Discover, American Express end fees for exceeding limit

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Replied by Meya on topic Re: Discover, American Express end fees for exceeding limit

I can see where AMEX is going with this. You can get to choose from either having your account closed or getting a CLD down to a CL of $0.01.

Shut up!!!!!! :laugh: :laugh: :laugh: :laugh:
10 years 1 week ago #1

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Replied by charonh on topic Re: Discover, American Express end fees for exceeding limit

Lol, hjm331. That would be too funny (probably not if you're the cardholder) if Amex did that and a true sign that our economy is headed for complete disaster.:laugh:
10 years 1 week ago #2

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Replied by hjm331 on topic Re: Discover, American Express end fees for exceeding limit

I can see where AMEX is going with this. You can get to choose from either having your account closed or getting a CLD down to a CL of $0.01. :laugh:
10 years 1 week ago #3

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Replied by charonh on topic Re: Discover, American Express end fees for exceeding limit

I agree Meya which is why I choose not to use credit cards at the present. Its like being on pins and needles. You never know what to expect.:worried:
10 years 1 week ago #4

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Replied by Meya on topic Re: Discover, American Express end fees for exceeding limit

That sounds better, especially coming from Discover. But I do believe there is a catch 22 with Amex.:confused: I remember this part of the Credit Act, so but really gets me, is what have these creditors thought of to replace the OLC? Will they charge you for a declined charge? When you get close to your limit, will they freeze your account until you pay it down to at least 50%? I mean all these question comes to mind when it comes to Amex (or any other company actually).
10 years 1 week ago #5

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Replied by charonh on topic Re: Discover, American Express end fees for exceeding limit

No, its not a trap. Its one of the provisions of the Card Act that takes affect next February. Discover hardly ever lets you go over your limit anyway. That's why I like them. They will decline the transaction. At least in my case they will.:laugh:
10 years 1 week ago #6

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Replied by hjm331 on topic Re: Discover, American Express end fees for exceeding limit

It feels like a trap to me. There has to be a catch to this one especially when OTL fees are 100% profit for the CCC.
10 years 1 week ago #7

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Replied by Meya on topic Re: Discover, American Express end fees for exceeding limit

The law doesn't require issuers to eliminate over-limit fees, but it will prohibit them from imposing these charges unless consumers say they want the ability to exceed their credit line.

You mean to tell me that we will have the say in this[/quote]Analysts say over-limit fees don't make up a huge part of American Express' and Discover's revenue, which may explain why they're willing to eliminate them. Other issuers, however, may not be so eager to ax over-limit fees.[/quote]
Huuum, now that makes me wonder on Amex, shopping in such low class stores doesn't decrease profits, it increase profits, but they are willing to close your card for that[/quote]Capital One spokeswoman Pam Girardo says the company will "ensure we're in compliance when the new law goes into effect," but hasn't changed its over-limit policy.[/quote]
Don't blame them on this one, they are not so harsh on consumers with over the limit, its on their terms and conditions. I believe they don't want us to go over more than once or twice per year before they report it to the 3 Cb's.
10 years 1 week ago #8

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10 years 1 week ago #9

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