American Express “eliminating interest-free grace periods”
An American Express Costco Card customer, who says that she has never carried a balance, alleges that American Express is “eliminating interest-free grace periods”. In other words, the company is now applying finance charges to fully-paid balances within the grace period.
The customer states:
I have not been able to verify this yet, and something doesn’t sound quite right with her story. The assumption is that her contract expressly states that certain balances outstanding during grace periods are interest free. According to American Express representatives, the Costco card, which is a revolving line of credit, does, in fact, offer an interest-free grace period for 20 days. If what this disgruntled customer says is true, her objections are warranted; there would be a breach in contract.
Have any of you experienced this? Do you have any insight on the matter?
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
I am proud to say that this blog's unyielding demand for change led to an important 
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