American Express to charge £20 “dormancy fee”
American Express has announced plans to start charging customers who no longer use their Amex card.
The £20 per year “dormancy fee” will be charged to all Platinum Cashback credit card holders.
According to Amex’s website, the fee is charged to customers “if the aggregate amount of all transactions [on their account], other than cash advances & balance transfers, that have taken place during the preceding 12 months is £0.”
A spokesperson for the company said the “vast majority” of customers will not be affected by the fee.
Credit card comparison site moneysupermarket.com said the charge comes as “no great surprise”.
“We expect to see more providers introduce similar charges as they seek to recoup the losses they are making on the credit card lending,” said Peter Harrison, moneysupermarket.com’s credit card expert.
Keeping dormant accounts open costs credit card companies money, Harrison explained.
Customers wanting to avoid the charge need only to use their Amex card once per year.
Amex also announced that it has also reduced the top rate of cashback on its Platinum card to 1.25%.
EDITORS NOTE: I have no idea why so many American Express customers think Finance Markets is connected to the credit card - we’re not.
So please stop trying to publish your account numbers and names on our website, as this is plainly a security risk to you!!
Comments (23)
Visited 12815 times, 1 so far today
You have put on my statement that if I want to close the account and have this £20 Do0rmancy fee removed to visit this website, but on visiting this website there are no instructions on how to do so - is this one of your “cunning plans”. As you told me to visit this website the actions required to close accounts should be a lot lot clearer, especially for people who are not too good with computers like me!!
I do not want a card.I have never asked for a card.I am certainly not paying any fee
Just take me off all your lists NOW
John Lowe
Would like to cancel my account please tell me how do I do this ? And have this fee removed, thank you
I WISH TO CANCEL MY AMEX CARD RIGHT AWAY.
I closed this account 3 years ago !! Please remove this £20 fee and close my account
Thankyou
I await your response and statement of account showing 0
Thankyou
S j Andrews
please cancell my £20 fee and close credit card account
i no longer req it… thank.you.
I think this ‘dormancy charge’ is outrageous and I am cancelling my account. My card will be returned in tne post.
I wish to close my account and cannot see on the dormancy fee page where to close it. PLEASE HELP
I no longer use my card and would like to close my account and have the dormancy fee cancelled
cancel card & waive dormancyfee.
I wish to close our account and waive dormancyfee. S.B.Bridgeman.
Told to go to this website to remove fee, but not clear how to do it.
the american express card i was useing was cancelled and destroyed nearly 12 months ago. please confirm Wilfrid M Dent.
The American Express card I was useing was cacelled and destroyed nearly a year ago.
W. M. Dent
Please remove my dormancy fee as I no longer have my american express card
Please send instruction s to close my account immediately and therefore avoid paying £20 fee.
I am not happy with this £20 charge as dormancy fee. I have credit balance on my card from long time, how about some interest on it if that’s the case. If people start charging without asking customer’s first that’s the time you loose faith in that company.After this charge I am not very happy and like to return my card and request amex to refund my money £43.37 which they have for more than 12 months.look forward to hear from you.
Thanks
Dormancy fee ???
What is this about…. I don’t use your service never have done and no intention of doing so.
If you don’t get rid of this immediately I will pass to lawyers.
Furthermore an apology should be made
Neville Sheldon
Please as I am no longer your customer and I have not use the credit card as you could see from the account . I wish to say that please close my account and remove the dormancy fee. I would be much obliged and thankfull for your help . Wish the company well.
regards
Please note that I am no account userr could you close this account and remove the dormancy fee. I would be much obliged . Thank you very much for your help.
i cannont understand the reasonings for charging a drormancy fee for not using my credit card this i applied for in 2004 and have never used it, so therefore i wish to cancel this credit card.
I just want to cancel my card and avoid the £20 charge
I wish to close the account and have the fee removed.
Many thanks,
Belisco