Credit Cards: American Express Overlimit Fee Ban Is Expensive

The Credit CARD law (previous post here)is showing its futility. Credit card companies are given enough lead time to defeat the weak spirit of the bill.

American Express says it will no longer collect over-the-credit-limit fees. It sounds good until the price of the move is revealed at Consumerist.com–replacing fixed rate interest charges with variable interest charges (prime rate +11.99).

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