is covered in Part 3 (closing your Account).

Not stated here

• The supplied text does not say how often the annual fee is billed or on what date.

Charges & Financial Obligations · Company practice

Cash advance fee is the greater of $10 or 5% of the advance, added to the Cash Advance balance

The fee for each cash advance is either $10 or 5% of the amount of the cash advance, whichever is greater. The fee section says the 5% is figured on the cash advance transaction including any fees charged by the ATM operator, with a minimum of $10, and that American Express adds this fee to the Cash Advance balance.

Supporting quotations

Transaction Fees • Cash Advance • Foreign Transaction | Either $10 or 5% of the amount of each cash advance, whichever is greater. None

Cash Advance: 5% of the cash advance transaction (including fees charged by the ATM operator, if any), with a minimum of $10. We will add this fee to the Cash Advance balance.

Qualifications & exceptions

• The $10 figure is a minimum.

Charges & Financial Obligations · Company practice

No foreign transaction fee

The Fees list shows Foreign Transaction as None, and the fee section repeats "Foreign Transaction: None." So no foreign transaction fee is listed for this Card.

Supporting quotations

Transaction Fees • Cash Advance • Foreign Transaction | Either $10 or 5% of the amount of each cash advance, whichever is greater. None

Foreign Transaction: None.

Qualifications & exceptions

• The table row lists two items (Cash Advance, Foreign Transaction) and two values in that order; the fee section's "Foreign Transaction: None." confirms the mapping.

Not stated here

• This card concerns the fee only; how charges in a foreign currency are converted is covered separately in Part 3.

Charges & Financial Obligations · Company practice

Late payment fee is up to $40: $29 first, $40 if repeated within the next 6 billing periods

If American Express does not receive the Minimum Payment Due by its Payment Due Date, the late payment fee is $29. If this happens again within the next 6 billing periods, the fee is $40. The fee is listed as "up to $40". The late fee on a billing statement will not exceed the Minimum Payment Due on your prior billing statement.

Supporting quotations

Penalty Fees • Late Payment • Returned Payment • Overlimit | Up to $40. Up to $40. None

Late Payment: Up to $40. If we do not receive the Minimum Payment Due by its Payment Due Date, the fee is $29. If this happens again within the next 6 billing periods, the fee is $40. However, the late fee on a billing statement will not exceed the Minimum Payment Due on your prior billing statement.

Qualifications & exceptions

• The ceiling is the Minimum Payment Due on the prior billing statement.

Charges & Financial Obligations · Company practice

Returned payment fee is up to $40: $29 first, $40 if repeated within the same or next 6 billing periods

If a payment you make is returned unpaid the first time American Express presents it to your bank, the fee is $29. If this happens again within the same billing period or the next 6 billing periods, the fee is $40. The returned payment fee on a billing statement will not exceed the applicable Minimum Payment Due on your prior billing statement.

Supporting quotations

Penalty Fees • Late Payment • Returned Payment • Overlimit | Up to $40. Up to $40. None

Returned Payment: Up to $40. If you make a payment that is returned unpaid the first time we present it to your bank, the fee is $29. If you do this again within the same billing period or the next 6 billing periods, the fee is $40. However, the returned payment fee on a billing statement will not exceed the applicable Minimum Payment Due on your prior billing statement.

Qualifications & exceptions

• The ceiling is the applicable Minimum Payment Due on the prior billing statement.

Charges & Financial Obligations · Company practice

Returned check fee is $38 when a check cashed with the Card is returned unpaid

If you use your card to cash a check at one of the approved locations and the check is returned unpaid, the fee is $38, and American Express also charges you the unpaid amount.

Supporting quotations

Returned Check: $38 if you use your card to cash a check at one of our approved locations and the check is returned unpaid. We will also charge you the unpaid amount.

Qualifications & exceptions

• This fee is not in the summary Fees table; it appears only in the fee explanations.

Not stated here

• The source does not say which locations are approved.

Charges & Financial Obligations · Company practice

No overlimit fee

The Fees table and the fee explanations both give the Overlimit fee as None. The explanation points to the Credit Limit and Cash Advance Limit text in Part 1, which is carded with the credit limit section.

Supporting quotations

Penalty Fees • Late Payment • Returned Payment • Overlimit | Up to $40. Up to $40. None

Overlimit: None. See Credit Limit and Cash Advance Limit in Part 1.

Charges & Financial Obligations · Company practice

Account re-opening fee is $25 if a cancelled Account is re-opened at your request

A $25 fee applies if your Account is cancelled, you ask American Express to re-open it, and it does so.

Supporting quotations

Account Re-opening: $25 if your Account is cancelled, you ask us to re-open it, and we do so.

Qualifications & exceptions

• All three conditions are stated together: cancelled, you ask, and American Express re-opens it.

Cross-references

• contrast (model-proposed): You may close the Account; the annual fee is refunded only if you close within 30 days of the statement showing it — Part 1 states the $25 re-opening fee as applying if the Account is cancelled, you ask to re-open it and American Express does so; Part 3 says American Express "may" charge $25. The wording differs on whether the fee always applies; the source does not reconcile it.

Charges & Financial Obligations · Company practice

Fees are added to the purchase balance, except the cash advance fee goes to the Cash Advance balance

American Express adds fees to the purchase balance unless it tells you otherwise. The cash advance fee is the stated exception: it is added to the Cash Advance balance.

Supporting quotations

We add fees to a purchase balance, unless we tell you otherwise.

We will add this fee to the Cash Advance balance.

Qualifications & exceptions

• "Unless we tell you otherwise" leaves room for other treatment that is not described here.

Charges & Financial Obligations · Context

Interest uses the average daily balance method including new purchases

The Rates and Fees Table says American Express figures interest with the average daily balance method (including new purchases) and points to the "How we calculate interest" section in Part 2 for the details.

Supporting quotations

How we calculate interest: We use a method called average daily balance method (including new purchases). See the How we calculate interest section in Part 2.

Charges & Financial Obligations · Restriction or exception

Credit Limit and Cash Advance Limit: American Express may raise or lower them, and you must stay within them

American Express assigns a Credit Limit and may make part of it available for cash advances (the Cash Advance Limit). There may also be a limit on how much you can withdraw from ATMs in a given period. The limits are shown on page 1 of Part 1 and on each billing statement. American Express may increase or reduce either limit, even if you pay on time and your Account is not in default. You agree to manage your Account so that your Account balance (including fees and interest) is not more than your Credit Limit, and your cash advance balance (including fees and interest) is not more than your Cash Advance Limit.

Supporting quotations

We assign a Credit Limit to your Account. We may make part of your Credit Limit available for cash advances (Cash Advance Limit). There may also be a limit on the amount you can withdraw from ATMs in a given period.

The Credit Limit and Cash Advance Limit are shown on page 1 of Part 1 and on each billing statement. We may increase or reduce your Credit Limit and Cash Advance Limit. We may do so even if you pay on time and your Account is not in default. You agree to manage your Account so that:

your Account balance (including fees and interest) is not more than your Credit Limit, and

your cash advance balance (including fees and interest) is not more than your Cash Advance Limit

Qualifications & exceptions

• Both limits include fees and interest.
• The right to change a limit applies even when you pay on time and are not in default.

Not stated here

• The supplied agreement text does not show a Credit Limit or Cash Advance Limit amount, although it says they are shown on page 1 of Part 1 and on each billing statement.
• The source does not state any ATM withdrawal limit amount or period.

Charges & Financial Obligations · Restriction or exception

American Express may approve charges over your Credit Limit with no overlimit fee, and may ask you to pay the excess

American Express may approve charges that put your Account balance over your Credit Limit. If it does, it will not charge an overlimit fee. If it asks you to promptly pay the amount of your Account balance above your Credit Limit, you agree to do so. Separately, when the Minimum Payment Due is figured, up to 1/24th of any overlimit amount is added to it.

Supporting quotations

We may approve charges that cause your Account balance to go over your Credit Limit. If we do this, we will not charge an overlimit fee. If we ask you to promptly pay the amount of your Account balance above your Credit Limit, you agree to do so.

up to 1/24th of any overlimit amount

Qualifications & exceptions

• Approval of an over-limit charge is discretionary ("may").
• The overlimit amount can still increase the Minimum Payment Due, even though no overlimit fee is charged.

Charges & Financial Obligations · Restriction or exception

Person-to-person transactions are limited to $2,000 in any 30-day period

Your person-to-person transactions may not exceed $2,000 within any 30-day period, and you agree to manage your Account so that your total person-to-person transactions in any 30-day period do not exceed that Person-to-Person Limit. American Express may not approve a person-to-person transaction that would make your Account exceed the applicable person-to-person transaction limit or your Credit Limit. The Agreement defines a person-to-person transaction as a charge for funds sent to another person or a charge to add funds to your Amex Send Account.

Supporting quotations

Person-to-Person Limit: Your person-to-person transactions may not exceed $2,000 within any 30-day period. You agree to manage your Account so that the total of your person-to-person transactions in any 30-day period do not exceed the Person-to-Person Limit.

We may not approve a person-to-person transaction if it would cause your Account to exceed the applicable person-to-person transaction limit or your Credit Limit.

A person-to-person transaction is a charge for funds sent to another person or a charge to add funds to your Amex SendTM Account.

Qualifications & exceptions

• The $2,000 figure applies within any 30-day period.
• Person-to-person transactions are also not "eligible purchases" for earning miles (see the reward program cards).

Not stated here

• The source refers to "the applicable person-to-person transaction limit" and does not say whether any limit other than the $2,000 per 30-day figure applies.

Charges & Financial Obligations · Procedure

Minimum Payment Due: the highest of three amounts, plus penalty fees, plan payments and past-due amounts

To calculate the Minimum Payment Due for each billing statement, American Express starts with the highest of: (1) interest charged on the statement plus 1% of the New Balance (excluding any interest, penalty fees, overlimit amount, and plan balances); (2) 2% of the New Balance (excluding any penalty fees, overlimit amount, and plan balances); or (3) $40. It then adds any penalty fees shown on the statement, up to 1/24th of any overlimit amount, any plan payment due, and any amount past due. The Minimum Payment Due will not exceed your New Balance, and you may pay more than it, up to your New Balance, at any time.

Supporting quotations

To calculate the Minimum Payment Due for each billing statement, we start with the highest of:

Interest charged on the billing statement plus 1% of the New Balance (excluding any interest, penalty fees, overlimit amount, and plan balances); or

2% of the New Balance (excluding any penalty fees, overlimit amount, and plan balances); or

$40.

Then we add any penalty fees shown on the billing statement, up to 1/24th of any overlimit amount, any plan payment due, and any amount past due.

Your Minimum Payment Due will not exceed your New Balance. You may pay more than the Minimum Payment Due, up to your New Balance, at any time.

Qualifications & exceptions

• The three starting amounts each exclude different items, as listed in the source.
• The Minimum Payment Due is capped at the New Balance.

Charges & Financial Obligations · Context

Worked example: a $2,900 New Balance with $29.57 interest gives a $58.27 starting minimum payment

The agreement's example assumes a New Balance of $2,900, interest of $29.57, and no active plans, overlimit amount, penalty fees, or amounts past due. The three amounts are $58.27 ($29.57 plus 1% of $2,900 minus $29.57), $58 (2% of $2,900) and $40, and the highest is $58.27. The source adds that if the account has any active plans, overlimit amount, penalty fees, or amounts past due, the Minimum Payment Due will be higher.

Supporting quotations

EXAMPLE: Assume that your New Balance is $2,900, interest is $29.57, and you have no active plans, overlimit amount, penalty fees, or amounts past due.

$29.57 plus 1% multiplied by ($2,900 minus $29.57) equals $58.27

$58 (2% of $2,900)

$40

The highest of 1., 2., or 3. is $58.27. If your account has any active plans, overlimit amount, penalty fees, or amounts past due, your Minimum Payment Due will be higher.

Qualifications & exceptions

• The example is illustrative and depends on the assumptions it states.

Charges & Financial Obligations · User right or choice

Interest Free Period on purchases: pay your New Balance by the Payment Due Date

You are not charged interest on purchases while you are in an Interest Free Period. Your account enters one when you pay your New Balance as shown on your statement by the Payment Due Date, or if your account had no previous balance. When your account is not in an Interest Free Period, interest is charged on purchases from the date of the transaction. After you enter an Interest Free Period again, interest may appear on your next billing statement, reflecting interest charged from the beginning of that billing cycle through the date the payment was received. With an active Plan It plan, you can enter an Interest Free Period by paying at least the Balance Adjusted for Plans (or Adjusted Balance) by the Payment Due Date.

Supporting quotations

You are not charged interest on purchases when you are in an Interest Free Period.

Your account enters an Interest Free Period when you pay your New Balance as shown on your statement by the Payment Due Date or your account had no previous balance.

When your account is not in an Interest Free Period, we charge interest on purchases from the date of the transaction.

After you enter an Interest Free Period again, interest may appear on your next billing statement. This reflects interest charged from the beginning of that billing cycle through the date the payment was received.

If you have an active plan created through Plan It, you can enter an Interest Free Period by paying at least the Balance Adjusted for Plans (or Adjusted Balance) by the Payment Due Date.

For more details about how we calculate your interest charges, see the How we calculate interest section of this agreement.

Qualifications & exceptions

• The Interest Free Period applies to purchases; the source separately says Balance Transfers and Cash Advances do not have one.
• The source points to the "How we calculate interest" section for how interest is figured.

Charges & Financial Obligations · Company practice

Balance transfers and cash advances are charged interest from the transaction date with no Interest Free Period

Balance Transfers and Cash Advances are charged interest from the date of the transaction and do not have an Interest Free Period.

Supporting quotations

Balance Transfers and Cash Advances will be charged interest from the date of the transaction and do not have an Interest Free Period.

Qualifications & exceptions

• Whether balance transfers are offered at all is addressed in Part 2 (see the "Using the Card" card).

Not stated here

• The Rates and Fees Table in this Part 1 lists no separate APR or fee for balance transfers, so the supplied text does not say what rate applies to them.

Charges & Financial Obligations · Permission or license

Plan It: pay selected purchases over time through a plan balance that carries a monthly plan fee

American Express may offer Plan It, which allows you to create a payment plan for qualifying purchases or a qualifying amount, subject to a plan fee that is a fixed finance charge charged each month a plan is active. You select the qualifying purchases or amount and a plan duration, and you can view the monthly plan payments, including the plan fee, for your selection. Each plan fee is disclosed before you create the plan and is based on the plan duration, the APR that would otherwise apply to the purchase amount(s), and other factors. A qualifying purchase for Plan It is a purchase of at least a specified dollar amount; a qualifying amount is a specified portion of your balance.

Supporting quotations

About Plan It: We may offer you Plan It, which allows you to create a payment plan for qualifying purchases or a qualifying amount, subject to a plan fee. This fee is a fixed finance charge that will be charged each month that a plan is active.

You may use this feature by selecting qualifying purchases or a qualifying amount and a plan duration. You will be able to view the monthly plan payments, including the plan fee, for your selection. Each plan fee will be disclosed before you create the applicable plan and will be based on the plan duration, the APR that would otherwise apply to the purchase amount(s), and other factors. When you set up a plan, the purchases or amount will be added to a plan balance and will be subject to a plan fee instead of the APR for purchases. A qualifying purchase for Plan It is a purchase of at least a specified dollar amount. A qualifying amount for Plan It is a specified portion of your balance.

Qualifications & exceptions

• Plan It is something American Express "may offer".
• Plan fee detail is on the Rates and Fees Table (up to 1.33% monthly).

Not stated here

• The specified dollar amount for a qualifying purchase and the specified portion for a qualifying amount are not given in the supplied text.

Cross-references

• qualified by (model-proposed): Plan It excludes cash, cash equivalents, balance transfers, purchases with Foreign Transaction Fees and fees owed — The exclusions limit which purchases or amounts can be placed in a Plan It plan.

Charges & Financial Obligations · Restriction or exception

Plan It excludes cash, cash equivalents, balance transfers, purchases with Foreign Transaction Fees and fees owed

Qualifying purchases (or a qualifying amount, if you have a Card with a Credit Limit) do not include purchases of cash or cash equivalents, balance transfers (if offered), purchases subject to Foreign Transaction Fees, or any fee owed to American Express, such as Annual Fees.

Supporting quotations

Qualifying purchases (or a qualifying amount, if you have a Card with a Credit Limit) do not include purchases of cash or cash equivalents, balance transfers (if offered), purchases subject to Foreign Transaction Fees, or any fee owed to us, such as Annual Fees.

Qualifications & exceptions

• The exclusions are written for qualifying purchases or, if you have a Card with a Credit Limit, a qualifying amount.

Not stated here

• Part 1 of this Agreement lists the Foreign Transaction fee for this Card as None; the source does not say how the exclusion for "purchases subject to Foreign Transaction Fees" applies to this Card.

Cross-references

• qualifies (model-proposed): Plan It: pay selected purchases over time through a plan balance that carries a monthly plan fee — The exclusions limit which purchases or amounts can be placed in a Plan It plan.

Charges & Financial Obligations · User right or choice

Plans cannot be cancelled once created; paying the New Balance in full pays a plan off early with no further plan fees

Plans cannot be cancelled after they have been created, but you can choose to pay them early by paying the New Balance shown on your most recent billing statement in full. If you pay a plan off early, you will not incur any future plan fees on that plan.

Supporting quotations

Plans cannot be cancelled after they have been created but you can choose to pay them early by paying the New Balance shown on your most recent billing statement in full. If you pay a plan off early, you will not incur any future plan fees on that plan.

Qualifications & exceptions

• Early payoff is done by paying the New Balance shown on the most recent billing statement in full.

Charges & Financial Obligations · Company practice

You promise to pay all charges, including those by Additional Card Members or others you permit

You promise to pay all charges added to your Account, including charges that you or your Additional Card Members make, or permit others to make, even if you or they do not present the Card or sign for the transaction. You must pay at least the Minimum Payment Due on or before the Payment Due Date, in the time and manner shown on each billing statement.

Supporting quotations

Promise to pay: You promise to pay all charges added to your Account, including charges that you or your Additional Card Members make, or permit others to make, even if you or they do not present the Card or sign for the transaction. When you must pay: You must pay at least the Minimum Payment Due on or before the Payment Due Date in the time and manner shown on each billing statement.

Charges & Financial Obligations · Procedure

Payments must be in U.S. dollars by single check, negotiable instrument or electronic payment; mail rules apply

Payments must be made in U.S. dollars with a single check drawn on a U.S. bank, a single negotiable instrument clearable through the U.S. banking system (for example a money order), or an electronic payment that can be cleared through the U.S. banking system. When paying by mail, make a separate payment for each Account, mail it to the address shown on the payment coupon on your billing statement, and write your Account number on your check or negotiable instrument and include the payment coupon.

Supporting quotations

How to make payments: Make payments to us in U.S. dollars with:

a single check drawn on a U.S. bank, or

a single negotiable instrument clearable through the U.S. banking system, for example a money order, or

an electronic payment that can be cleared through the U.S. banking system.

When making a payment by mail:

make a separate payment for each Account,

mail your payment to the address shown on the payment coupon on your billing statement, and

write your Account number on your check or negotiable instrument and include the payment coupon.

Charges & Financial Obligations · Company practice

A conforming payment is credited the day received; a late or non-conforming payment may be credited later

If your payment meets the stated requirements, American Express credits it to your Account as of the day it receives it, as long as it receives it by the time and in the manner disclosed in your billing statement. If it receives the payment after that time, it credits the payment on the day after it receives it. If your payment does not meet the requirements, there may be a delay in crediting your Account, which may result in late payment fees and additional interest charges. "To pay by a certain date" means your payment must be received and credited to your Account by that date.

Supporting quotations

If your payment meets the above requirements, we will credit it to your Account as of the day we receive it, as long as we receive it by the time and in the manner disclosed in your billing statement. If we receive it after that time, we will credit the payment on the day after we receive it.

If your payment does not meet the above requirements, there may be a delay in crediting your Account. This may result in late payment fees and additional interest charges (see the How Rates and Fees Work in Part 1).

To pay by a certain date means to send your payment so that we receive it and credit it to your Account by that date.

Qualifications & exceptions

• The cut-off time and manner are those disclosed in each billing statement, not stated in this Agreement.

Not stated here

• The cut-off time is not given in the Agreement text.

Charges & Financial Obligations · Restriction or exception

Foreign-currency and non-U.S.-bank payments are refused; accepting a late, partial or restricted payment waives nothing

American Express will not accept a payment made in a foreign currency or a payment drawn on an account at a bank located outside of the U.S. If it processes a late payment, a partial payment, or a payment marked with any restrictive language, that has no effect on its rights and does not change the Agreement.

Supporting quotations

We will not accept a payment made in a foreign currency or a payment drawn on an account at a bank located outside of the U.S. If we process a late payment, a partial payment, or a payment marked with any restrictive language, that will have no effect on our rights and will not change this Agreement.

Charges & Financial Obligations · Procedure

Payments go first to plan amounts and the lowest-rate balance up to the minimum, then to the highest-rate balance

If your Account has balances with different interest rates, Plan balances, or Plan fees, payments are generally applied in a billing period as follows. Payments up to the Minimum Payment Due go first to any Plan amounts included in the Minimum Payment Due, then to the balance subject to the lowest interest rate, and then to balances subject to higher interest rates. After the Minimum Payment Due has been paid, payments go to the balance subject to the highest interest rate, then to balances subject to lower interest rates, and then to any Plan balances.

Supporting quotations

How we apply payments and credits: Your Account may have balances with different interest rates. For example, purchases may have a lower interest rate than cash advances. Your Account may also have Plan balances which are assessed Plan fees. If your Account has balances with different interest rates, Plan balances, or Plan fees, here is how we generally apply payments in a billing period:

We apply your payments, up to the Minimum Payment Due, first to any Plan amounts included in your Minimum Payment Due, then to the balance subject to the lowest interest rate, and then to balances subject to higher interest rates.

After the Minimum Payment Due has been paid, we apply your payments to the balance subject to the highest interest rate, then to balances subject to lower interest rates, and then to any Plan balances.

Qualifications & exceptions

• The source says "generally": this is how American Express generally applies payments, and it may apply payments within balances in any order it chooses (see the credits card).
• The text notes that purchases may have a lower interest rate than cash advances.

Charges & Financial Obligations · Procedure

Credits usually go to the balance of the related charge; credits for plan purchases need a call to apply to the plan

In most cases, American Express applies a credit to the same balance as the related charge; for example, a credit for a purchase is applied to the purchase balance. It may apply payments and credits within balances, and among balances with the same interest rate, in any order it chooses. If there is a negative balance in any balance at the end of a billing period, that excess credit is redistributed to other balances in accordance with how payments are applied, so in certain circumstances Plan balances may get paid before they otherwise would. If you receive a credit for a purchase placed into a plan, you must call the number on the back of your Card to have the credit applied to the Plan balance.

Supporting quotations

In most cases, we apply a credit to the same balance as the related charge. For example, we apply a credit for a purchase to the purchase balance. We may apply payments and credits within balances, and among balances with the same interest rate, in any order we choose. If there is a negative balance in any balance on the account at the end of a billing period, that excess credit will be redistributed to other balances in accordance with how we apply payments described above. This means that in certain circumstances, Plan balances may get paid before they otherwise would. If you receive a credit for a purchase placed into a plan, you must call us at the number on the back of your Card to have the credit applied to the Plan balance.

Qualifications & exceptions

• "In most cases" is the source's wording; it does not make the rule universal.

Charges & Financial Obligations · Procedure

Interest is figured balance by balance using the Average Daily Balance method including new transactions

American Express calculates interest for a billing period by first figuring the interest on each balance. Different categories of transactions, such as purchases and cash advances, may have different interest rates, and balances within each category may also have different rates. It uses the Average Daily Balance method (including new transactions) for each balance, and the total interest for a billing period is the sum of the interest charged on each balance. Except for rounding, the interest for a balance is the Average Daily Balance (ADB) multiplied by the Daily Periodic Rate (DPR) multiplied by the number of days in the billing period.

Supporting quotations

How we calculate interest: We calculate interest for a billing period by first figuring the interest on each balance. Different categories of transactions--such as purchases and cash advances--may have different interest rates. Balances within each category may also have different interest rates.

We use the Average Daily Balance method (including new transactions) to figure interest charges for each balance. The total interest charged for a billing period is the sum of the interest charged on each balance.

Interest: The interest charged for a balance in a billing period, except for variations caused by rounding, equals:

Average Daily Balance (ADB) multiplied by

Daily Periodic Rate (DPR) multiplied by

number of days in the billing period.

Qualifications & exceptions

• Interest is calculated separately for each balance and then added up.

Not stated here

• The published agreement does not list the DPR values for this Card; this card does not compute them.

Charges & Financial Obligations · Context

ADB is the sum of daily balances divided by days in the period; a DPR is 1/365th of an APR

To get the Average Daily Balance (ADB) for a balance, American Express adds up its daily balances and divides the result by the number of days in the billing period. A Daily Periodic Rate (DPR) is 1/365th of an APR, rounded to one ten-thousandth of a percentage point. The source says "Your DPRs are shown in How Rates and Fees Work in Part 1", but the published agreement does not show any DPR values there: the Part 1 Rates and Fees Table gives APRs as Prime Rate plus a margin, and the How Rates and Fees Work section explains variable rates and the Prime Rate and refers to "corresponding DPRs" without listing them.

Supporting quotations

ADB: To get the ADB for a balance, we add up its daily balances. Then we divide the result by the number of days in the billing period.

DPR: A DPR is 1/365th of an APR, rounded to one ten-thousandth of a percentage point. Your DPRs are shown in How Rates and Fees Work in Part 1.

How Rates and Fees Work

variable APRs (and corresponding DPRs) will increase

Qualifications & exceptions

• The DPR is defined only as 1/365th of an APR, rounded to one ten-thousandth of a percentage point; the source does not give a dollar or percentage DPR for this Card.

Not stated here

• The reference "Your DPRs are shown in How Rates and Fees Work in Part 1" has no matching DPR values in the published agreement. The published agreement does not list them; this analysis does not compute DPRs from the APRs or import them from another agreement or a personal Part 1.

Cross-references

• refers to (model-proposed): Variable APRs rise with the Prime Rate, from the first day of that billing period, up to 29.99% — The variable-rate explanation mentions "corresponding DPRs" and the DPR definition says DPRs are shown in Part 1; the published agreement lists no DPR values, a publisher omission stated on both cards.

Charges & Financial Obligations · Context

Worked interest example: 15.99% rate, $2,250 ADB, 30 days gives $29.57 (illustrative assumption)

The agreement's example assumes a single interest rate of 15.99%, an ADB of $2,250 and 30 days in the billing period. The DPR is 15.99% divided by 365 days, which equals 0.0438%, and the interest is $2,250 multiplied by 0.0438% multiplied by 30 days, which equals $29.57.

Supporting quotations

EXAMPLE: Calculating Interest

Assume that you have a single interest rate of 15.99%, your ADB is $2,250 and there are 30 days in the billing period. The DPR is 15.99% divided by 365 days equals 0.0438%

The Interest is $2,250 multiplied by 0.0438% multiplied by 30 days equals $29.57

Qualifications & exceptions

• The 15.99% rate, the balance and the number of days are the example's assumptions; they are not this Card's stated APRs or a promise about any account.

Charges & Financial Obligations · Procedure

Daily balances: new charges count from their transaction date; interest compounds daily

American Express figures the daily balance for each balance by taking the beginning balance for the day, adding any new charges, subtracting any payments or credits, and making any appropriate adjustments. A new charge is added to a daily balance as of its transaction date, and a negative daily balance is treated as zero. For the first day of a billing period, the beginning balance is the ending balance for the prior billing period, including unpaid interest. For the rest of the period, the beginning balance is the previous day's daily balance plus interest equal to the previous day's daily balance multiplied by the DPR for that balance. The source says this method results in daily compounding of interest.

Supporting quotations

Daily Balance: We figure the daily balance for each balance by:

taking the beginning balance for the day,

adding any new charges,

subtracting any payments or credits; and

making any appropriate adjustments.

We add a new charge to a daily balance as of its transaction date. If the daily balance is negative, we treat it as zero. Beginning balance: For the first day of a billing period, the beginning balance is the ending balance for the prior billing period, including unpaid interest. For the rest of the billing period, the beginning balance is the previous day's daily balance plus an amount of interest equal to the previous day's daily balance multiplied by the DPR for that balance. This method of figuring the beginning balance results in daily compounding of interest.

Qualifications & exceptions

• A negative daily balance is treated as zero.

Charges & Financial Obligations · Permission or license

American Express may use other equivalent interest methods and may choose not to charge interest on some charges

To figure the ADB and interest charges, American Express may use other formulas or methods that produce equivalent results. It may also choose not to charge interest on certain types of charges.

Supporting quotations

Other methods: To figure the ADB and interest charges, we may use other formulas or methods that produce equivalent results. Also, we may choose not to charge interest on certain types of charges.

Qualifications & exceptions

• Other methods must "produce equivalent results".

Not stated here

• The source does not say which types of charges might carry no interest.

Charges & Financial Obligations · Company practice

Foreign-currency charges are converted to U.S. dollars by AEEML at a rate acceptable to American Express

If you make a charge in a foreign currency, AE Exposure Management Ltd. ("AEEML") converts it into U.S. dollars on the date American Express or its agents process it, and you are billed in U.S. dollars based on that conversion. Unless a particular rate is required by law, AEEML chooses a conversion rate that is acceptable to American Express for that date. The rate AEEML uses is no more than the highest official rate published by a government agency or the highest interbank rate AEEML identifies from customary banking sources on the conversion date or the prior business day. This rate may differ from rates in effect on the date of your charge. Charges converted by establishments (such as airlines) are billed at the rates they use.

Supporting quotations

Converting charges made in a foreign currency: If you make a charge in a foreign currency, AE Exposure Management Ltd. ("AEEML") will convert it into U.S. dollars on the date we or our agents process it, so that we bill you for the charge in U.S. dollars based upon this conversion. Unless a particular rate is required by law, AEEML will choose a conversion rate that is acceptable to us for that date. The rate AEEML uses is no more than the highest official rate published by a government agency or the highest interbank rate AEEML identifies from customary banking sources on the conversion date or the prior business day. This rate may differ from rates that are in effect on the date of your charge. We will bill charges converted by establishments (such as airlines) at the rates they use.

Qualifications & exceptions

• The conversion happens on the date of processing, not necessarily the date of the charge.
• Part 1 lists the Foreign Transaction fee as None; this paragraph is about the exchange rate, not a fee.

Not stated here

• The conversion rate itself is not stated in the Agreement.

Charges & Financial Obligations · Context

Oregon notice: service charges not above those permitted by law; you may pay more than the minimum any time

The Notice to Oregon Residents says service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month. It also says you may pay more than the Minimum Payment Due, up to your entire outstanding balance, at any time.

Supporting quotations

Notice to Oregon Residents: Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month. You may pay more than the Minimum Payment Due, up to your entire outstanding balance, at any time.

Qualifications & exceptions

• This is a notice addressed to Oregon residents.

Not stated here

• The source does not say how a person is determined to be an Oregon resident for this notice.

Charges & Financial Obligations · User right or choice

Washington notice: no interest solely caused by a merchant's failure to send a return credit within seven working days

The Notice for residents of Washington State, citing the Revised Code of Washington, Section 63.14.167, says you are not responsible for payment of interest charges that result solely from a merchant's failure to transmit to American Express within seven working days a credit for goods or services accepted for return or forgiven, if you have notified American Express of the merchant's delay in posting such credit, or from its own failure to post such credit to your Account within three working days of its receipt of the credit.

Supporting quotations

Notice for residents of Washington State: In accordance with the Revised Code of Washington Statutes, Section 63.14.167, you are not responsible for payment of interest charges that result solely from a merchant's failure to transmit to us within seven working days a credit for goods or services accepted for return or forgiven if you have notified us of the merchant's delay in posting such credit, or our failure to post such credit to your Account within three working days of our receipt of the credit.

Qualifications & exceptions

• The notice applies to residents of Washington State and requires that you have notified American Express of the merchant's delay.
• The statutory citation is quoted as written; this card does not supply or interpret the cited law.

Not stated here

• The text of the cited Washington statute is not supplied here; the source states the effect in its own words.
• The sentence does not make clear whether the condition "if you have notified us of the merchant's delay" also applies to the second ground, American Express's own failure to post the credit within three working days; the source does not say.

Charges & Financial Obligations · Restriction or exception

If you dispute a charge with a merchant, a credit to you transfers your claims against the merchant to American Express

If you dispute a charge with a merchant, American Express may credit the Account for all or part of the disputed charge. If it does, you assign and transfer to it all rights and claims (excluding tort claims) against the merchant, you agree you will not pursue any claim against the merchant for the credited amount, and you must cooperate with American Express if it decides to pursue the merchant.

Supporting quotations

Disputed charges: If you dispute a charge with a merchant, we may credit the Account for all or part of the disputed charge. If we do so, you assign and transfer to us all rights and claims (excluding tort claims) against the merchant. You agree that you will not pursue any claim against the merchant for the credited amount. And you must cooperate with us if we decide to do so.

Qualifications & exceptions

• Tort claims are excluded from the assignment.
• The assignment follows a credit for "all or part" of the charge and relates to the credited amount.

Not stated here

• The source does not describe the process for raising or deciding a dispute in this paragraph.

Charges & Financial Obligations · Company practice

You agree to pay reasonable collection costs, including attorneys' fees

You agree to pay all reasonable costs, including attorneys' fees, that American Express incurs to collect amounts you owe.

Supporting quotations

Collection costs: You agree to pay all reasonable costs, including attorneys' fees, that we incur to collect amounts you owe.

Qualifications & exceptions

• Only "reasonable" costs are covered.

Charges & Financial Obligations · User right or choice

You may close the Account; the annual fee is refunded only if you close within 30 days of the statement showing it

You may close your Account by calling or writing to American Express. If an Annual Fee applies, it will refund the fee if you notify it that you are voluntarily closing your Account within 30 days after the Closing Date of the billing statement on which that fee appears. For cancellations after this 30-day period, the Annual Fee is non-refundable. The source then says: "If your billing address is in the Commonwealth of Massachusetts at the time you close your Account, this policy will not apply to you." If your account is cancelled and American Express re-opens it at your request, it may charge you a $25 fee.

Supporting quotations

You may close your Account by calling us or writing to us. If an Annual Fee applies, we will refund this fee if you notify us that you are voluntarily closing your Account within 30 days after the Closing Date of the billing statement on which that fee appears. For cancellations after this 30-day period, the Annual Fee is non-refundable. If your billing address is in the Commonwealth of Massachusetts at the time you close your Account, this policy will not apply to you. If your account is cancelled and we re-open it at your request, we may charge you a $25 fee.

Qualifications & exceptions

• The refund depends on notifying American Express within 30 days after the Closing Date of the statement on which the fee appears.
• Part 1 states the re-opening fee as $25 if the Account is cancelled, you ask to re-open it and American Express does so; this paragraph says it "may" charge $25.

Not stated here

• The Massachusetts sentence says "this policy will not apply to you" without saying which policy (the 30-day refund window or the non-refundable rule) or what applies instead; the source does not say, so this card does not infer it.

Cross-references

• contrast (model-proposed): Account re-opening fee is $25 if a cancelled Account is re-opened at your request — Part 1 states the $25 re-opening fee as applying if the Account is cancelled, you ask to re-open it and American Express does so; Part 3 says American Express "may" charge $25. The wording differs on whether the fee always applies; the source does not reconcile it.
• referred to by (model-proposed): You are responsible for all use by Additional Card Members and anyone they allow; they may receive Account information — The Additional Card Member card points to the refund policy in the Closing or suspending your Account sub-section, which is the Part 3 annual-fee refund text.

Charges & Financial Obligations · Permission or license

Paying by check authorizes a one-time electronic debit, possibly the same day, and the check is not returned

When you pay American Express by check, you authorize it to use information from your check (such as routing number, account number and check serial number) to make a one-time electronic fund transfer from your bank or other asset account. When it does this, your payment may be withdrawn from your bank or other asset account as soon as the same day it receives your check, and you will not receive that check back from your bank or financial institution. In certain circumstances, it may process your payment as a check transaction.

Supporting quotations

When you pay us by check; permission for electronic debit: When you pay us by check, you authorize us to use information from your check (such as routing number, account number and check serial number) to make a one-time electronic fund transfer from your bank or other asset account.

When we do this, your payment may be withdrawn from your bank or other asset account as soon as the same day we receive your check, and you will not receive that check back from your bank or financial institution. In certain circumstances, we may process your payment as a check transaction.

Qualifications & exceptions

• The authorization is for a one-time electronic fund transfer.
• "In certain circumstances" it may process the payment as a check transaction instead; the circumstances are not listed.

Not stated here

• The source does not say which circumstances lead to processing as a check transaction.