AMEX Changes Terms

American Express has announced several changes in its agreements with cardholders, effective October 15, 2001. Fees for cash transactions at ATMs will be changed "from the greater of 3% or $3 to the greater of 3% or $5." The APR for Sign & Travel, Extended Payment Option and other flexible payment plans will be increased from prime plus 9.90 percent to prime plus 9.99 percent. The announcement also clarified the application of payments and the calculation of the average daily balance for the calculation of finance charges.