August 14, 2006 9:29 AM
Reward Plan Downgrade at Amex
Wall Street Journal reveals that American Express is conducting a major reward plan change for its credit card fleet. In short, less reward points will be offers and no-fee reward program has been taken away from charge card users. Prudent savers, you may look elsewhere for better options!
From Wall Street Journal:
As part of a sweeping overhaul of its cardholder rewards programs, American Express Co. will no longer give its customers double rewards points when they use plastic for “everyday spending” at supermarkets, drug stores and gas stations.
The move is one of a number of changes being announced today to American Express’s Membership Rewards program, one of the card industry’s most successful plans aimed at building customer loyalty. Other changes include a new double-points program to encourage online shopping at certain retailers, the elimination of a free rewards program on some of its cards and a new insurance plan that will reimburse certain cardholders who miss concerts, plays or sporting events if they purchased their tickets with an American Express card.
Consumers are likely to feel the changes starting as soon as next month. Some cardholders may see their annual card fees rise as much as $35 to a new level of $125; others may see their fees decline based on the type of card that they carry. American Express says it will start notifying cardholders about the changes in their August bills.
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