Friday, December 16, 2011
Is American Express violating the Credit CARD Act?
I've got two AmEx cards, one Green and one Blue. I receive paper statements for both cards. Statements for the Blue card are received in accordance with the Credit CARD Act and the due date is the same date every month. My Green card, however, does not seem to be in "compliance". For example, tonight I checked my balances online. My green card showed that the billing period closed on 5th (it normally closes on the 7th) and that the due date for my "outstanding" balance (the balance being all transactions during the recently closed period, I don't carry a "normal" balance on this card) was the 19th (and the due date is usually the 21st). Given these dates, I only have 14 days from the closing of one billing period to pay my balance. Knowing that I receive paper statements, there's no way that AmEx is able to mail a statement 21 days prior to the due date. Do I have any recourse or is there some sort of exemption for this particular card?
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