Time to dump your American Express?

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Time to dump your American Express?

If you carry an American express card I need to tell you, they’re having a tough time right now. And so in return, they’re punishing you. American Express lost their relationship with Jet Blue airlines now they’ve lost their deal with Costco wholesale, and Costco was a huge percent of American Express’s revenue.

So the existing AE card holders are taking it on the chin. Here’s what you need to know. If you run a balance on your AE card you most likely are going to see significantly higher interest rates charged to you on that card. Even if you’ve never been late on a payment you have a great credit score, whatever.

In fact Bloomberg reports that already almost a million AE customers have had their interest rates boosted. Why? Just because. So, if you don’t pay your balance in full you need to pay close attention to the interest rate, and you should know that most credit unions have interest rates on their credit cards much lower than you get from AE or most anybody else. Go shop around. Get a better deal. I’m Clark Howard.

Related article: How To Find The Best Reward Credit Card

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