Bad for American Express, Good for You!
July 23rd, 2008
This week, American Express announced that their corporate earnings were down by 37% in the last year due to problems with the credit markets in the United States. As the US economy dips, some credit card companies are experiencing problems with high rates of default. However, the bad news for American Express is good news for you!
Starting on Monday, July 21st, American Express announced better terms for four of their credit Cards. The details are below:
- Blue from American Express – The regular annual percentage rate is dropping from “as low as 9.99%” to “as low as 8.99%”
- Blue Cash from American Express – The intro 0% balance transfer rate is extending from “up to six months” to “up to 12 months.” This means that you get 0% interest on balance transfers for twice as long. In addition, the interest rate after the balance transfer rate expires is dropping from 9.99% to 8.99%, depending on your credit.
- Blue Sky from American Express – Same as Blue Cash – the intro 0% balance transfer rate is extending to “up to 12 months” from six months, and the regular interest rate is dropping to 8.99%.
- Clear from American Express – The regular APR of the “Clear” card is dropping to as low as 9.99% from 10.99%.
As you can see, American Express is working hard to get new customers. We’ve been consistently impressed by the offers that American Express has been making lately. These changes in terms are probably temporary, so if you’re looking for a better credit card or to transfer some balances to save money, we suggest that you apply for one of the above American Express cards. Head over the to the American Express credit card page for a full listing of what they are offering.
