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The OPEN Guide to Credit

The Credit Reform Calendar

Jul ’10Check back at a later
date for updates.

Advance Notice & Opt Out

Advance Notice of Account Changes

As of August 2009, credit card companies, including American Express, must give you at least 45 days notice if they significantly change the terms of your account. In addition, you have the right to opt out of, or refuse to accept, certain terms before they change. In some cases, however, this will lead to cancellation of your account.

What it means for Cardmembers…

In the past, we typically notified Cardmembers about a month ahead of the changes. However, now we will ensure that we send these notices at least 45 days before the changes come into effect.

What if I don’t agree to the change of terms? Can I opt out of them?

Yes, when certain terms change, you will now be able to opt out of, or refuse, those changes. For instance, if your credit card fee, APR, or late payment fee change, you can opt out. You can’t opt out of changes to your minimum due, though. We’ll let you know when you can opt out of a change.

Although it may be the right decision for you, you should be aware that there are consequences to opting out:

  • Your account may be cancelled.
  • Your rewards program may be cancelled.
  • Card benefits may become unavailable to you.

Choose your American Express Card type to see an example of what may happen if you opt out of a penalty APR increase that you were notified about after August 20, 2009:



Charge Cards
If you have a Charge Card—such as the American Express Gold Card—and are not enrolled in a flexible payment option, there is no impact. If you are enrolled in flexible payments and opt out of a change in the terms, your flexible payment feature will be cancelled and you will no longer be able to extend payments on new purchases. However, your Membership Rewards® points and other Card benefits will remain.

You will still be responsible for any existing balance on your account.

TIP: Charge Cards

Charge Cards can help you spend within your means because you have to pay your balance in full each month. Plus, your money works harder for you with purchase protections, rewards and no finance charges.

Credit Cards
Cards like Blue from American Express® allow you to carry a balance from month to month. If you opt out of a change in APR of these Cards, your account will be cancelled. You will also forfeit any Membership Rewards® points that were not redeemed before your account was closed, unless you have another American Express Card account enrolled in the Membership Rewards program. In addition, you will no longer have access to Card benefits.

You will still be responsible for any existing balance on your account.

Credit Cards with Cash Rebate Rewards
Credit Cards that offer cash rebate rewards, like Blue Cash® from American Express and the TrueEarnings® Card from Costco and American Express, are a bit different. If you opt out of a change in the terms of these Cards, you will receive a statement credit for the cash rebate rewards earned to date, but will not be able to earn more rewards. Like other Credit Cards, your account will also be cancelled, and you will no longer have access to Card benefits.

You will still be responsible for any existing balance on your account.

TIP: Check Your Automatically Paid Bills

If you ever decide to opt out of a change in your terms, and in turn cancel your account, remember to reset your automatic billing relationships and update your stored payment information with online merchants.