Amex EveryDay® Credit Card Agreement

Charges & Financial Obligations · Company practice

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

The Rates and Fees Table gives the APR for purchases as the Prime Rate plus a margin, shown as a range from 12.74% to 21.74%. The table calls it a variable APR and points to the Explanation of Variable Rates.

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.

Qualifications & exceptions

• Variable APR: it changes with the Prime Rate (see the Explanation of Variable Rates in Part 1).
• The table states a range of margins, not a single margin.

Not stated here

• This passage does not say which margin within the 12.74% to 21.74% range applies to a given account or what drives that choice.
• The Prime Rate value itself is not stated, so no resulting percentage APR is shown here.

Cross-references

• qualified by (model-proposed): Variable APRs follow the Prime Rate and will not exceed 29.99% — The purchase APR is variable, so it moves with the Prime Rate from the first day of the billing period in which it changes, and variable APRs will not exceed 29.99%.

Charges & Financial Obligations · Company practice

Balance transfer APR is variable, in the same range as purchases, and applies only to transfers American Express accepts

The table shows a variable APR for balance transfers of Prime Rate plus 12.74% to Prime Rate plus 21.74% "for any balance transfer requests we may accept". The agreement defines a balance transfer as a charge to pay an amount owed on another credit card account.

Supporting quotations

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

A balance transfer is a charge to pay an amount you owe on another credit card account.

Qualifications & exceptions

• The rate is stated for balance transfer requests American Express may accept, so it does not promise that a request will be accepted.
• Variable APR; a range of margins is shown, not a single margin.

Not stated here

• This passage does not say which margin within the range applies to a given balance transfer, or which requests are accepted.

Charges & Financial Obligations · Company practice

Cash advance APR is variable: Prime Rate plus 21.99%, and the definition of cash advance is broad

The table gives the APR for cash advances as the Prime Rate plus 21.99%, a variable APR. The agreement defines a cash advance as a charge to get cash or cash equivalents and lists examples that include travelers cheques, foreign currency, money orders, digital currency, casino gaming chips, race track wagers, and other offline and online betting transactions.

Supporting quotations

APR for Cash Advances | Prime Rate + 21.99%

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

• Variable APR tied to the Prime Rate.
• Whether a given transaction counts as a cash advance depends on the definition, which lists examples with the word "including" and so is not limited to the examples.

Not stated here

• The passage does not say how particular merchants or transactions are classified.

Charges & Financial Obligations · Restriction or exception

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

American Express says it has the right to apply the Penalty APR, a variable rate of 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.

Supporting quotations

Penalty APR and When it Applies | Prime Rate + 26.74%

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.

Qualifications & exceptions

• It is a right ("We have the right to apply"), not an automatic result.
• Applies to new Transactions; the passage does not say that it changes the rate on existing balances.
• Either trigger is enough: a payment below the Minimum Payment Due by the Payment Due Date, or a payment returned by your bank.

Not stated here

• The passage says "we will notify you if we do" but does not state the form or timing of that notice.
• The passage does not say what counts as "new Transactions" beyond that phrase.

Cross-references

• qualified by (model-proposed): If the Penalty APR is applied, it lasts at least 6 months and is reviewed every 6 months — The duration card limits how long the Penalty APR that the trigger card describes can apply: at least 6 months, then review every 6 months.

Charges & Financial Obligations · Restriction or exception

If the Penalty APR is applied, it lasts at least 6 months and is reviewed every 6 months

If the Penalty APR is applied, it applies for at least 6 months. American Express reviews the Account 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

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

• The 6 months is a minimum ("at least 6 months").
• To end it, the 6 months being reviewed need timely payments and no returned payments.

Not stated here

• The passage does not define "timely" beyond the Payment Due Date mentioned in the trigger, or say when in a review the change takes effect.

Cross-references

• qualifies (model-proposed): Penalty APR (Prime Rate plus 26.74%) may apply to new Transactions after a missed minimum payment or returned payment — The duration card limits how long the Penalty APR that the trigger card describes can apply: at least 6 months, then review every 6 months.

Charges & Financial Obligations · Company practice

Table summary: due date at least 25 days after close; no purchase interest if the whole balance is paid by the due date

The "Paying Interest" row says the Due Date is at least 25 days after the close of each billing period. Interest is not charged on purchases if you pay your entire balance by the due date each month (or, if you have a plan outstanding, your balance adjusted for plans). Interest on cash advances and balance transfers begins on the transaction date. Part 1 gives the detail in its "When We Charge Interest (Grace Period)" section, which says a plan holder enters 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. We will begin charging interest on cash advances and balance transfers on the transaction date.

When We Charge Interest (Grace Period)

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 no-interest result for purchases depends on paying the entire balance (or the balance adjusted for plans) by the due date every month.
• Cash advances and balance transfers have interest from the transaction date.

Not stated here

• This table row does not list what happens to purchase interest once the entire balance is not paid; the grace period section addresses that.

Cross-references

• qualified by (model-proposed): Purchases carry no interest during an Interest Free Period; paying the New Balance by the Payment Due Date enters one — The grace period section gives the detail behind the table row: entry by paying the New Balance by the Payment Due Date, interest from the transaction date when outside the period, and interest from the cycle start after re-entry.

Charges & Financial Obligations · Company practice

Plan It carries a monthly plan fee of up to 1.33%, disclosed before a plan is created

If you set up a plan, a monthly plan fee of up to 1.33% of each purchase or amount moved into the plan applies. The fee is based on the plan duration, the APR that would otherwise apply, 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. The plan amount is 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 figure is a ceiling ("up to 1.33%"), not a fixed rate.
• The fee is charged each month that a plan is active.
• The plan amount carries the plan fee instead of the purchase APR.

Not stated here

• "Other factors" that set the fee are not listed.
• The actual fee for a given plan is shown only when you set the plan up.

Charges & Financial Obligations · Company practice

No annual fee is listed for the card or for additional cards

The Rates and Fees Table lists the Annual Fee as None. The Fees section sends readers to that table for the Annual Fee and states that the Annual Fee for Additional Cards is None.

Supporting quotations

Annual Fee | None

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

• Stated for this Part 1 (as of 06/30/2026); the agreement says elsewhere that American Express may change the Agreement subject to applicable law.

Charges & Financial Obligations · Company practice

Balance transfer fee is 3% of the transfer with a $5 minimum, unless a promotional offer states a different fee

The table says the balance transfer fee is either $5 or 3% of the amount of each transfer, whichever is greater. The Fees section states 3% of the transaction with a minimum of $5, says a different fee may apply if stated in a promotional offer or at the time of a transaction, and says the fee is a finance charge added to the same balance as the balance transfer.

Supporting quotations

Either $5 or 3% of the amount of each transfer, 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.

Qualifications & exceptions

• Greater of $5 or 3% of each transfer.
• A different fee may apply if a promotional offer or the transaction says so.
• The fee is a finance charge added to the balance transfer balance.

Not stated here

• The passage does not say what promotional offers exist or what different fees they might state.

Cross-references

• exception to (model-proposed): Fees go to the purchase balance unless stated otherwise; balance transfer and cash advance fees go to their own balances — The general rule puts fees on the purchase balance; the balance transfer fee is added to the balance transfer balance instead.

Charges & Financial Obligations · Company practice

Cash advance fee is 5% with a $10 minimum, counting ATM operator fees, added to the cash advance balance

The table says the cash advance fee is either $10 or 5% of the amount of each cash advance, whichever is greater. The Fees section states 5% of the cash advance transaction, including fees charged by the ATM operator if any, with a minimum of $10, and says the fee is added to the Cash Advance balance. Cash advances are broadly defined and include cash equivalents and online and offline betting transactions.

Supporting quotations

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

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.

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

• Greater of $10 or 5% of each cash advance.
• The 5% is calculated on an amount that includes any fees the ATM operator charges.

Not stated here

• The passage does not state how ATM operator fees are determined; they come from the operator.

Cross-references

• exception to (model-proposed): Fees go to the purchase balance unless stated otherwise; balance transfer and cash advance fees go to their own balances — The general rule puts fees on the purchase balance; the cash advance fee is added to the Cash Advance balance instead.
• defined by (model-proposed): Definitions of charge types: purchases include person-to-person; cash advances include betting and digital currency — The definition of cash advance sets which transactions, including cash equivalents and betting transactions, bear the cash advance fee.

Charges & Financial Obligations · Company practice

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

The table lists a foreign transaction fee of 2.7% of each transaction after conversion to US dollars. The Fees section states 2.7% of the converted U.S. dollar amount and refers to the "Converting charges made in a foreign currency" section in Part 2.

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.

Qualifications & exceptions

• The percentage applies to the amount after conversion to U.S. dollars.

Not stated here

• This passage does not give the conversion rate; the conversion section is referenced rather than quoted here.

Charges & Financial Obligations · Company practice

Late payment fee: $29 first, $40 if repeated within 6 billing periods, capped at the prior Minimum Payment Due

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 late fee on a billing statement will not exceed the Minimum Payment Due on the prior billing statement.

Supporting quotations

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

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

• "Up to $40" is made up of a $29 first fee and a $40 repeat fee.
• Cap: the late fee on a billing statement will not exceed the Minimum Payment Due on the prior statement.

Not stated here

• In the table the Penalty Fees cell lists Late Payment, Returned Payment and Overlimit together; the values are read in that order and match the Fees section text for each fee.

Charges & Financial Obligations · Company practice

Returned payment fee: $29 first, $40 if repeated, capped at the prior Minimum Payment Due

If a payment you make is returned unpaid the first time American Express presents it to your bank, the returned payment 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 billing statement will not exceed the applicable Minimum Payment Due on the prior billing statement.

Supporting quotations

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 repeat window is the same billing period or the next 6 billing periods.
• Cap: not more than the applicable Minimum Payment Due on the prior billing statement.

Charges & Financial Obligations · Company practice

The Penalty Fees row lists no overlimit fee ("None")

The Penalty Fees row lists Late Payment, Returned Payment and Overlimit with the values "Up to $40. Up to $40. None", so the overlimit fee is listed as None.

Supporting quotations

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

Qualifications & exceptions

• The row lists three fees in one cell and the values in order; this reading follows that order.

Not stated here

• The table row is flattened in the source, so the mapping from fee names to values follows the order of the lists.

Cross-references

• qualified by (model-proposed): No overlimit fee is charged, but American Express may ask you to promptly pay the amount over the Credit Limit — The Part 1 text confirms the table's no-overlimit-fee entry and adds that going over the limit can still lead to a prompt-payment request and an overlimit add-on to the Minimum Payment Due.

Charges & Financial Obligations · Company practice

Interest is calculated with the average daily balance method (including new purchases); details are in Part 2

The table summary says interest is calculated using the average daily balance method (including new purchases) and sends readers to the "How we calculate interest" section in Part 2.

Supporting quotations

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

Qualifications & exceptions

• This is a summary; the full calculation is in Part 2.

Not stated here

• This summary does not give the formula; Part 2 does.

Cross-references

• contrast (model-proposed): Interest is calculated per balance: Average Daily Balance times Daily Periodic Rate times days in the billing period — Part 1's summary describes the average daily balance method as "including new purchases", while the Part 2 explanation says "including new transactions"; the table sends readers to Part 2 for the method.

Charges & Financial Obligations · Company practice

Variable APRs follow the Prime Rate 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. Changes to variable APRs from a Prime Rate change 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

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 explicit example is an increase; the general sentence says a change in the Prime Rate changes variable APRs from the first day of that billing period.
• Cap: variable APRs will not exceed 29.99%.

Not stated here

• This section does not list any DPR values.

Cross-references

• qualifies (model-proposed): Purchase APR is variable: Prime Rate plus 12.74% to Prime Rate plus 21.74% — The purchase APR is variable, so it moves with the Prime Rate from the first day of the billing period in which it changes, and variable APRs will not exceed 29.99%.

Charges & Financial Obligations · Context

Prime Rate is the highest Wall Street Journal Prime Rate on the Closing Date, with fallbacks

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 rate that day, the rate from the previous day it was published is used. 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 Closing Date is the last day of the billing period covered by the statement.

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 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 Prime Rate used is the one for the Closing Date, the last day of the billing period.
• If the Journal stops publishing, using another newspaper is something American Express "may" do.

Not stated here

• The passage does not say how the Closing Date measurement works with the first-day-of-billing-period timing for rate changes beyond what each passage states.

Charges & Financial Obligations · Company practice

Fees go to the purchase balance unless stated otherwise; balance transfer and cash advance fees go to their own balances

The Fees section says fees are added to a purchase balance unless American Express tells you otherwise. The balance transfer fee is added to the same balance as the balance transfer, and the cash advance fee is added to the Cash Advance balance.

Supporting quotations

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

We will add it to the same balance as the balance transfer.

We will add this fee to the Cash Advance balance.

Qualifications & exceptions

• General rule: purchase balance. Stated exceptions: balance transfer fee and cash advance fee.
• "Unless we tell you otherwise" leaves room for other placement.

Not stated here

• This passage does not say how the other fees (late, returned payment, returned check, re-opening) are treated beyond the general rule.

Cross-references

• has exception (model-proposed): Balance transfer fee is 3% of the transfer with a $5 minimum, unless a promotional offer states a different fee — The general rule puts fees on the purchase balance; the balance transfer fee is added to the balance transfer balance instead.
• has exception (model-proposed): Cash advance fee is 5% with a $10 minimum, counting ATM operator fees, added to the cash advance balance — The general rule puts fees on the purchase balance; the cash advance fee is added to the Cash Advance balance instead.

Charges & Financial Obligations · Company practice

Returned Check fee is $38, plus the unpaid amount, for a check cashed at an approved location

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

• Applies to a check cashed with the card at an approved location that is returned unpaid.
• The unpaid check amount is charged in addition to the $38 fee.

Not stated here

• The passage does not list the approved locations or say how the unpaid amount is classified (for example as a cash advance).

Charges & Financial Obligations · Company practice

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

A $25 Account Re-opening 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 apply: the Account was cancelled, you asked for re-opening, and American Express re-opened it.

Not stated here

• The Closing or suspending your Account section in Part 3 words this as a fee American Express "may" charge on re-opening and mentions a separate fee to reinstate; this Part 1 line states the fee as $25.

Charges & Financial Obligations · Restriction or exception

No overlimit fee is charged, but American Express may ask you to promptly pay the amount over the Credit Limit

The Overlimit fee is listed as None. American Express may approve charges that put your balance over the Credit Limit and, if it does, will not charge an overlimit fee. If it asks you to promptly pay the amount above the Credit Limit, you agree to do so. Separately, up to 1/24th of any overlimit amount is added when the Minimum Payment Due is figured.

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.

up to 1/24th of any overlimit amount

Qualifications & exceptions

• "May approve" means going over the limit is permitted at American Express discretion, not guaranteed.
• No fee does not mean no consequence: an overlimit amount can raise the Minimum Payment Due (up to 1/24th of it).

Not stated here

• "Promptly" is not defined.

Cross-references

• qualifies (model-proposed): The Penalty Fees row lists no overlimit fee ("None") — The Part 1 text confirms the table's no-overlimit-fee entry and adds that going over the limit can still lead to a prompt-payment request and an overlimit add-on to the Minimum Payment Due.

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 to stay within that limit. American Express may not approve a person-to-person transaction that would exceed the applicable 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 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

• Rolling 30-day period ("any 30-day period").
• The text refers to "the applicable person-to-person transaction limit", which may be the $2,000 limit stated here.

Not stated here

• The text does not say whether another limit can apply to a particular account.

Charges & Financial Obligations · Procedure

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

For each statement, American Express starts with the highest of: (1) the interest charged 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)

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

$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 base is the highest of three amounts; the add-ons come after.
• Cap: the Minimum Payment Due does not exceed the New Balance.
• Paying more than the minimum, up to the New Balance, is allowed at any time.

Not stated here

• "New Balance" is not defined in the supplied text; it appears on the billing statement.

Charges & Financial Obligations · Context

Worked example: a $2,900 New Balance with $29.57 interest gives a $58.27 Minimum Payment Due

The agreement works an example: a New Balance of $2,900, interest of $29.57, and no active plans, overlimit amount, penalty fees or past due amounts. The three starting amounts are $58.27, $58 and $40; the highest, $58.27, is the Minimum Payment Due. It adds that if the account has 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 numbers are assumptions for the example, not account terms.
• The example excludes plans, overlimit amounts, penalty fees and past due amounts, which would raise the result.

Charges & Financial Obligations · User right or choice

Purchases carry no interest during an Interest Free Period; paying the New Balance by the Payment Due Date enters one

You are not charged interest on purchases while in an Interest Free Period. The account enters one when you pay your New Balance as shown on your statement by the Payment Due Date, or when the account had no previous balance. When the account is not in an Interest Free Period, interest on purchases is charged from the transaction date. After you enter an Interest Free Period again, interest may still appear on the next statement, reflecting interest from the start of that billing cycle through the date the payment was received. For more on how interest is calculated, the agreement points to its How we calculate interest section.

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.

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

Qualifications & exceptions

• Entry depends on paying the New Balance shown on the statement by the Payment Due Date, or having had no previous balance.
• Outside an Interest Free Period, purchase interest runs from the transaction date.
• Interest from the cycle before the payment can still show on the next statement.

Not stated here

• The text does not say how long an Interest Free Period lasts beyond these conditions.

Cross-references

• qualifies (model-proposed): Table summary: due date at least 25 days after close; no purchase interest if the whole balance is paid by the due date — The grace period section gives the detail behind the table row: entry by paying the New Balance by the Payment Due Date, interest from the transaction date when outside the period, and interest from the cycle start after re-entry.

Charges & Financial Obligations · User right or choice

With an active Plan It plan, paying the Balance Adjusted for Plans by the due date enters an Interest Free Period

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.

Supporting quotations

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 payment target is the Balance Adjusted for Plans (or Adjusted Balance), not the full New Balance.

Not stated here

• "Balance Adjusted for Plans" and "Adjusted Balance" are not defined in the supplied text; they presumably appear on the billing statement.

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

• Applies to balance transfers and cash advances, not purchases.

Charges & Financial Obligations · Context

Definitions of charge types: purchases include person-to-person; cash advances include betting and digital currency

A "charge" is any amount added to the 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 Send Account.

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.

Qualifications & exceptions

• These definitions decide which rate, fee and interest rules apply to a transaction.
• A person-to-person transaction is both listed as a kind of purchase and defined separately.

Not stated here

• The text does not say how a particular merchant or transaction is classified.

Cross-references

• defines (model-proposed): Cash advance fee is 5% with a $10 minimum, counting ATM operator fees, added to the cash advance balance — The definition of cash advance sets which transactions, including cash equivalents and betting transactions, bear the cash advance fee.

Charges & Financial Obligations · Context

Definitions: "to pay by a certain date" means the payment is received and credited by that date

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 American Express receives it and credits 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 that statement.

Supporting quotations

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

• A payment counts as made by a date only if it is received and credited to the Account by that date, not merely sent.

Not stated here

• The definition does not give a time of day or cut-off; the Payments section refers to the time and manner disclosed on the billing statement.

Charges & Financial Obligations · Permission or license

Plan It: pay qualifying purchases over time for a monthly plan fee, disclosed in advance, instead of the purchase APR

American Express may offer Plan It, which lets you 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 qualifying purchases or a qualifying amount and a plan duration, and can view the monthly plan payments, including the plan fee. Each plan fee is disclosed before you create the plan and is based on the plan duration, the APR that would otherwise apply, and other factors. The plan amount is added to a plan balance subject to the plan fee instead of the APR for purchases.

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. 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

• Plan It is something American Express "may offer", so availability is not guaranteed.
• The plan amount carries the plan fee instead of the purchase APR.

Not stated here

• "Other factors" for the plan fee are not listed.
• The up to 1.33% monthly ceiling is stated in Part 1 and is not repeated here.

Charges & Financial Obligations · Restriction or exception

Plan It excludes cash, balance transfers, purchases with Foreign Transaction Fees, and fees owed to American Express

A qualifying purchase for Plan It is a purchase of at least a specified dollar amount, and a qualifying amount 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 American Express, such as Annual Fees.

Supporting quotations

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.

Qualifications & exceptions

• The listed exclusions take those items out of Plan It eligibility.
• The reference to a Card with a Credit Limit distinguishes the "qualifying amount" option.

Not stated here

• The "specified dollar amount" and "specified portion of your balance" are not given in the supplied text.

Charges & Financial Obligations · User right or choice

Plans cannot be cancelled; paying the New Balance in full pays one off early and stops its future plan fees

A plan cannot be cancelled after it is created, but you can choose to pay it early by paying in full the New Balance shown on your most recent billing statement. 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

• The early payoff route stated is paying the New Balance on the most recent statement in full.
• Stopping future plan fees applies to the plan paid off.

Not stated here

• The passage does not say whether a payment smaller than the whole New Balance can pay off an individual plan early.

Charges & Financial Obligations · Company commitment

You promise to pay all charges, including by Additional Card Members, and at least the minimum by the due date

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 the Card is not presented or no one signs. 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 the payment is received and credited to the Account by that date. You are responsible for all use of your Account by Additional Card Members and anyone they allow to use it.

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. 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.

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.

You are responsible for all use of your Account by Additional Card Members and anyone they allow to use your Account and you must pay for all charges made.

Qualifications & exceptions

• The promise covers charges made or permitted by you or your Additional Card Members, and those they allow.
• A payment counts as made by the date only if received and credited to the Account by then.

Not stated here

• The time and manner of payment are shown on the billing statement, which is not part of the supplied text.

Charges & Financial Obligations · Procedure

Payments must be in U.S. dollars: a single check, a single negotiable instrument, or an electronic payment

Payments must be made to American Express in U.S. dollars with one of three methods: 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

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

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

Qualifications & exceptions

• Each check or instrument must be a single one, and the money must be in U.S. dollars.

Charges & Financial Obligations · Procedure

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

When paying by mail, you make a separate payment for each Account, mail it to the address on the payment coupon on the billing statement, and write the 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

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

Qualifications & exceptions

• Applies to payments by mail.

Charges & Financial Obligations · Company practice

A compliant payment is credited the day it is received if on time; after the cut-off it is credited the next day

If a payment meets the stated requirements, American Express credits it to the Account as of the day it receives it, as long as it receives it by the time and in the manner disclosed in the billing statement. If it receives the payment after that time, it credits it the day after receipt. 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

Qualifications & exceptions

• Same-day crediting needs both the requirements and receipt by the time and in the manner disclosed in the statement.
• A noncompliant payment can be credited late, with possible late fees and more interest.

Not stated here

• The cut-off time and manner are on the billing statement, not in the supplied text.
• The passage does not say how long a delay for a noncompliant payment can last.

Charges & Financial Obligations · Restriction or exception

Foreign currency and non-U.S. bank payments are refused; late, partial or restricted payments change 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 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.

Qualifications & exceptions

• Processing a late, partial or restricted payment does not waive any right.

Not stated here

• The passage does not say what happens to a payment that is not accepted.

Charges & Financial Obligations · Company practice

Payments up to the minimum go to plan amounts and lower rates first; payments above it go to the highest rate first

If the Account has balances with different interest rates, Plan balances or Plan fees, payments are generally applied this way in a billing period. Up to the Minimum Payment Due, payments go first to any Plan amounts 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, and then to any Plan balances.

Supporting quotations

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

• Described as how payments are generally applied, not as a fixed rule.
• The order differs below and above the Minimum Payment Due.

Not stated here

• Which balance is "highest" or "lowest" in a given month depends on the account rates, which are not shown in the supplied text.

Charges & Financial Obligations · Company practice

Credits usually go to the charge balance; American Express picks the order within balances; plan credits need a call

In most cases, American Express applies a credit to the same balance as the related charge, for example a purchase credit 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 a balance is negative at the end of a billing period, that excess credit is redistributed to other balances as the payment rules describe, which in some cases means Plan balances are paid before they otherwise would be. If you receive a credit for a purchase placed into a plan, you must call the number on the back of the 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" leaves room for exceptions.
• Credit for a purchase placed into a plan is not applied to the Plan balance unless you call.

Charges & Financial Obligations · Procedure

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

Interest for a billing period is figured first on each balance, because categories of transactions (such as purchases and cash advances) and balances within a category may have different rates. American Express uses the Average Daily Balance method (including new transactions) for each balance, and the total interest is the sum for each balance. Except for rounding, the interest on a balance equals the Average Daily Balance multiplied by the Daily Periodic Rate multiplied by the number of days in the billing period. A DPR is 1/365th of an APR, rounded to one ten-thousandth of a percentage point.

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. 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.

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

A DPR is 1/365th of an APR, rounded to one ten-thousandth of a percentage point.

Qualifications & exceptions

• Interest is figured per balance and then summed.
• The Part 1 table summary says "including new purchases"; this section says "including new transactions".

Not stated here

• DPR values are not given in this section.

Cross-references

• contrast (model-proposed): Interest is calculated with the average daily balance method (including new purchases); details are in Part 2 — Part 1's summary describes the average daily balance method as "including new purchases", while the Part 2 explanation says "including new transactions"; the table sends readers to Part 2 for the method.
• defined by (model-proposed): ADB is total daily balances over days; a DPR is 1/365th of an APR, but the published Part 1 shows no DPR values — The ADB and DPR definitions give the meaning of the terms in the interest formula (ADB x DPR x days).

Charges & Financial Obligations · Procedure

ADB is total daily balances over days; a DPR is 1/365th of an APR, but the published Part 1 shows no DPR values

The Average Daily Balance (ADB) for a balance is found by adding up its daily balances and dividing 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 text then says "Your DPRs are shown in How Rates and Fees Work in Part 1." In the published agreement, that Part 1 section contains the Explanation of Variable Rates, Determining the Prime Rate and Fees, and the Rates and Fees Table gives APRs only as the Prime Rate plus a margin (some as a range). The published agreement does not show any DPR values.

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

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

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.

Qualifications & exceptions

• The DPR is defined as 1/365th of an APR, so it is tied to each APR.
• The Explanation of Variable Rates mentions "corresponding DPRs" that change with variable APRs, but gives no values.

Not stated here

• The published agreement does not list any DPR values, although this text says they are shown in Part 1; they are not computed or taken from elsewhere in this analysis.
• Because variable APRs are the Prime Rate plus a margin, and the margin within each stated range is not given, no APR or DPR for a particular account can be read from the text.

Cross-references

• defines (model-proposed): Interest is calculated per balance: Average Daily Balance times Daily Periodic Rate times days in the billing period — The ADB and DPR definitions give the meaning of the terms in the interest formula (ADB x DPR x days).

Charges & Financial Obligations · Context

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

The agreement works an example with an assumed 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, balance and number of days are assumptions for the example, not this Account's rates.

Charges & Financial Obligations · Procedure

Daily balances add new charges as of the transaction date, and interest compounds daily

The daily balance for each balance is figured by taking the beginning balance for the day, adding new charges, subtracting payments or credits, and making appropriate adjustments. A new charge is added as of its transaction date, and a negative daily balance is treated as zero. The beginning balance for the first day of a billing period is the prior period's ending balance, including unpaid interest. For the other days, it is the previous day's daily balance plus interest equal to that balance multiplied by the DPR, which 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

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.

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

• Interest is added into the next day's starting balance, so interest compounds daily.
• A negative daily balance counts as zero.

Not stated here

• "Appropriate adjustments" are not listed.

Charges & Financial Obligations · Permission or license

American Express may use other equivalent interest methods 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

• Other methods are permitted only if they "produce equivalent results".
• Not charging interest on certain charges is at American Express's choice.

Not stated here

• The passage does not say which types of charges might not bear interest.

Charges & Financial Obligations · Context

Any annual fee for Additional Cards is shown in Part 1 (listed there as None); the refund policy is in Part 3

If an Annual Fee applies to Additional Cards on your Account, it is shown on page 2 of Part 1. For an Annual Fee on an Additional Card, the refund policy is the one in the Closing or suspending your Account sub-section of Part 3. If a single Annual Fee applies for a group of Additional Cards, that policy applies when you cancel the Additional Card on which the fee was assessed. In this Part 1, the Annual Fee for Additional Cards is listed as None.

Supporting quotations

If an Annual Fee applies to Additional Cards on your Account, it is shown on page 2 of Part 1 of this Agreement.

If an Annual Fee applies for an Additional Card, please refer to the refund policy disclosed in the Closing or suspending your Account sub-section of Part 3 of this Agreement. If a single Annual Fee applies for a group of Additional Cards on your Account, this policy will apply when you cancel the Additional Card on which the fee was assessed.

Qualifications & exceptions

• The text is conditional ("If an Annual Fee applies"), and this Part 1 lists none.
• The group-fee rule applies on cancelling the Additional Card on which the fee was assessed.

Not stated here

• The text says the fee is shown on page 2 of Part 1; the supplied Part 1 lists the Annual Fee for Additional Cards in the Fees section as None.

Charges & Financial Obligations · Restriction or exception

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

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

Qualifications & exceptions

• Limited to "reasonable" costs that American Express incurs to collect amounts you owe.

Charges & Financial Obligations · Permission or license

Paying by check authorizes a one-time electronic debit, which may be taken 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. When it does this, the payment may be withdrawn from your account as soon as the same day it receives the check, and you will not receive the check back from your bank or financial institution. 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

• Applies when you pay by check.
• Withdrawal can occur as soon as the day the check is received.
• American Express may in certain circumstances process the payment as a check transaction instead.

Not stated here

• The "certain circumstances" for a check transaction are not described.

Charges & Financial Obligations · Company practice

Foreign currency charges are converted to U.S. dollars by AEEML on the processing date at a rate it chooses

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 on that conversion. Unless a particular rate is required by law, AEEML chooses a rate American Express finds acceptable 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 in Part 1 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

• Conversion happens on the date of processing, not necessarily the date of the charge.
• The rate is an upper bound ("no more than the highest"), not a fixed rate.
• Establishments such as airlines that convert charges themselves bill at their own rates.

Not stated here

• The actual rate for a given charge is not stated; AEEML chooses it.
• The passage does not say how to learn the conversion rate used.

Charges & Financial Obligations · Context

Oregon notice: service charges are limited to those permitted by law, and you may pay more than the minimum at any time

A 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, 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

• Addressed to Oregon residents.
• Paying more than the minimum up to the whole balance is also stated for all cardholders in Part 1.

Not stated here

• The text does not say which service charges are meant or what the law permits.

Charges & Financial Obligations · User right or choice

Washington notice: no interest owed that results solely from delayed return credits, if you notified American Express

A notice for residents of Washington State says that, 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 American Express within seven working days a credit for goods or services accepted for return or forgiven if you have notified it 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 receiving it. The sentence can be read as requiring your notice for the merchant's delay only, or for both; the text does not settle which.

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 Washington State residents.
• Covers interest that results solely from a credit not being passed on or posted in time.
• Seven working days for a merchant to transmit a credit; three working days for American Express to post it after receiving it.

Not stated here

• The text of Section 63.14.167 of the Revised Code of Washington is not supplied; this card relies only on the wording of the notice.
• It is not clear whether your notification is a condition for the American Express posting delay as well as the merchant delay.