59 of 110 cards in Charges & Financial Obligations
Charges & Financial Obligations · Company practice
Pay Over Time APR is variable: Prime Rate + 12.74% to + 21.74%
The Annual Percentage Rate for Pay Over Time (the feature that lets you carry a balance with interest) is a variable rate stated as the Prime Rate plus a margin somewhere from 12.74% to 21.74%. The table points to its Explanation of Variable Rates for how the variable rate works.
Details
What it covers
Annual Percentage Rate for Pay Over Time
Condition
Variable APR: Prime Rate plus a margin
Supporting quotations
Annual Percentage Rate (APR) for Pay Over Time | Prime Rate + 12.74% to Prime Rate + 21.74% This is a variable APR. See Explanation of Variable Rates below.
Qualifications & exceptions
Stated as a range, not a single margin.
Variable APR: the actual rate depends on the Prime Rate, which the table says is explained under "Explanation of Variable Rates below".
Not stated here
The table does not say which margin within the 12.74% to 21.74% range applies to a particular account or what drives it.
The table gives no numeric Prime Rate; the current rate is not stated in the agreement.
Cross-references
qualified by (model-proposed): Variable APRs move with the Prime Rate from the billing period it changes, capped at 29.99% — The Rates and Fees Table says the Pay Over Time APR is variable and points to the Explanation of Variable Rates, which says variable APRs follow the Prime Rate, take effect from the first day of the billing period in which it changes, and will not exceed 29.99%.
Charges & Financial Obligations · Company practice
Cash advance APR is Prime Rate + 21.99%, with interest from the transaction date
Cash advances carry a variable APR of the Prime Rate plus 21.99%. The table also says that if the account has a cash advance, American Express begins charging interest on it on the transaction date.
Details
What it covers
Cash advance balance
What it does
Interest begins on the transaction date
Supporting quotations
APR for Cash Advances | Prime Rate + 21.99% This is a variable APR.
If you have Cash Advance on your Account, we will begin charging interest on cash advances on the transaction date.
Charges & Financial Obligations · Restriction or exception
Penalty APR of Prime Rate + 26.74% can apply for at least 6 months
American Express has the right to apply a penalty APR of the Prime Rate plus 26.74% (variable) to new transactions in a Pay Over Time balance if you do not pay at least the Minimum Payment Due (or Amount Due, if applicable) by the Payment Due Date, or if your payment is returned by your bank (and American Express will notify you if it does). If applied, it lasts at least 6 months; the account is reviewed every 6 months after it is applied, and the penalty APR continues until you have made timely payments with no returned payments during the 6 months being reviewed.
Details
Who
American Express
What it does
May apply the penalty APR
Condition
Missed Minimum Payment Due / Amount Due by Payment Due Date, or payment returned
When
At least 6 months; reviewed every 6 months
Supporting quotations
Penalty APR and When it Applies | Prime Rate + 26.74% This is a variable APR.
We have the right to apply the penalty APR to new transactions in a Pay Over Time balance if: • you do not pay at least the Minimum Payment Due (or Amount Due, if applicable) 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
"We have the right to apply" is a right, not an automatic outcome.
Applies to new transactions in a Pay Over Time balance, not stated to apply to other balances.
Variable APR.
Not stated here
The table does not say whether the penalty APR also affects existing balances beyond "new transactions in a Pay Over Time balance".
Charges & Financial Obligations · Company practice
No interest on automatic Pay Over Time charges if paid in full; Payment Due Date at least 25 days after close
The Rates and Fees Table says the Payment Due Date is at least 25 calendar days after each billing period closes, and that American Express will not charge interest on charges automatically added to a Pay Over Time balance if each month you pay your Account Total New Balance (or, with a Plan balance, your Adjusted Balance) by the Payment Due Date. The detailed Grace Period text states the interest-free conditions differently: no interest on those charges in a billing period if your Pay Over Time Previous Balance for the period is zero, or you paid the Account Total New Balance (or Adjusted Balance with an active Plan It plan) in full by the Payment Due Date for each of the previous two billing periods. Otherwise, for charges added automatically when they post, the detailed text says interest runs from the transaction date until they are paid. Cash advances have no such interest-free period.
Details
Condition
Pay Account Total New Balance (or Adjusted Balance) by Payment Due Date
Condition
Previous balance zero, or paid in full for each of the previous two billing periods
When
Payment Due Date at least 25 calendar days after the close of the billing period
Supporting quotations
Your Payment Due Date is at least 25 calendar days after the close of each billing period. We will not charge you interest on charges automatically added to a Pay Over Time balance if each month you pay your Account Total New Balance on your billing statement (or, if you have a Plan balance, your Adjusted Balance on your billing statement) by the Payment Due Date.
When We Charge Interest on Pay Over Time and Cash Advance Balances (Grace Period)
For charges added automatically to a Pay Over Time balance at the time they post to your account, we charge interest from the transaction date until they are paid.
However, we will not charge interest on charges added automatically to your Pay Over Time balance in a billing period if:
you paid the Account Total New Balance on your billing statement (if any) or Adjusted Balance (if you have an active plan created through Plan It) for each of the previous two billing periods in full by the Payment Due Date shown on each of those billing statements.
Qualifications & exceptions
Applies to charges automatically added to a Pay Over Time balance; cash advances accrue interest from the transaction date.
The table summary ("each month you pay") and the detailed section (zero previous balance, or full payment in each of the previous two billing periods) are worded differently; both are quoted.
Not stated here
The agreement does not explain how the table summary and the detailed Grace Period conditions are meant to be reconciled.
Cross-references
contrast (model-proposed): Pay Over Time interest starts at posting or the day after a Closing Date move, unless a grace condition is met — The table summary says no interest is charged on automatically added Pay Over Time charges if each month you pay the balance by the Payment Due Date; the detailed section says no interest if the previous Pay Over Time balance is zero or the balance was paid in full for each of the previous two billing periods. The document does not reconcile the wording.
Charges & Financial Obligations · Company practice
Plan It fee: a fixed finance charge of up to 1.33% a month on each plan purchase
A purchase placed in a Plan It plan carries a monthly plan fee (a fixed finance charge) of up to 1.33% of that purchase. The fee is based on an APR, the plan duration and other factors: the APR that would otherwise apply (for a purchase in a Pay Over Time balance), the APR that applies to Pay Over Time when the plan is created (for a purchase in a Pay In Full balance), or the lower of the two (for a purchase split between the two balances).
Details
What it covers
Plan fee (fixed finance charge)
Condition
Up to 1.33% a month of each plan purchase
When
Charged each month a plan is active
Supporting quotations
A monthly plan fee of up to 1.33% of each purchase placed in a plan based on: either the APR that would otherwise apply to that purchase (for purchases in a Pay Over Time balance), the APR that applies to the Pay Over Time feature at the time you create the plan (for purchases in a Pay In Full balance), or the lower of the two APRs (for purchases that are divided between a Pay Over Time balance and a Pay In Full balance); the plan duration; and other factors.
Each plan fee will be disclosed before you create the applicable plan.
Qualifications & exceptions
The table refers to the Plan It section for details; Part 2 says each plan fee is disclosed before you create the plan.
Not stated here
The "other factors" that affect the plan fee are not specified.
Part 2 describes a qualifying purchase only as at least "a specified dollar amount"; the amount is not stated.
Charges & Financial Obligations · Company practice
Foreign transaction fee: None
The Rates and Fees Table lists the Foreign Transaction fee as "None" for this card.
Details
What it covers
Foreign transaction fee
Supporting quotations
Foreign Transaction: None.
Not stated here
Part 2 refers to charges "subject to a Foreign Transaction Fee" in its Pay Over Time eligibility rules; with "None" listed here, the agreement does not say which charges, if any, that wording would reach.
Cross-references
contrast (model-proposed): Six listed cases keep a charge from moving to Pay Over Time on the Closing Date — The Rates and Fees Table lists the Foreign Transaction fee as None, while the Closing Date rules refer to charges subject to a Foreign Transaction Fee. The agreement does not say which charges, if any, the latter reaches.
Interest uses the average daily balance method, including new purchases
Interest is calculated with the average daily balance method (including new purchases). The table points to the Part 2 section on how interest is calculated on Pay Over Time and Cash Advance balances.
Details
What it does
Interest calculated by average daily balance method
Supporting quotations
We use a method called average daily balance method (including new purchases). See the How we calculate interest on Pay Over Time and Cash Advance Balances section in Part 2.
Charges & Financial Obligations · Company practice
Variable APRs move with the Prime Rate from the billing period it changes, capped at 29.99%
If the Prime Rate increases, the card's variable APRs (and corresponding DPRs) will increase, so you may pay more interest and may have a higher Minimum Payment Due. When the Prime Rate changes, the resulting changes to variable APRs take effect as of the first day of the billing period during which the Prime Rate changed. Variable APRs will not exceed 29.99%. The Rates and Fees Table labels the Penalty APR a variable APR too.
Details
What it covers
Variable APRs
Condition
Prime Rate increases
When
Effective on the first day of the billing period in which the Prime Rate changed
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%.
Penalty APR and When it Applies | Prime Rate + 26.74% This is a variable APR.
Qualifications & exceptions
Stated for variable APRs generally; the cap sentence says "Variable APRs" and does not separately mention the Penalty APR.
Not stated here
The text spells out what happens when the Prime Rate increases; it says only that resulting changes take effect on the first day of the billing period when the Prime Rate changes, without separately stating a decrease.
The agreement does not give the current Prime Rate, so it does not show where any APR sits relative to the 29.99% cap.
The text refers to "corresponding DPRs" but, like the rest of the public Part 1, lists no DPR values.
Cross-references
qualifies (model-proposed): Pay Over Time APR is variable: Prime Rate + 12.74% to + 21.74% — The Rates and Fees Table says the Pay Over Time APR is variable and points to the Explanation of Variable Rates, which says variable APRs follow the Prime Rate, take effect from the first day of the billing period in which it changes, and will not exceed 29.99%.
Charges & Financial Obligations · Company practice
Prime Rate means the highest U.S. Prime Rate in The Wall Street Journal on the Closing Date
For variable APRs, Prime Rate means the highest U.S. Prime Rate published in the rates section of The Wall Street Journal on the Closing Date of the billing period. If the Journal does not publish it that day, American Express uses the rate from the previous day it was published. If the Journal stops being published or stops publishing the Prime Rate, American Express may use the Prime Rate published in another newspaper of general circulation.
Details
What it covers
Prime Rate (highest U.S. Prime Rate in The Wall Street Journal)
When
On the Closing Date of the billing period
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.
Qualifications & exceptions
The replacement newspaper is described only as one "of general circulation", chosen by American Express ("may use").
Charges & Financial Obligations · Company practice
Additional Cards: first Additional Platinum Card $0, later ones $195 a year, Companion Cards $0
The Annual Fee for your own Card is the one on the Rates and Fees Table on page 1 of Part 1. For Additional Cards the first Additional Platinum Card is $0 annually, each Additional Platinum Card after the first is $195 annually, and each Companion Platinum Card is $0 annually.
Details
What it covers
Annual Fee for Additional Cards
Supporting quotations
Annual Fee: This fee is on the Rates and Fees Table on page 1 of Part 1.
Annual Fee for Additional Cards: The first Additional Platinum Card is $0 annually, each Additional Platinum Card after the first Card is $195 annually, and each Companion Platinum Card is $0 annually
Qualifications & exceptions
Part 2 says Additional Cards include Companion Cards, if available.
Not stated here
The text does not define "Companion Platinum Card" beyond Part 2's mention that Additional Cards include Companion Cards, if available.
Cross-references
refers to (model-proposed): Annual Fee is $895 — The fees section points to the Rates and Fees Table for the Annual Fee and then gives Additional Card fees.
Charges & Financial Obligations · Company practice
Plan fee is a fixed finance charge each month a plan is active; the amount is disclosed beforehand
The plan fee is described on the Rates and Fees Table. It is a fixed finance charge charged each month that a plan is active. The dollar amount of your plan fee will be disclosed before you set up a plan, and Part 2 says each plan fee is disclosed before you create the applicable plan.
Details
What it covers
Plan fee (fixed finance charge)
When
Each month a plan is active
Supporting quotations
Plan Fee (Fixed Finance Charge): This fee is described on the Rates and Fees Table on page 1 of Part 1. 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.
Each plan fee will be disclosed before you create the applicable plan.
Charges & Financial Obligations · Company practice
Cash advance fee: 5% of the cash advance, including any ATM operator fee, minimum $10
The cash advance fee is 5% of an ATM cash advance (including any fee charged by the ATM operator) or other cash advance, with a minimum of $10. American Express adds this fee to the Cash Advance balance.
Details
What it covers
Cash advance fee
Supporting quotations
Cash Advance: 5% of an ATM cash advance (including any fee charged by the ATM operator) or other cash advance, with a minimum of $10. We will add this fee to the Cash Advance balance.
Qualifications & exceptions
The Rates and Fees Table states it as "either $10 or 5% ... whichever is greater".
Cross-references
qualifies (model-proposed): Cash advance fee: $10 or 5% of the amount, whichever is greater — The fee explanation states the 5% includes any fee charged by an ATM operator, with a $10 minimum and the fee added to the Cash Advance balance; the table states "$10 or 5% ... whichever is greater".
Charges & Financial Obligations · Company practice
Foreign transaction fee: None
The How Rates and Fees Work section also lists the Foreign Transaction fee as "None".
Details
What it covers
Foreign transaction fee
Supporting quotations
Foreign Transaction: None.
Charges & Financial Obligations · Company practice
Late payment fee: $29, then $40 if repeated within 6 billing periods, capped at the prior amount due
The late payment fee is up to $40. If American Express does not receive the Amount Due (or Minimum Payment Due, if applicable) by the 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 Amount Due (or Minimum Payment Due, if applicable) on your prior billing statement.
Details
Condition
Amount Due or Minimum Payment Due not received by the Payment Due Date
When
Repeat within the next 6 billing periods
Supporting quotations
Late Payment: Up to $40. If we do not receive the Amount Due (or Minimum Payment Due, if applicable) by the 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 Amount Due (or Minimum Payment Due, if applicable) on your prior billing statement.
Qualifications & exceptions
The $40 amount applies on a repeat within the next 6 billing periods.
Cross-references
narrows (model-proposed): Late and returned payment fees are up to $40 each — The table's "up to $40" late payment fee is explained as $29 first, $40 on a repeat within 6 billing periods, and capped at the prior statement's amount due.
Charges & Financial Obligations · Company practice
Returned payment fee: $29, then $40 on a repeat, capped at the prior amount due
The returned payment fee is up to $40. If a payment you make is returned unpaid the first time American Express presents it to your bank, the fee is $29. If this happens again within the same billing period or the next 6 billing periods, the fee is $40. The returned payment fee on a billing statement will not exceed the Amount Due (or Minimum Payment Due, if applicable) on your prior billing statement.
Details
Condition
Payment returned unpaid the first time presented to the bank
When
Repeat within the same billing period or the next 6 billing periods
Supporting quotations
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 Amount Due (or Minimum Payment Due, if applicable) on your prior billing statement.
Cross-references
narrows (model-proposed): Late and returned payment fees are up to $40 each — The table's "up to $40" returned payment fee is explained as $29 the first time, $40 on a repeat, and capped at the prior statement's amount due.
Charges & Financial Obligations · Company practice
Returned check fee: $38 plus the unpaid amount when a cashed check bounces
If you use your card to cash a check at one of the approved locations and the check is returned unpaid, the fee is $38, and American Express also charges you the unpaid amount.
Details
Condition
Check cashed with the card at an approved location is returned unpaid
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.
Charges & Financial Obligations · Company practice
Account re-opening fee: $25 after a cancelled account is re-opened at your request
If your Account is cancelled, you ask American Express to re-open it, and it does so, the fee is $25.
Details
Condition
Account cancelled, you ask to re-open, and American Express does so
Supporting quotations
Account Re-opening: $25 if your Account is cancelled, you ask us to re-open it, and we do so.
Charges & Financial Obligations · Restriction or exception
Cash advance balance may not exceed $8,000, and ATM cash limits may also apply
Your cash advance balance may not exceed $8,000. There may also be a limit on the amount of cash and number of times you can obtain cash from ATMs in a given period. You agree to manage your Account so that your cash advance balance (including fees and interest) is not more than the Cash Advance Limit. For this limit, the balance is figured by adding new cash advance transactions to the prior day's ending cash advance balance.
Details
What it covers
Cash Advance Limit of $8,000
What it does
You agree to manage the Account to stay within the limit
Supporting quotations
Cash Advance Limit: Your cash advance balance may not exceed $8,000.
There may also be a limit on the amount of cash and number of times you can obtain cash from ATMs in a given period. You agree to manage your Account so that your cash advance balance (including fees and interest) is not more than the Cash Advance Limit.
your cash advance balance will be determined by adding new cash advance transactions to the ending cash advance balance of the prior day.
Not stated here
The agreement does not state the ATM cash or frequency limits; it says only that there "may" be such a limit.
Charges & Financial Obligations · Restriction or exception
A cash advance may be declined if it would push balances over the Pay Over Time Limit
American Express may not approve a cash advance transaction if it would cause the total of your Pay Over Time and/or Cash Advance balance and Plan balance to go over your Pay Over Time Limit. Part 2 explains that the Pay Over Time Limit applies to the total of the Pay Over Time, Cash Advance and Plan balances.
Details
Who
American Express
What it does
May decline a cash advance
Condition
Totals would go over the Pay Over Time Limit
Supporting quotations
we may not approve a cash advance transaction if it would cause the total of your Pay Over Time and/or Cash Advance balance and Plan balance to go over your Pay Over Time Limit.
The Pay Over Time Limit applies to the total of your Pay Over Time, Cash Advance, and Plan balances.
Not stated here
The amount of the Pay Over Time Limit is account-specific and not in the supplied text.
Charges & Financial Obligations · Restriction or exception
Person-to-person transactions are capped at $4,000 in any 30-day period
Your person-to-person transactions may not exceed $4,000 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 does not exceed the Person-to-Person Limit. American Express may not approve a person-to-person transaction that would cause your Account to exceed the applicable limit.
Details
What it covers
Person-to-person transactions
When
Any 30-day period
Supporting quotations
Person-to-Person Limit: Your person-to-person transactions may not exceed $4,000 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 does 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 Limit.
Qualifications & exceptions
Part 2 defines a person-to-person transaction as a charge for funds sent to another person or a charge to add funds to an Amex Send Account.
Each month you owe the Pay In Full balance, any Minimum Due and any Plan Payment Due, plus past due amounts
The amount you owe each month is the sum of three items on your billing statement: the Pay In Full New Balance, any Pay Over Time and/or Cash Advance Minimum Due, and any Plan Payment Due. These amounts include any past due amounts.
Details
What it covers
Amount owed each month
Supporting quotations
The amount you owe each month is the sum of the following on your billing statement:
The Pay In Full New Balance
Any Pay Over Time and/or Cash Advance Minimum Due
Any Plan Payment Due
Above amounts include any past due amounts.
Charges & Financial Obligations · Procedure
Pay Over Time / Cash Advance Minimum Due is the highest of $40, 2% of the balance, or a tiered formula
The Pay Over Time and/or Cash Advance Minimum Due is the highest of three figures: $40; 2% of the Pay Over Time and/or Cash Advance New Balance; or a tiered total. The tiered total takes the New Balance minus the interest charged, applies 1% to the portion from $0 to $20,000, 2% from $20,000.01 to $35,000, 5% from $35,000.01 to $50,000 and 10% above $50,000, divides that sum by the amount and rounds to four decimals, multiplies by the amount, then adds the interest charged plus any Pay Over Time and/or Cash Advance amount past due. The Minimum Due will not exceed the New Balance, and you may pay more than the Minimum Payment Due, up to your entire outstanding balance, at any time. The agreement's worked example (Pay In Full New Balance of $200 and a Pay Over Time and/or Cash Advance New Balance of $30,300 including $300 interest) starts with $40 as the first figure; the example's result is in the next section's card.
Details
What it covers
Pay Over Time and/or Cash Advance Minimum Due
Condition
Highest of three figures; never above the New Balance
Supporting quotations
Your Pay Over Time and/or Cash Advance Minimum Due is the highest of:
$40
2% of the Pay Over Time and/or Cash Advance New Balance
The total calculated by following these steps: Use the Pay Over Time and/or Cash Advance New Balance minus the Interest charged on the billing statement as the Amount to calculate the sum of a. through d. below:
a. 1% of the Amount from $0 through $20,000
b. 2% of the Amount from $20,000.01 through $35,000
c. 5% of the Amount from $35,000.01 through $50,000
d. 10% of the Amount above $50,000
e. Then divide the sum from steps a. through d. by the Amount and round to four decimals
f. Multiply by the Amount
g. Add the Interest charged on the billing statement Plus any Pay Over Time and/or Cash Advance amount past due.
Your Pay Over Time and/or Cash Advance Minimum Due will not exceed your Pay Over Time and/or Cash Advance New Balance. You may pay more than the Minimum Payment Due, up to your entire outstanding balance, at any time.
EXAMPLE: You have: a Pay In Full New Balance of $200 and a Pay Over Time and/or Cash Advance New Balance of $30,300, which includes Interest of $300.
$40
Qualifications & exceptions
The Minimum Payment Due also includes the Pay In Full New Balance and any Plan Payment Due, per the amount-owed card.
Charges & Financial Obligations · Context
Worked example: $200 Pay In Full plus $699 Minimum Due gives a $899 Minimum Payment Due
The agreement's example compares the three possible Minimum Due figures for a $30,300 Pay Over Time and/or Cash Advance New Balance that includes $300 of interest. The figures are $40; 2% of $30,300, which is $606; and the tiered calculation, which comes to $699 (1% of $20,000 is $200, 2% of the next $10,000 is $200, the sum $400 divided by $30,000 rounds to 0.0133, times $30,000 is $399, plus the $300 interest). The highest is $699. Adding the $200 Pay In Full New Balance makes the Minimum Payment Due $899.
Details
What it covers
Minimum Payment Due of $899 in the example
Supporting quotations
$40
2% multiplied by $30,300 equals $606
$30,300 minus $300 equals $30,000
a. 1% multiplied by $20,000 equals $200
b. 2% multiplied by ($30,000 minus $20,000) equals $200
c. 5% multiplied by $0 equals $0
d. 10% multiplied by $0 equals $0
e. ($200 plus $200) divided by $30,000 equals 0.0133
f. $30,000 multiplied by 0.0133 equals $399
g. $399 plus $300 equals $699
The highest of 1., 2. or 3. is $699. The Pay Over Time and/or Cash Advance Minimum Due of $699 plus the Pay in Full New Balance of $200 together make up the Minimum Payment Due of $899.
Qualifications & exceptions
An illustration of the formula in the previous section, using the agreement's own figures; it is not a statement about any particular account.
Charges & Financial Obligations · Company practice
Cash advances accrue interest from the transaction date and cannot avoid interest
For cash advances, American Express charges interest from the transaction date. The agreement says you cannot avoid paying interest on cash advances.
Details
What it covers
Cash advances
When
From the transaction date
Supporting quotations
For cash advances, we charge interest from the transaction date. You cannot avoid paying interest on cash advances.
Charges & Financial Obligations · Company practice
Pay Over Time interest starts at posting or the day after a Closing Date move, unless a grace condition is met
For charges added automatically to a Pay Over Time balance when they post, American Express charges interest from the transaction date until they are paid. For charges (or portions) it automatically moves from your Pay In Full balance to your Pay Over Time balance on your Closing Date, interest runs from the day after they are added to the Pay Over Time balance until paid. American Express will not charge interest on charges added automatically to your Pay Over Time balance in a billing period if either (1) your Pay Over Time Previous Balance for the billing period is zero, or (2) you paid the Account Total New Balance (or, with an active Plan It plan, the Adjusted Balance) in full by the Payment Due Date for each of the previous two billing periods. The Rates and Fees Table's summary says no interest is charged on those charges if each month you pay the Account Total New Balance (or Adjusted Balance) by the Payment Due Date.
Details
Condition
Pay Over Time Previous Balance for the billing period is zero
Condition
Paid the Account Total New Balance or Adjusted Balance in full for each of the previous two billing periods
When
From the transaction date, or from the day after a Closing Date move
Supporting quotations
For charges added automatically to a Pay Over Time balance at the time they post to your account, we charge interest from the transaction date until they are paid. For charges or portions of charges that we automatically move from your Pay In Full balance to your Pay Over Time balance on your Closing Date, we charge interest from the day after they are added to your Pay Over Time balance until they are paid. However, we will not charge interest on charges added automatically to your Pay Over Time balance in a billing period if:
your Pay Over Time Previous Balance for the billing period is zero; or
you paid the Account Total New Balance on your billing statement (if any) or Adjusted Balance (if you have an active plan created through Plan It) for each of the previous two billing periods in full by the Payment Due Date shown on each of those billing statements.
We will not charge you interest on charges automatically added to a Pay Over Time balance if each month you pay your Account Total New Balance on your billing statement (or, if you have a Plan balance, your Adjusted Balance on your billing statement) by the Payment Due Date.
Qualifications & exceptions
The two conditions are joined by "or"; meeting either is enough under the detailed text.
The Table summary and the detailed conditions are worded differently.
Not stated here
The agreement does not say how the Table's "each month" wording relates to the detailed zero-previous-balance and previous-two-billing-periods conditions.
Cross-references
contrast (model-proposed): No interest on automatic Pay Over Time charges if paid in full; Payment Due Date at least 25 days after close — The table summary says no interest is charged on automatically added Pay Over Time charges if each month you pay the balance by the Payment Due Date; the detailed section says no interest if the previous Pay Over Time balance is zero or the balance was paid in full for each of the previous two billing periods. The document does not reconcile the wording.
Charges & Financial Obligations · Company practice
Pay Over Time Select purchases accrue interest from the date they are added
For Pay Over Time Select, American Express charges interest on purchases added at your request to a Pay Over Time Select balance from the date they are added until they are paid.
Details
When
From the date added to a Pay Over Time Select balance until paid
Supporting quotations
For Pay Over Time Select: we charge you interest on purchases added at your request to a Pay Over Time Select balance from the date they are added to a Pay Over Time Select balance until they are paid.
Not stated here
The supplied text does not otherwise describe Pay Over Time Select or how a purchase is added to it.
Charges & Financial Obligations · Context
Definitions of charge, purchase, person-to-person transaction, plan and Closing Date
A charge is any amount added to your Account, such as purchases, cash advances, fees and interest charges. A purchase is a charge for goods, services or person-to-person transactions. 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. A plan is a portion of your Account balance that you have selected to pay through a set number of monthly payments using Plan It. The Closing Date appears on each billing statement and is the last day of the billing period it covers.
Details
What it covers
Charge, purchase, person-to-person transaction, plan, Closing Date
Supporting quotations
A charge is any amount added to your Account, such as purchases, cash advances, fees, and interest charges. A purchase is a charge for goods, services, or person-to-person transactions.
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 through a set number of monthly payments using Plan It. The Closing Date appears on each billing statement and is the last day of the billing period covered by the billing statement.
A cash advance covers cash and cash equivalents, including digital currency, casino chips and betting
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. Cash advances carry their own APR, fee and limit under Part 1.
Details
What it covers
Cash advance
Supporting quotations
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 list uses "including", so the stated items are examples within "cash or cash equivalents".
Not stated here
The text does not list every transaction type that counts as a cash equivalent.
Charges & Financial Obligations · User right or choice
Pay Over Time lets you carry a balance with interest up to the Pay Over Time Limit; inactive purchases are due in full
If Pay Over Time is a feature of your Account, you may carry a balance with interest, up to your Pay Over Time Limit. Pay Over Time has two settings, active and inactive, and you can change or view the setting at any time through your online account or by calling the number on the back of your Card. Purchases made and Annual Fees charged while Pay Over Time is inactive are added to your Pay In Full balance, which is due in full each month. If you have a Pay Over Time balance, each month you can choose to pay your Account Total New Balance in full, the Minimum Payment Due, or any amount in between. Charges are added to your Pay Over Time balance as described in the following text.
Details
What it covers
Pay Over Time setting (active or inactive)
Condition
Inactive: purchases and Annual Fees go to the Pay In Full balance due each month
Supporting quotations
Pay Over Time: If Pay Over Time is a feature of your Account, you may carry a balance with interest, up to your Pay Over Time Limit. Pay Over Time has two settings: active and inactive. You can change or view your Pay Over Time setting at any time through your online account or by calling the number on the back of your Card. Purchases made and Annual Fees charged when Pay Over Time is set to inactive will be added to your Pay In Full balance, which will be due in full each month. If you have a Pay Over Time balance, you can choose each month to pay your Account Total New Balance in full, the Minimum Payment Due, or any amount in between.
Qualifications & exceptions
Applies "if Pay Over Time is a feature of your Account".
Eligible charges go to the Pay Over Time balance on the transaction date if the setting is active at 8 p.m. ET
If Pay Over Time is set to active at 8 p.m. ET on the merchant-provided transaction date for an eligible charge, or on the date an eligible Annual Fee is charged, the charge is automatically added to your Pay Over Time balance, subject to your Pay Over Time Limit. If adding the entire charge would make your Pay Over Time, Cash Advance and Plan balances exceed the Pay Over Time Limit, the charge goes to your Pay In Full balance instead. Purchases and Annual Fees charged while Pay Over Time is inactive are added to the Pay In Full balance, due in full each month. The merchant's transaction date may differ from the purchase date (for example, a delay in submission, or a merchant using the shipping date), and charges with the same transaction date are added in any order American Express chooses.
Details
Condition
Pay Over Time active at 8 p.m. ET on the transaction date
Exception
Charge goes to Pay In Full if adding it would exceed the Pay Over Time Limit
When
Transaction date provided by the merchant
Supporting quotations
On the Transaction Date:
If Pay Over Time is set to active at 8 p.m.ET on the transaction date provided by the merchant for an eligible charge, or on the date when an eligible Annual Fee is charged to your Account, the charge will automatically be added to your Pay Over Time balance, subject to your Pay Over Time Limit. If the addition of an entire charge to your Pay Over Time balance would cause the total of your Pay Over Time, Cash Advance, and Plan balances to exceed your Pay Over Time Limit, that charge will be added to your Pay In Full balance.
The transaction date provided by the merchant may differ from the date you made the purchase if, for example, there is a delay in the merchant submitting the transaction to us or if the merchant uses the shipping date as the transaction date. Charges with the same transaction date will be added to your Pay Over Time balance in any order we choose.
Purchases made and Annual Fees charged when Pay Over Time is set to inactive will be added to your Pay In Full balance, which will be due in full each month.
Qualifications & exceptions
Applies to "eligible" charges; eligibility is addressed in a separate card.
Charges & Financial Obligations · Permission or license
On the Closing Date, eligible Pay In Full charges may be moved to Pay Over Time, in whole or in part
On your Closing Date, if the total of your Pay Over Time, Cash Advance and Plan balances is less than your Pay Over Time Limit, Pay Over Time is set to active at 8 p.m. ET, and there are eligible new charges in your Pay In Full balance with a transaction date when Pay Over Time was set to active, you authorize American Express to automatically move all or part of those charges to your Pay Over Time balance, subject to your Pay Over Time Limit. If moving a charge would exceed the limit, only a portion is moved, up to the limit, and the rest stays in the Pay In Full balance. Eligible charges are moved in order of transaction date, and charges with the same date in any order American Express chooses.
Details
Who
American Express (you authorize it)
What it does
Move all or a portion of eligible Pay In Full charges to Pay Over Time
When
On the Closing Date
Supporting quotations
On your Closing Date:
Also, if on your Closing Date, 1) the total of your Pay Over Time, Cash Advance, and Plan balances is less than your Pay Over Time Limit,
Pay Over Time is set to active at 8 p.m. ET and 3) there are eligible new charges in your Pay In Full balance with a transaction date when Pay Over Time was set to active, you authorize us to automatically move all or a portion of those charges to your Pay Over Time balance, subject to your Pay Over Time Limit.
If the addition of a charge to your Pay Over Time balance would cause the total of your Pay Over Time, Cash Advance, and Plan balances to exceed your Pay Over Time Limit, we will move a portion of that charge to your Pay Over Time balance, up to your Pay Over Time Limit. The remaining portion of the charge will remain in your Pay In Full balance. Eligible charges will be moved to your Pay Over Time balance in order of the transaction dates. Charges with the same transaction date will be added to your Pay Over Time balance in any order we choose.
Qualifications & exceptions
A new charge, or a portion of one, is not eligible to be moved on the Closing Date in the cases listed in the next card.
Interest on charges moved this way runs from the day after they are added to the Pay Over Time balance, per the interest rules.
Not stated here
The text as supplied jumps from "1)" to "3)": the list item begins "Pay Over Time is set to active at 8 p.m. ET and 3) there are eligible new charges", with no "2)" marker shown. The wording is quoted as supplied and the missing marker is not repaired.
Charges & Financial Obligations · Restriction or exception
Six listed cases keep a charge from moving to Pay Over Time on the Closing Date
A new charge, or a portion of one, will not be eligible to be moved to your Pay Over Time balance on your Closing Date if: it is subject to a Foreign Transaction Fee; it (or a portion) is disputed for a reason other than fraud and the dispute is not resolved in the billing period it was opened; it (or a portion) is reported as fraudulent and either American Express determined it fraudulent in the same billing period it posted, or has not yet determined whether it is fraudulent in that billing period; you created a plan for it using Plan It; Pay Over Time is suspended on your Account; or your Account is cancelled or enrolled in a payment program.
Details
Exception
Six listed cases in which a charge is not moved on the Closing Date
Supporting quotations
A new charge, or a portion of a new charge, will not be eligible to be moved to your Pay Over Time balance on your Closing Date if:
that charge is subject to a Foreign Transaction Fee;
that charge or a portion of that charge is disputed (for a reason other than fraud) and that dispute is not resolved in the same billing period in which it was opened;
that charge or a portion of that charge is reported as fraudulent and either (i) we determined the charge is fraudulent in the same billing period in which it was posted to your Account, or (ii) we have not yet determined if the charge is fraudulent in the same billing period in which it was posted to your Account;
you created a plan for that charge using Plan It;
Pay Over Time is suspended on your Account; or
your Account is cancelled or enrolled in a payment program.
Not stated here
This card lists charges "subject to a Foreign Transaction Fee", while the Rates and Fees Table lists Foreign Transaction as "None" for this card; the agreement does not say which charges, if any, this item would reach.
contrast (model-proposed): Foreign transaction fee: None — The Rates and Fees Table lists the Foreign Transaction fee as None, while the Closing Date rules refer to charges subject to a Foreign Transaction Fee. The agreement does not say which charges, if any, the latter reaches.
Charges & Financial Obligations · Restriction or exception
Cash advances are not eligible for Pay Over Time; American Express may suspend it or change eligibility
Certain charges are not eligible for Pay Over Time, such as cash advances, and American Express may change the eligibility of other charges. It may suspend Pay Over Time at any time based on its assessment of your creditworthiness, the status of your Account and/or your enrollment in a payment program. If your Account is past due or Pay Over Time is suspended, you cannot change your Pay Over Time setting from inactive to active.
Details
Who
American Express
What it does
May suspend Pay Over Time at any time
Condition
Creditworthiness, Account status, payment program enrollment
Supporting quotations
Certain charges are not eligible for Pay Over Time, such as cash advances and we may change the eligibility of other charges for Pay Over Time. We may suspend Pay Over Time at any time based on our assessment of your creditworthiness, the status of your Account, and/or your enrollment in a payment program. In addition, if your Account is past due or Pay Over Time is suspended, you will not be able to change your Pay Over Time setting from inactive to active.
Qualifications & exceptions
"Such as" signals cash advances are an example of ineligible charges.
Not stated here
The text does not list every charge type that is ineligible.
Pay Over Time Travel adds eligible travel purchases whatever the setting; once cancelled it cannot be re-joined
If you have the Pay Over Time Travel feature on your Account, American Express will automatically add eligible travel-related purchases to your Pay Over Time Travel balance, subject to your Pay Over Time Limit, whether your Pay Over Time setting is active or inactive. If you request to cancel Pay Over Time Travel, you will not be able to re-enroll.
Details
Condition
Account has the Pay Over Time Travel feature
Exception
Cancellation of the feature is not reversible
Supporting quotations
If you have the Pay Over Time Travel feature on your Account: we will automatically add eligible travel-related purchases to your Pay Over Time Travel balance subject to your Pay Over Time Limit regardless of whether your Pay Over Time setting is active or inactive. If you request to cancel your Pay Over Time Travel feature, you will not be able to re-enroll.
Qualifications & exceptions
Applies only "if you have" the feature.
Not stated here
The supplied text does not say which purchases are "eligible travel-related purchases" or whether this card has the feature.
Charges & Financial Obligations · Permission or license
Plan It may be offered for qualifying purchases, with a monthly fixed-finance-charge plan fee
American Express may offer you Plan It, which lets you create a payment plan for qualifying purchases subject to a plan fee. The fee is a fixed finance charge charged each month that a plan is active.
Details
Who
American Express
What it does
May offer Plan It
Supporting quotations
Plan It: We may offer you Plan It, which allows you to create a payment plan for qualifying purchases subject to a plan fee. This fee is a fixed finance charge that will be charged each month that a plan is active.
Qualifications & exceptions
"May offer": Plan It is not stated to be available on every Account. How plans work is in the following section.
Charges & Financial Obligations · Procedure
Plan It: you pick qualifying purchases and a duration; the plan fee depends on which balance the purchase sits in
You use Plan It by selecting qualifying purchases and a plan duration. You can view the monthly plan payments, including the plan fee, before creating the plan, and each plan fee is disclosed before you create it. For a purchase in your Pay Over Time balance, the plan fee is based on the APR that would otherwise apply to the purchase amount. For a purchase in your Pay In Full balance, it is based on the APR that applies to the Pay Over Time feature when you create the plan. For a purchase split between the two balances (because only part was moved to Pay Over Time on a Closing Date), it is based on the lower of the APR that would otherwise apply to the Pay Over Time portion and the APR that applies to the Pay Over Time feature when you create the plan.
Details
What it does
Select qualifying purchases and a plan duration
What it covers
Plan fee basis by balance
Supporting quotations
You may use this feature by selecting qualifying purchases and a plan duration. You will be able to view the monthly plan payments, including the plan fee, for your selection. Each plan fee will be disclosed before you create the applicable plan.
If you create a plan for a purchase in your Pay Over Time balance, the purchase will be added to a plan balance and will be subject to a plan fee based on the APR that would otherwise apply to the purchase amount. If you create a plan for a purchase that is in your Pay In Full balance, the purchase will be added to a plan balance and will be subject to a plan fee based on the APR that applies to the Pay Over Time feature at the time you create the plan.
If you create a plan for a purchase that is divided between your Pay Over Time and Pay In Full balances, because only a portion of that purchase was moved to your Pay Over Time balance on your Closing Date, the purchase will be added to a plan balance and will be subject to a plan fee based on either the APR that would otherwise apply (to the portion of the purchase that was in your Pay Over Time balance) or the APR that applies to the Pay Over Time feature at the time you create the plan, whichever is lower.
A monthly plan fee of up to 1.33% of each purchase placed in a plan
Qualifications & exceptions
The Rates and Fees Table caps the monthly plan fee at up to 1.33% of each purchase placed in a plan.
Not stated here
The "other factors" the Rates and Fees Table says also affect the plan fee are not specified.
Charges & Financial Obligations · Restriction or exception
Plan It purchases must meet a minimum amount; cash equivalents, foreign-fee purchases and Annual Fees do not qualify
A qualifying purchase for Plan It is a purchase of at least a specified dollar amount. Qualifying purchases do not include purchases of cash or cash equivalents, purchases subject to Foreign Transaction Fees, or any fee owed to American Express, such as Annual Fees.
Details
Exception
Cash or cash equivalents, purchases subject to Foreign Transaction Fees, fees owed to American Express
Supporting quotations
A qualifying purchase for Plan It is a purchase of at least a specified dollar amount. Qualifying purchases do not include purchases of cash or cash equivalents, purchases subject to Foreign Transaction Fees, or any fee owed to us, such as Annual Fees.
Not stated here
The "specified dollar amount" is not stated in the supplied text.
Charges & Financial Obligations · Restriction or exception
Creating a plan depends on creditworthiness, limit and Account status; durations are at American Express's discretion
Your ability to create plans is based on factors such as your creditworthiness and your Pay Over Time Limit, and you may not be able to create a plan if it would cause you to exceed that limit. You cannot create plans if Pay Over Time is suspended or your 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 the number of active plans you may have and may change it at any time. The plan durations offered, and whether several qualifying purchases can be put in one plan, are at its discretion and based on factors such as creditworthiness, the purchase amounts and your Account history.
Details
Who
American Express
Condition
Pay Over Time suspended, Account cancelled, payment program, returned payment or past due on any American Express Account
Supporting quotations
Your ability to create plans will be based on a variety of factors such as your creditworthiness and your Pay Over Time Limit. You may not be able to create a plan if it would cause you to exceed your Pay Over Time Limit. You will not be able to create plans if your Pay Over Time feature is suspended or 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, 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 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.
Not stated here
The number of active plans allowed, and the durations offered, are not stated in the supplied text.
Charges & Financial Obligations · User right or choice
Plans cannot be cancelled once created, but paying the Account Total New Balance in full ends future plan fees
Plans cannot be cancelled after they have been created. You can pay them early by paying the Account Total 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.
Details
What it does
Pay the plan off early by paying the Account Total New Balance in full
Supporting quotations
Plans cannot be cancelled after they have been created, but you can choose to pay them early by paying the Account Total 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.
Charges & Financial Obligations · Restriction or exception
The Pay Over Time Limit caps the Pay Over Time, Cash Advance and Plan balances together and is not a spending limit
If you have Pay Over Time, American Express assigns a Pay Over Time Limit, shown on page 1 of Part 1 and on each billing statement. It applies to the total of your Pay Over Time, Cash Advance and Plan balances, and your Pay Over Time balance cannot exceed it. If adding a charge would make your Pay Over Time balance exceed it, the charge is added to your Pay In Full balance. Delays in posting cash advances or plans can make the totals exceed the limit. The Pay Over Time Limit is not a spending limit: American Express may approve or decline a charge regardless of whether your balance is above or below it. You must pay in full, by the Payment Due Date, all charges that are not added to a Pay Over Time, Cash Advance or Plan balance.
Details
What it covers
Pay Over Time Limit
Exception
Excess charges go to Pay In Full balance
Supporting quotations
Pay Over Time Limit: If you have Pay Over Time, we assign a Pay Over Time Limit to your Account, which is shown on page 1 of Part 1 and on each billing statement. The Pay Over Time Limit applies to the total of your Pay Over Time, Cash Advance, and Plan balances. Your Pay Over Time balance cannot exceed your Pay Over Time Limit. If the addition of a charge would cause your Pay Over Time balance to exceed your Pay Over Time Limit, that charge will be added to your Pay In Full balance.
When there is a delay in posting cash advances or plans to your Account, the total of your Pay Over Time, Cash Advance, and Plan balances may exceed your Pay Over Time Limit. The Pay Over Time Limit is not a spending limit. We may approve or decline a charge regardless of whether your Card Account balance is greater or less than your Pay Over Time Limit.
You must pay in full, by the Payment Due Date, all charges that are not added to a Pay Over Time, Cash Advance, or Plan balance.
Not stated here
The amount of the Pay Over Time Limit is account-specific and not in the supplied text.
Charges & Financial Obligations · Permission or license
American Express may raise or lower the Pay Over Time Limit at any time, even if you pay on time
American Express may increase or reduce your Pay Over Time Limit at any time, even if you pay on time and your Account is not in default. It will tell you if it changes the limit.
Details
Who
American Express
What it does
May increase or reduce the Pay Over Time Limit at any time
Supporting quotations
We may increase or reduce your Pay Over Time Limit at any time. We may do so even if you pay on time and your Account is not in default. We will tell you if we change your Pay Over Time Limit.
Not stated here
The supplied text does not say how much notice comes with a change.
Charges & Financial Obligations · Company practice
You promise to pay all charges, including by Additional Card Members, and must pay on or before the Payment 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 the transaction is not signed. You must pay the Amount Due, or at least the Minimum Payment Due as applicable, on or before the Payment Due Date, in the time and manner shown on each billing statement.
Details
Who
You
What it does
Pay all charges and the Amount Due or Minimum Payment Due by the Payment Due Date
Supporting quotations
Promise to pay: You promise to pay all charges added to your Account, including charges that you or your Additional Card Members make, or permit others to make, even if you or they do not present the Card or sign for the transaction. When you must pay: You must pay the Amount Due, or at least the Minimum Payment Due, as applicable, on or before the Payment Due Date in the time and manner shown on each billing statement.
Charges & Financial Obligations · Procedure
Payments must be in U.S. dollars by check, negotiable instrument or electronic payment clearable in the U.S.
Payments must be made to American Express in U.S. dollars with a single check drawn on a U.S. bank, a single negotiable instrument clearable through the U.S. banking system (for example a money order), or an electronic payment that can be cleared through the U.S. banking system. When paying by mail, make a separate payment for each Account, mail it to the address on the payment coupon on your billing statement, and write your Account number on the check or instrument and include the payment coupon.
Details
What it covers
Accepted payment methods
Condition
Mail payments: separate payment per Account, coupon address, Account number and coupon included
Supporting quotations
How to make payments: Make payments to us in U.S. dollars with:
a single check drawn on a U.S. bank, or
a single negotiable instrument clearable through the U.S. banking system, for example a money order, or
an electronic payment that can be cleared through the U.S. banking system.
When making a payment by mail:
make a separate payment for each Account,
mail your payment to the address shown on the payment coupon on your billing statement, and
write your Account number on your check or negotiable instrument and include the payment coupon.
Charges & Financial Obligations · Company practice
Compliant payments are credited the day received; non-compliant ones may be delayed, with late fees and interest
If your payment meets the requirements, American Express credits it as of the day it receives it, as long as it is received by the time and in the manner disclosed in your billing statement; if received after that time, it is credited the day after receipt. If a payment does not meet the requirements, there may be a delay in crediting your Account, which may result in late payment fees and additional interest charges.
Details
Condition
Payment meets requirements and arrives by the statement time and manner
Exception
Non-compliant payments may be delayed
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.
Charges & Financial Obligations · Restriction or exception
Foreign-currency and non-U.S.-bank payments are refused; accepting a late or partial payment waives nothing
American Express will not accept a payment made in a foreign currency or a payment drawn on an account at a bank located outside 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.
Details
Exception
Foreign-currency or non-U.S.-bank payments not accepted
Supporting quotations
We will not accept a payment made in a foreign currency or a payment drawn on an account at a bank located outside of the U.S. If we process a late payment, a partial payment, or a payment marked with any restrictive language, that will have no effect on our rights and will not change this Agreement.
Charges & Financial Obligations · Procedure
Payments go to the Pay In Full balance and lower-rate balances up to the minimum; extra goes to the highest rate first
Where balances carry different interest rates, or there are plan balances and plan fees, American Express generally applies payments in a billing period in two stages. Up to the Minimum Payment Due, payments go first to the Pay In Full New Balance, then to plan amounts included in the Minimum Payment Due, then to the Pay Over Time and/or Cash Advance New Balance, lowest interest rate first. After the Minimum Payment Due is paid, payments go first to Pay Over Time and/or Cash Advance balances with the highest interest rate, then to balances with lower rates, then to any Plan balances. In most cases a credit is applied to the same balance as the related charge; 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 same rules, which can mean plan balances are paid sooner than otherwise. A credit for a purchase added to a plan must be applied to the plan balance by calling the number on the back of your Card.
Details
What it does
Payments applied in the stated order of balances
Exception
Credit for a plan purchase must be applied by calling American Express
Supporting quotations
If your Account has balances with different interest rates, plan balances, or plan fees, here is how we generally apply payments in a billing period:
We apply your payments – up to the Minimum Payment Due – first to the Pay in Full New Balance; then to any plan amounts included in your Minimum Payment Due; and then to the Pay Over Time and/or Cash Advance New Balance, first to the balance with the lowest interest rate and then to balances with higher interest rates.
After the Minimum Payment Due has been paid, we apply payments first to the Pay Over Time and/or Cash Advance balances with the highest interest rate and then to balances with lower interest rates, and then to any Plan balances.
In most cases, we apply a credit to the same balance as the related charge. 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 added to 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
Stated as how payments are "generally" applied; American Express keeps discretion within balances and among balances with the same interest rate.
Charges & Financial Obligations · Procedure
Interest per balance = average daily balance x daily periodic rate x days in the billing period, with daily compounding
American Express figures interest for each balance separately (Pay Over Time balances and Cash Advance balances may have different rates) using the Average Daily Balance method including new transactions, and the total interest for a billing period is the sum across balances. Apart from rounding, the interest for a balance equals Average Daily Balance multiplied by the Daily Periodic Rate multiplied by the number of days in the billing period. The beginning balance for the first day of a billing period is the prior period's ending balance including unpaid interest; for other days it is the previous day's daily balance plus that day's interest (previous daily balance times the DPR), which the agreement says results in daily compounding of interest.
Details
What it covers
Interest per balance
When
Daily compounding
Supporting quotations
We calculate interest for a billing period by first figuring the interest on each balance. Balances within the Pay Over Time feature and Cash Advance balances 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.
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.
ADB averages the daily balances; a DPR is 1/365th of an APR, but the public agreement shows no DPR values
To get the Average Daily Balance for a balance, American Express adds up its daily balances and divides by the number of days in the billing period. A Daily Periodic Rate is 1/365th of an APR, rounded to one ten-thousandth of a percentage point. The text says "Your DPRs are shown in How Rates and Fees Work in Part 1", but the How Rates and Fees Work section of Part 1 in the published agreement lists no Daily Periodic Rate: it holds the explanation of variable rates, how the Prime Rate is determined, fees, limits, the amount-due calculation and the grace period, and the Rates and Fees Table states APRs as the Prime Rate plus a margin. The agreement therefore does not show DPR values here.
Details
What it covers
Average Daily Balance; Daily Periodic Rate
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.
Qualifications & exceptions
The 1/365th definition ties each DPR to its APR, which is variable.
Not stated here
The published agreement does not state any DPR value, and none is computed or imported here; the reference to DPRs "shown in How Rates and Fees Work in Part 1" points to text that does not contain them (a gap in the publisher's own document).
Worked example: $2,250 average balance at 15.99% for 30 days gives $29.57 of interest
The agreement's illustration assumes a single interest rate of 15.99%, an ADB of $2,250 and 30 days in the billing period. The DPR is 15.99% divided by 365, or 0.0438%, and the interest is $2,250 multiplied by 0.0438% multiplied by 30 days, which equals $29.57.
Details
What it covers
Interest of $29.57 in the example
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
Qualifications & exceptions
An assumed illustration; 15.99% is not stated as a rate for this card, whose APRs are variable and given as Prime Rate plus a margin.
Daily balance = beginning balance plus new charges minus payments and credits; a negative counts as zero
American Express figures the daily balance for each balance by taking the beginning balance for the day, adding new charges, subtracting payments or credits, and making any appropriate adjustments. A new charge is added to a daily balance as of its transaction date, except that charges automatically moved from your Pay In Full balance to your Pay Over Time balance on your Closing Date are added as of the day after they are moved. If the daily balance is negative, it is treated as zero.
Details
When
New charges counted from the transaction date, or the day after a Closing Date move
Exception
Negative daily balance 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, except for charges automatically moved from your Pay In Full balance to your Pay Over Time balance on your Closing Date, which we add to a daily balance as of the day after they are moved to your Pay Over Time balance. If the daily balance is negative, we treat it as zero.
Charges & Financial Obligations · Permission or license
American Express may use other equivalent interest methods and may choose not to charge interest on some charges
To figure the Average Daily Balance 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.
Details
Who
American Express
What it does
May use equivalent methods or choose not to charge interest on certain charges
Supporting quotations
Other methods: To figure the ADB and interest charges, we may use other formulas or methods that produce equivalent results. Also, we may choose not to charge interest on certain types of charges.
Not stated here
The text does not say which types of charges might be left interest-free.
Charges & Financial Obligations · Company practice
AEEML converts foreign-currency charges to dollars at a rate it chooses, which may differ from the charge date rate
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 conversion 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, and it may differ from the rate in effect on the date of your charge. Charges converted by establishments (such as airlines) are billed at the rates those establishments use.
Details
Who
AE Exposure Management Ltd. (AEEML)
When
Date American Express or its agents process the charge
Supporting quotations
Converting charges made in a foreign currency: If you make a charge in a foreign currency, AE Exposure Management Ltd. ("AEEML") will convert it into U.S. dollars on the date we or our agents process it, so that we bill you for the charge in U.S. dollars based upon this conversion. Unless a particular rate is required by law, AEEML will choose a conversion rate that is acceptable to us for that date. The rate AEEML uses is no more than the highest official rate published by a government agency or the highest interbank rate AEEML identifies from customary banking sources on the conversion date or the prior business day. This rate may differ from rates that are in effect on the date of your charge. We will bill charges converted by establishments (such as airlines) at the rates they use.
Qualifications & exceptions
The Rates and Fees Table lists no foreign transaction fee; this conversion rule is separate.
Oregon notice: service charges will not exceed 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 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.
Details
Where
Oregon residents
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
Headed as a notice to Oregon residents.
Not stated here
The text does not say whether the notice changes any term beyond what it states.
Charges & Financial Obligations · User right or choice
Washington notice: no interest caused solely by a late-posted return credit, if you have told American Express
The notice for Washington State residents says that, in accordance with Section 63.14.167 of the Revised Code of Washington Statutes, you are not responsible for payment of interest charges that result solely from a merchant's failure to transmit to American Express within seven working days a credit for goods or services accepted for return or forgiven if you have notified American Express of the merchant's delay in posting the credit, or American Express's failure to post the credit to your Account within three working days of receiving it.
Details
Where
Washington State residents
Condition
Interest results solely from a delayed credit; you have notified American Express of the merchant's delay
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, per the notice's heading.
Interest is excused only where it results "solely" from the delayed credit.
Not stated here
The text of the cited Revised Code of Washington section is not supplied; the notice is explained from its own wording.
Charges & Financial Obligations · User right or choice
You may close the Account; the Annual Fee is refunded only if you close within 30 days after the statement Closing Date
You may close your Account by calling or writing to American Express. If an Annual Fee applies, it is refunded if you tell American Express you are voluntarily closing the Account within 30 days after the Closing Date of the billing statement on which the fee appears. For cancellations after those 30 days, the Annual Fee is non-refundable. If your billing address is in Massachusetts when you close the Account, this refund policy does not apply to you. If a cancelled Account is re-opened at your request, American Express may charge a $25 fee.
Details
Condition
Voluntary closure notified within 30 days after the Closing Date of the statement with the fee
Exception
Massachusetts billing address: policy does not apply
Supporting quotations
You may close your Account by calling us or writing to us. If an Annual Fee applies, we will refund this fee if you notify us that you are voluntarily closing your Account within 30 days after the Closing Date of the billing statement on which that fee appears. For cancellations after this 30-day period, the Annual Fee is non-refundable. If your billing address is in the Commonwealth of Massachusetts at the time you close your Account, this policy will not apply to you.
If your Account is cancelled and we re-open it at your request, we may charge you a $25 fee.
Qualifications & exceptions
The 30 days run from the Closing Date of the statement showing the fee, not from payment.
Not stated here
The text says the policy "will not apply" to a Massachusetts billing address but does not say what applies instead.
Cross-references
qualifies (model-proposed): Annual Fee is $895 — The $895 Annual Fee is refunded only if you close within 30 days after the Closing Date of the statement showing it, with a Massachusetts billing address carve-out.