Amex EveryDay® Preferred Credit Card Agreement

Charges & Financial Obligations · Company practice

Purchase and balance transfer APRs are variable: Prime Rate plus 12.74% to 21.74%

The APR for purchases is the Prime Rate plus a margin between 12.74% and 21.74%. The APR for balance transfers uses the same range, and applies to "any balance transfer requests we may accept", so balance transfers are not guaranteed. Both are variable, meaning they move with the Prime Rate (see the Explanation of Variable Rates).

Supporting quotations

Prime Rate + 12.74% to Prime Rate + 21.74% This is a variable APR. See Explanation of Variable Rates below.

Prime Rate + 12.74% to Prime Rate + 21.74% for any balance transfer requests we may accept.

Qualifications & exceptions

• The rates are stated as a range; the table does not say which margin within the range applies to a given account or what it depends on.
• Balance transfers are only available if the issuer accepts the request.

Not stated here

• The Prime Rate value and the resulting numeric APR are not given in this agreement.
• The factors that decide where in the 12.74% to 21.74% range an account falls are not stated.

Cross-references

• qualified by (model-proposed): Variable APRs rise with the Prime Rate, take effect at the start of the billing period, and will not exceed 29.99% — The variable-rate explanation says how the Prime Rate margin APRs move and caps variable APRs at 29.99%.
• defined by (model-proposed): The Prime Rate is the highest U.S. Prime Rate in The Wall Street Journal on the Closing Date — Prime Rate, the base for the APR margins in the table, is defined as the highest U.S. Prime Rate in The Wall Street Journal on the Closing Date.

Charges & Financial Obligations · Company practice

Cash advance APR is variable: Prime Rate plus 21.99%

Cash advances carry a variable APR of the Prime Rate plus 21.99%, a higher margin than purchases. What counts as a cash advance is defined in Part 2 and is broad: it includes cash equivalents such as travelers cheques, gift cheques, foreign currency, money orders, digital currency, casino gaming chips, race track wagers and other offline and online betting transactions.

Supporting quotations

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

A cash advance is a charge to get cash or cash equivalents, including travelers cheques, gift cheques, foreign currency, money orders, digital currency, casino gaming chips, race track wagers, and other offline and online betting transactions.

Qualifications & exceptions

• The higher cash advance APR applies to charges that fit the Part 2 definition of a cash advance, not only to ATM withdrawals.

Not stated here

• The numeric APR is not given because the Prime Rate value is not stated.

Cross-references

• defined by (model-proposed): Definitions of charge, purchase, cash advance, balance transfer, person-to-person transaction, plan and pay by — The Part 2 definition of cash advance sets which charges carry the cash advance APR.

Charges & Financial Obligations · Company practice

A Penalty APR of Prime Rate plus 26.74% may be applied to new Transactions for missed or returned payments

American Express reserves the right to apply a variable Penalty APR (Prime Rate plus 26.74%) 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 (in which case it says it will notify you). If applied, it lasts at least 6 months. The account is reviewed every 6 months after that, and the Penalty APR continues until you have made timely payments with no returned payments during the 6 months being reviewed.

Supporting quotations

Prime Rate + 26.74% This is a variable APR.

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.

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

• Phrased as a right ("We have the right to apply"), so application is at American Express's choice, not automatic.
• Applies to new Transactions, not stated to reach existing balances.
• The 29.99% cap in the Explanation of Variable Rates applies to variable APRs generally; this table does not say how that cap interacts with this margin.

Not stated here

• The numeric Penalty APR is not given because the Prime Rate value is not stated.

Charges & Financial Obligations · Company practice

No purchase interest if the full balance is paid by the due date; cash advances and transfers accrue from day one

The table says the Due Date is at least 25 days after each billing period closes. Interest is not charged on purchases if you pay your entire balance (or, with a plan outstanding, your balance adjusted for plans) by the due date. Interest on cash advances and balance transfers begins on the transaction date, so they have no interest-free period. The full conditions for the interest-free period are in the "When We Charge Interest (Grace Period)" section.

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.

We will begin charging interest on cash advances and balance transfers on the transaction 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

• The purchase grace period depends on paying the entire balance each month.
• This is a summary; the detailed rules sit in the grace period section.

Charges & Financial Obligations · Company practice

Plan It carries a monthly Plan Fee of up to 1.33%, a fixed finance charge

If you put purchases or an amount into a payment plan, a Plan Fee applies each month the plan is active, up to 1.33% of each purchase or amount placed in the plan. It depends on plan duration, the APR that would otherwise apply, and other factors. It is a fixed finance charge. The dollar amount is disclosed before you set up a plan, and purchases in a plan are subject to the plan fee instead of the APR for purchases.

Supporting quotations

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 1.33% is a maximum ("up to"); the actual fee varies by plan duration, the otherwise-applicable APR and other factors.
• Plans are offered at American Express's discretion (see About Plan It in Part 2).

Not stated here

• The factors beyond duration and APR that set the fee are not listed.

Charges & Financial Obligations · Company practice

The annual fee is $95; no annual fee for additional cards; refundable on closure within 30 days

The annual fee for this card is $95. The annual fee for additional cards is none. Part 3 allows a refund of the annual fee if you voluntarily close the account within 30 days after the Closing Date of the statement on which the fee appears. After 30 days it is non-refundable, and the policy does not apply if your billing address is in Massachusetts at the time you close the account.

Supporting quotations

Annual Fee | $95

Annual Fee for Additional Cards: None.

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

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.

Qualifications & exceptions

• The refund requires voluntary closure and notice within 30 days after the Closing Date of the statement showing the fee.
• The refund policy does not apply to accounts with a Massachusetts billing address at closing.

Charges & Financial Obligations · Company practice

Fees are added to the purchase balance unless American Express says otherwise

Fees are generally added to your purchase balance, unless American Express tells you otherwise. Balance transfer and cash advance fees are stated to go elsewhere (see their own card), so this default does not cover them.

Supporting quotations

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

Qualifications & exceptions

• The balance transfer and cash advance fees are placed on their own balances according to the Fees section.

Not stated here

• The text does not say how "tell you otherwise" is done or which fees it has been used for.

Charges & Financial Obligations · Company practice

Balance transfer fee is 3% (minimum $5); cash advance fee is 5% (minimum $10)

The table lists transaction fees of either $5 or 3% of each balance transfer, whichever is greater, and either $10 or 5% of each cash advance, whichever is greater. The Fees section confirms this: the cash advance percentage is figured on the transaction including any ATM operator fees. The balance transfer fee is a finance charge added to the balance transfer balance, and the cash advance fee is added to the Cash Advance balance. A different balance transfer fee may apply if a promotional offer or the transaction says so.

Supporting quotations

Either $5 or 3% of the amount of each transfer, whichever is greater. Either $10 or 5% of the amount of each cash advance, whichever is greater.

Balance Transfer: 3% of the transaction, with a minimum of $5. A different fee may apply if stated in a promotional offer or at the time of a transaction. This fee is a finance charge. We will add it to the same balance as the balance transfer.

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

• In the table the three fee amounts appear in one cell in the same order as the three labels (Balance Transfer, Cash Advance, Foreign Transaction); the Fees section restates the same amounts by name.
• A different balance transfer fee may apply under a promotional offer or at the time of the transaction.

Not stated here

• The terms of any promotional offer that sets a different balance transfer fee are not supplied.

Charges & Financial Obligations · Company practice

Foreign transaction fee is 2.7% of the converted U.S. dollar amount

A foreign transaction fee of 2.7% applies to each transaction after it is converted to U.S. dollars. The Fees section points to Part 2 (the section on converting charges made in a foreign currency) for how conversion works.

Supporting quotations

2.7% of each transaction after conversion to US dollars.

Foreign Transaction: 2.7% of the converted U.S. dollar amount. See Converting charges made in a foreign currency in Part 2.

Charges & Financial Obligations · Company practice

Late payment fee is up to $40: $29 first, $40 on a repeat within 6 billing periods, capped by prior Minimum Payment

The late payment fee is "up to $40". If American Express does 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. The late fee on a billing statement will not exceed the Minimum Payment Due on your prior billing statement.

Supporting quotations

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 table row lists Late Payment, Returned Payment and Overlimit in that order with values "Up to $40. Up to $40. None", so the first "Up to $40" is the late payment fee.
• The $40 tier applies only to a repeat within the next 6 billing periods.

Charges & Financial Obligations · Company practice

Returned payment fee is up to $40: $29 first, $40 on repeat, capped by the prior Minimum Payment Due

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 fee on a statement will not exceed the applicable Minimum Payment Due on your prior 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 $40 tier applies to a repeat in the same billing period or the next 6 billing periods.

Charges & Financial Obligations · Company commitment

There is no overlimit fee

The table lists the overlimit penalty fee as "None".

Supporting quotations

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

Qualifications & exceptions

• The Minimum Payment Due calculation can still add part of any overlimit amount (see the Minimum Payment Due card).

Cross-references

• contrast (model-proposed): Minimum Payment Due: highest of three amounts, plus penalty fees, plan payments and past-due amounts — The table lists no overlimit fee, yet the Minimum Payment Due calculation adds up to 1/24th of any overlimit amount. These are different things (a fee versus an amount past the limit), pulling in different directions for what a Card Member owes.

Charges & Financial Obligations · Procedure

Interest uses the average daily balance method including new purchases

Part 1 summarizes the interest method: American Express uses the average daily balance method, including new purchases, and points to the "How we calculate interest" section in Part 2 for details.

Supporting quotations

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 · Company practice

Variable APRs rise with the Prime Rate, take effect at the start of the billing period, and will not exceed 29.99%

If the Prime Rate increases, variable APRs (and corresponding DPRs) will increase, so you may pay more interest and may have a higher Minimum Payment Due. Prime Rate changes take effect as of the first day of the billing period during which the Prime Rate changed. Variable APRs will not exceed 29.99%. The text mentions corresponding DPRs but this section does not list them.

Supporting quotations

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 rate change takes effect from the first day of the billing period in which the Prime Rate changed.

Not stated here

• No DPR values appear in this agreement; the DPR reference in Part 2 points to this section, which has none.

Cross-references

• qualifies (model-proposed): Purchase and balance transfer APRs are variable: Prime Rate plus 12.74% to 21.74% — The variable-rate explanation says how the Prime Rate margin APRs move and caps variable APRs at 29.99%.
• referred to by (model-proposed): A DPR is 1/365th of an APR, but the agreement shows no Daily Periodic Rate values — Both mention corresponding DPRs; neither section lists DPR values.

Charges & Financial Obligations · Company practice

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

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 it that day, the previous day it was published is used. If the Journal stops publishing the Prime Rate or is no longer published, American Express may use the Prime Rate published in another newspaper of general circulation.

Supporting quotations

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 is no longer published or stops publishing the Prime Rate, we may use the Prime Rate published in another newspaper of general circulation.

Qualifications & exceptions

• The replacement newspaper is at American Express's discretion ("may use").

Cross-references

• defines (model-proposed): Purchase and balance transfer APRs are variable: Prime Rate plus 12.74% to 21.74% — Prime Rate, the base for the APR margins in the table, is defined as the highest U.S. Prime Rate in The Wall Street Journal on the Closing Date.

Charges & Financial Obligations · Company practice

A $38 Returned Check fee applies if a check cashed with the card at an approved location is returned unpaid

If you use your card to cash a check at one of American Express's approved locations and the check is returned unpaid, a $38 Returned Check fee applies, and American Express will also charge you the unpaid amount of the check. This is separate from the returned payment fee, which applies to payments you make on the account.

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

• Applies only to checks cashed with the card at approved locations, not to payments by check to the account.

Not stated here

• Which locations are "approved locations" is not stated.

Charges & Financial Obligations · Company practice

American Express assigns a Credit Limit and Cash Advance Limit and may raise or lower them at any time

American Express assigns a Credit Limit to the account and may make part of it available for cash advances (the Cash Advance Limit). There may also be a limit on ATM withdrawals in a given period. The limits are said to be 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 the account is not in default. You agree to manage the account so the balance (including fees and interest) stays within the Credit Limit, the cash advance balance within the Cash Advance Limit, and total plan balances (including plan fees) within the Credit 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.

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

You agree to manage your Account so that the total of your plan balances (including plan fees) is not more than your Credit Limit.

Qualifications & exceptions

• The limits are described as account-specific; the stated way to learn them is page 1 of Part 1 and each billing statement.

Not stated here

• This public agreement text shows no Credit Limit, Cash Advance Limit or ATM withdrawal limit amounts; the text says they are shown on page 1 of Part 1 and on each statement.

Charges & Financial Obligations · Company practice

American Express may approve charges over the Credit Limit without an overlimit fee, and may ask you to repay the excess

American Express may approve charges that take the balance over the Credit Limit. If it does, it says it will not charge an overlimit fee. If it asks you to promptly pay the amount above the limit, you agree to do so. Approval is not guaranteed: American Express may also decline a charge that would not exceed the limit, for example on suspected fraud or its assessment of your creditworthiness. A separate rule makes part of any overlimit amount payable through the Minimum Payment Due.

Supporting quotations

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

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.

We may decline to authorize a charge for various reasons, including if we suspect fraud or based on our assessment of your creditworthiness, even if the charge would not cause you to go over your Credit Limit and even if your Account is not in default.

Qualifications & exceptions

• Approval of over-limit charges is discretionary ("may approve").
• No overlimit fee, but an overlimit amount can still increase the Minimum Payment Due.

Charges & Financial Obligations · Restriction or exception

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

Person-to-person transactions (funds sent to another person, or funds added to your Amex Send account) may not exceed $2,000 in any 30-day period, and you agree to manage the account to stay within that limit. American Express may not approve a person-to-person transaction that would put the account over that limit or over the Credit Limit.

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.

Qualifications & exceptions

• The $2,000 limit is per 30-day period, not per transaction.

Charges & Financial Obligations · Company practice

A $25 fee applies if a cancelled account is re-opened at your request

If the account is cancelled, you ask American Express to re-open it, and it does so, a $25 account re-opening fee applies.

Supporting quotations

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

Qualifications & exceptions

• The fee applies only if American Express agrees to re-open the account.

Charges & Financial Obligations · Company practice

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

For each statement, American Express starts with the highest of: (1) interest charged on the statement plus 1% of the New Balance (excluding interest, penalty fees, overlimit amount and plan balances); (2) 2% of the New Balance (excluding penalty fees, overlimit amount and plan balances); or (3) $40. It then adds any penalty fees 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 the New Balance, and you may pay more than the minimum, up to the 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 excluded items in options (1) and (2) differ: only option (1) also excludes interest from the 1% base.
• The cap at the New Balance applies to the final Minimum Payment Due.

Cross-references

• contrast (model-proposed): There is no overlimit fee — The table lists no overlimit fee, yet the Minimum Payment Due calculation adds up to 1/24th of any overlimit amount. These are different things (a fee versus an amount past the limit), pulling in different directions for what a Card Member owes.

Charges & Financial Obligations · Context

Worked example: with a $2,900 New Balance and $29.57 interest the starting amount is $58.27

The agreement shows an example where the New Balance is $2,900, interest is $29.57, and there are no active plans, overlimit amount, penalty fees or past-due amounts. The three options come to $58.27, $58 and $40, and the highest, $58.27, applies. It adds that with active plans, an overlimit amount, penalty fees or past-due amounts, 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 uses assumed figures, not a rate or balance that applies to a specific account.

Charges & Financial Obligations · User right or choice

No purchase interest in an Interest Free Period, which starts when the New Balance is paid by the Payment Due Date

You are not charged interest on purchases while in an Interest Free Period. Your account enters one when you pay your New Balance as shown on the statement by the Payment Due Date, or when the account had no previous balance. 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. "Pay by a date" means your payment is received and credited to the account by that date. After re-entering an Interest Free Period, interest may still appear on your next statement, reflecting interest charged from the start of that billing cycle through the date the payment was received.

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.

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.

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.

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 interest-free treatment is for purchases only; balance transfers and cash advances have none.
• A payment counts only if received and credited by the due date.

Cross-references

• has exception (model-proposed): Balance transfers and cash advances accrue interest from the transaction date with no Interest Free Period — Balance transfers and cash advances are carved out of the Interest Free Period that otherwise applies to purchases.

Charges & Financial Obligations · Company practice

Outside an Interest Free Period, interest on purchases runs from the transaction date

When the account is not in an Interest Free Period, interest on purchases is charged from the date of the transaction. The agreement points to the "How we calculate interest" section for how interest charges are worked out.

Supporting quotations

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

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

Charges & Financial Obligations · Company practice

Balance transfers and cash advances accrue 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, even if you pay your balance in full.

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.

Cross-references

• exception to (model-proposed): No purchase interest in an Interest Free Period, which starts when the New Balance is paid by the Payment Due Date — Balance transfers and cash advances are carved out of the Interest Free Period that otherwise applies to purchases.

Charges & Financial Obligations · Context

Definitions of charge, purchase, cash advance, balance transfer, person-to-person transaction, plan and pay by

A charge is any amount added to the Account, including purchases, cash advances, balance transfers, fees and interest. A purchase is a charge for goods, services or person-to-person transactions. A cash advance is a charge to get cash or cash equivalents, including travelers cheques, gift cheques, foreign currency, money orders, digital currency, casino gaming chips, race track wagers and other offline and online betting transactions. A balance transfer is a charge to pay an amount owed on another credit card account. A person-to-person transaction is funds sent to another person or funds added to your Amex Send account. A plan is a portion of the balance paid over a set number of monthly payments through Plan It. "To pay by a certain date" means your payment is received and credited by that date. The Closing Date is the last day of the billing period on each statement.

Supporting quotations

A charge is any amount added to your Account, such as purchases, cash advances, balance transfers, fees, and interest charges. A purchase is a charge for goods, services, or person-to-person transactions.

A cash advance is a charge to get cash or cash equivalents, including travelers cheques, gift cheques, foreign currency, money orders, digital currency, casino gaming chips, race track wagers, and other offline and online betting transactions. A balance transfer is a charge to pay an amount you owe on another credit card account.

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. A plan is a portion of your account balance that you have selected to pay over time through a set number of monthly payments using Plan It.

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

Qualifications & exceptions

• Person-to-person transactions are classed as purchases, so purchase rules apply to them as well as the separate person-to-person limit.

Cross-references

• defines (model-proposed): Cash advance APR is variable: Prime Rate plus 21.99% — The Part 2 definition of cash advance sets which charges carry the cash advance APR.

Charges & Financial Obligations · Company practice

Plan It lets you pay qualifying purchases over time for a plan fee; it is offered at American Express's discretion

American Express may offer Plan It, which lets you create a payment plan for qualifying purchases or a qualifying amount, subject to a monthly plan fee that is a fixed finance charge. You pick qualifying purchases or a qualifying amount and a plan duration, can see monthly plan payments including the fee, and each fee is disclosed before you create the plan. Purchases in a plan go into a plan balance and carry the plan fee instead of the purchase APR. A qualifying purchase is at least a specified dollar amount, and a qualifying amount is a specified portion of your balance. Cash and cash equivalents, balance transfers, purchases subject to foreign transaction fees and fees owed to American Express (such as annual fees) do not qualify. Whether you can create a plan depends on factors such as creditworthiness and Credit Limit.

Supporting quotations

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.

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.

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.

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.

Your ability to create plans will be based on a variety of factors such as your creditworthiness and your Credit Limit.

Qualifications & exceptions

• The offer of Plan It is discretionary ("may offer").

Not stated here

• The minimum dollar amount for a qualifying purchase and the qualifying portion of the balance are described only as "specified" and are not stated.

Charges & Financial Obligations · Restriction or exception

Plan It eligibility, active plan limits and durations are at American Express's discretion and can change

Whether you can create plans depends on factors such as creditworthiness and Credit Limit. You cannot create plans if the Account is cancelled, or if one or more of your American Express accounts is enrolled in a payment program, has a payment returned unpaid, or is past due. American Express tells you how many active plans you may have and may change that number at any time. Plan durations offered to you, and whether you can include several qualifying purchases or amounts in one plan, are at its discretion and depend on factors such as creditworthiness, purchase amounts and account history. You agree to keep total plan balances (including plan fees) within the Credit Limit.

Supporting quotations

Your ability to create plans will be based on a variety of factors such as your creditworthiness and your Credit Limit. You will not be able to create plans if your Account is cancelled. You will also not be able to create plans if one or more of your American Express accounts is enrolled in a payment program, or has a payment that is returned unpaid, or is past due.

We will tell you the number of active plans you may have and we may change this number at any time. The plan durations offered to you, and your ability to include multiple qualifying purchases or a qualifying amount in a single plan, will be at our discretion and will be based on a variety of factors such as your creditworthiness, the purchase amount(s), and your Account history.

You agree to manage your Account so that the total of your plan balances (including plan fees) is not more than your Credit Limit.

At our discretion, we may permit you to create plans, make cash advances or balance transfers.

Qualifications & exceptions

• The restriction on creating plans applies if any of your American Express accounts is in a payment program, has a returned payment or is past due, not only this Account.

Not stated here

• The number of active plans allowed and the plan durations offered are not stated here.

Charges & Financial Obligations · User right or choice

Plans cannot be cancelled once created, but can be paid off early by paying the New Balance in full

A plan cannot be cancelled after it is created. You can choose to pay it early by paying the New Balance shown on your most recent billing statement in full. If you pay a plan off early, no future plan fees are incurred 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 requires paying the whole New Balance from the most recent statement, not only the plan amount.

Charges & Financial Obligations · Company commitment

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

You promise to pay all charges added to the Account, including charges made by you or your Additional Card Members, or that you permit others to make, even if the Card is not presented or you did not sign. You must pay at least the Minimum Payment Due on or before the Payment Due Date, in the time and manner shown on each statement. "Pay by" a date means the payment is received and credited by that date.

Supporting quotations

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.

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.

Charges & Financial Obligations · Procedure

Payments must be in U.S. dollars by single check, negotiable instrument or electronic payment clearable in the U.S.

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.

Supporting quotations

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.

Charges & Financial Obligations · Procedure

Mailed payments need a separate payment per Account, the coupon address, and the Account number on the check

When paying by mail, make a separate payment for each Account, mail it to the address on the payment coupon of your billing statement, and write your Account number on the check or negotiable instrument and include the payment coupon.

Supporting quotations

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 payment meeting the requirements is credited the day received if on time; otherwise the next day

If your payment meets the requirements, American Express credits it as of the day it receives it, as long as it receives it by the time and in the manner disclosed on your statement. If it receives it after that time, it credits the payment the day after. If a payment does not meet the requirements, crediting may be delayed, which may result in late payment fees and additional interest charges.

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).

Qualifications & exceptions

• The cutoff time is set in the billing statement, not in this text.

Not stated here

• The statement cutoff time is not stated in this agreement.

Charges & Financial Obligations · Restriction or exception

Foreign currency and non-U.S. bank payments are refused; late, partial or restricted payments do not change the terms

American Express will not accept a payment made in a foreign currency or drawn on an account at a bank outside the U.S. If it processes a late payment, a partial payment, or a payment marked with 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 · Company practice

Payments cover Plan amounts and lowest-rate balances up to the minimum, then highest-rate balances

If the Account has balances at different interest rates, Plan balances or plan fees, payments are generally applied in a billing period as follows. Up to the Minimum Payment Due, payments go first to any Plan amounts included in the Minimum Payment Due, then to the balance with the lowest interest rate, then to balances with higher rates. After the Minimum Payment Due is paid, payments go to the balance with the highest interest rate, then to lower-rate balances, then to any Plan balances.

Supporting quotations

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.

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 order is described as how payments are "generally" applied.
• Applies when the Account has balances with different rates, Plan balances or Plan fees.

Charges & Financial Obligations · Company practice

Credits generally go to the balance of the related charge; American Express may choose order within balances

In most cases a credit is applied to the same balance as the related charge, for example a purchase credit to the purchase balance. American Express may apply payments and credits within balances, and among balances with the same rate, in any order it chooses. A negative balance at the end of a billing period is redistributed to other balances under the payment order, so Plan balances may be paid sooner in some cases. If you receive a credit for a purchase placed in a plan, you must call to have it 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" - the same-balance rule is not stated as universal.

Charges & Financial Obligations · Procedure

Interest per balance is Average Daily Balance times Daily Periodic Rate times days in the billing period

Interest is figured separately on each balance, since transaction categories such as purchases and cash advances (and balances within them) can have different rates. American Express uses the Average Daily Balance method including new transactions, and the total interest for a billing period is the sum for each balance. Apart from rounding, interest for a balance equals the Average Daily Balance multiplied by the Daily Periodic Rate multiplied by the number of days in the billing period. The ADB is the sum of daily balances divided by the days in the period, and a DPR is 1/365th of an APR.

Supporting quotations

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.

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.

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.

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.

Not stated here

• No DPR values are listed in this agreement; see the Daily Periodic Rate card.

Charges & Financial Obligations · Procedure

The Average Daily Balance is the sum of daily balances divided by the number of days in the billing period

To get the Average Daily Balance for a balance, American Express adds up its daily balances and divides the result by the number of days in the billing period.

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.

Charges & Financial Obligations · Context

A DPR is 1/365th of an APR, but the agreement shows no Daily Periodic Rate values

A Daily Periodic Rate (DPR) is 1/365th of an APR, rounded to one ten-thousandth of a percentage point. The agreement says "Your DPRs are shown in How Rates and Fees Work in Part 1", but that section of the public agreement holds only the Explanation of Variable Rates, Determining the Prime Rate and the fee descriptions, and the Rates and Fees Table gives APRs only as Prime Rate plus a margin (some as a range). The published agreement therefore does not show any DPR. The earlier mention of "corresponding DPRs" rising with the Prime Rate likewise comes with no DPR values.

Supporting quotations

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.

If the Prime Rate increases, variable APRs (and corresponding DPRs) will increase.

Qualifications & exceptions

• The DPR is defined from the APR; because the APRs here are variable and given only as Prime Rate plus a margin, a numeric DPR cannot be read from this document.

Not stated here

• The DPR values are not shown in the published agreement; they are not computed here from the APRs and are not taken from any other agreement or a Card Member's personal Part 1.

Cross-references

• refers to (model-proposed): Variable APRs rise with the Prime Rate, take effect at the start of the billing period, and will not exceed 29.99% — Both mention corresponding DPRs; neither section lists DPR values.

Charges & Financial Obligations · Context

Worked example: a 15.99% rate, $2,250 ADB and 30 days gives a 0.0438% DPR and $29.57 interest

The agreement illustrates the formula with assumed figures: a single rate of 15.99%, an ADB of $2,250 and 30 days in the billing period. The DPR is 15.99% divided by 365, which is 0.0438%, and interest is $2,250 multiplied by 0.0438% multiplied by 30 days, which equals $29.57. The 15.99% rate is an assumed example figure, not a rate stated for this card.

Supporting quotations

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

number of days in the billing period.

Qualifications & exceptions

• The example uses assumed numbers and is not this card's APR.

Charges & Financial Obligations · Procedure

Daily balance adds new charges from the transaction date, subtracts payments and credits; negatives count as zero

American Express figures each balance's daily 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. If a daily balance is negative, it is treated as zero.

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.

Qualifications & exceptions

• "Any appropriate adjustments" is not defined.

Not stated here

• What adjustments are "appropriate" is not specified.

Charges & Financial Obligations · Company practice

Interest compounds daily because each day's beginning balance includes the prior day's interest

On the first day of a billing period the beginning balance is the prior period's ending balance, including unpaid interest. For the rest of the period it is the previous day's daily balance plus interest equal to that day's balance multiplied by the DPR for that balance. The agreement states that this results in daily compounding of interest.

Supporting quotations

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.

Charges & Financial Obligations · Company practice

American Express may use other equivalent formulas and may choose not to charge interest on certain 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

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

• Any other method must produce equivalent results.

Not stated here

• The types of charges on which interest may not be charged are not identified.

Charges & Financial Obligations · Company practice

AEEML converts foreign-currency charges to U.S. dollars at a rate it chooses, capped by official or interbank rates

For a charge in a foreign currency, AE Exposure Management Ltd. ("AEEML") converts it to U.S. dollars on the date American Express or its agents process it, and you are billed in U.S. dollars at that conversion. Unless a particular rate is required by law, AEEML chooses a rate acceptable to American Express for that date. The rate 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. The 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. The 2.7% foreign transaction fee is figured on the converted U.S. dollar amount.

Supporting quotations

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 rate is a maximum ("no more than") the highest official or interbank rate, chosen by AEEML.
• Conversion happens when the charge is processed, which can differ from the charge date.

Not stated here

• The actual rate or margin AEEML applies is not stated.

Charges & Financial Obligations · Company practice

Affiliates may promote fee-based products and be compensated; compensation may influence what you are told about

American Express or its affiliates may tell you about insurance and non-insurance products, services or features that may have a fee. An affiliate may act on behalf of a provider of these products and may be compensated. The insurance products are not offered or sold by American Express or on its behalf. Affiliates may get additional compensation when AMEX Assurance Company or another affiliate is the insurer or reinsurer. Compensation may influence what products and providers American Express or its affiliates tell you about.

Supporting quotations

We or our affiliates may tell you about insurance and non-insurance products, services or features that may have a fee. One of our affiliates may act on behalf of a provider of these products. The affiliate may be compensated for this. The insurance products are not offered or sold by us or on our behalf.

Our affiliates may get additional compensation when AMEX Assurance Company or another affiliate is the insurer or reinsurer. Compensation may influence what products and providers we or our affiliates tell you about.

Charges & Financial Obligations · Context

Notice to Oregon residents: service charges not above those permitted by law; you may pay more than the minimum

The notice to Oregon residents says service charges not in excess of those permitted by law will be charged on outstanding balances from month to month, and that 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

• Stated as a notice to Oregon residents; the passage does not say whether it changes any term for them.

Charges & Financial Obligations · User right or choice

Notice for Washington residents: no interest from a merchant's or American Express's delay in posting a credit

Citing the Revised Code of Washington Statutes, Section 63.14.167, the notice says you are not responsible for interest charges that result solely from a merchant's failure to transmit a credit for returned or forgiven goods or services within seven working days, if you have notified American Express of the delay, or from its failure to post the credit within three working days of receiving it. The cited statute is not supplied and is not interpreted here.

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

• Applies to residents of Washington State; the protection covers only interest charges that result solely from the delay in posting the credit.

Not stated here

• The text of Section 63.14.167 of the Revised Code of Washington is not supplied here and is not interpreted.
• The wording ties the protection to your having notified American Express of the merchant's delay; it does not make clear whether notice is also needed for American Express's own failure to post the credit.

Charges & Financial Obligations · Restriction or exception

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

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

Supporting quotations

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

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 by check, you authorize American Express to use information from the 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. The payment may be withdrawn as soon as the same day it receives the check, and you will not get the check back from your bank. In certain circumstances it may process the payment as a check transaction.

Supporting quotations

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

• "In certain circumstances" it may process the payment as a check transaction; the circumstances are not listed.

Not stated here

• The circumstances in which a payment is processed as a check transaction are not stated.