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Kiplinger's Personal Finance Magazine - Credit cards - credit card interest rates and fees - Brief Article - Statistical Data Included

A tough, new late-payment policy may cost Amex credit card holders millions of dollars

If you carry an American Express credit card--such as a Blue, Optima or Platinum rebate card--make sure you give your payment time to travel through the mail and arrive by the due date. Amex has pulled the plug on its policy of giving customers a few extra days before imposing a late fee (usually $29). The change of heart could cost cardholders as much as $13 million a month, says Robert McKinley of CardWeb.com. He bases his estimate on an assumption of how many payments currently arrive a few days late.

Amex acknowledges that the grace period is no more--for credit card users, anyway. Holders of the familiar green, gold and other Amex charge cards, who are expected to pay off their balances each month, will still get a few days before being slapped with a late fee.

Low-interest premium cards Best if you carry a balance

                                 RECENT        CASH-ADVANCE    ANNUAL
ISSUER                           RATE(*)       RATE/FEE(C)      FEE

Pulaski Bank & Trust (G)          6.50%         6.50%/none       50
Simmons First National (G)        8.25          8.25/none        35
USAA Savings Bank (G,P)           8.50          8.50/none        45

                                    LATE/       TELEPHONE
ISSUER                           OVER LIMIT       NUMBER

Pulaski Bank & Trust (G)           $29/$29     800-980-2265
Simmons First National (G)         20/none     800-636-5151
USAA Savings Bank (G,P)            20/none     800-922-9092

No-fee premium cards Best if you usually pay the balance each month

                                 RECENT      CASH-ADVANCE    GRACE
ISSUER                           RATE(*)     RATE/FEE(C)     PERIOD

Chase Manhattan Bank (G,P)        8.65%       18.55%/3%     22 days
Capital One (G,P)                 9.90        19.8/2.5      25 days
Wachovia (G)                      9.90        19.99/4       20 days

                                    LATE/       TELEPHONE
ISSUER                           OVER LIMIT       NUMBER

Chase Manhattan Bank (G,P)         $29/$29     800-356-5555
Capital One (G,P)                   25/25      800-548-4593
Wachovia (G)                        29/29      800-842-3262

Rebate cards Best of the Cash-back cards

                                 RECENT        CASH-ADVANCE    ANNUAL
ISSUER                           RATE(*)       RATE/FEE(C)      FEE

Fleet Cash Rebate (P)            14.99%          19.8%/4%       none
Amex CashRebate (P)               18.49          21.49/3        none
Citibank Dividend Visa (P)   20.65([dagger])      19.9/3        none

                               REBATE       TELEPHONE
ISSUER                          TERMS         NUMBER

Fleet Cash Rebate (P)        up to 2%(#)   800-494-9472
Amex CashRebate (P)           up to 2%     800-467-8462
Citibank Dividend Visa (P)     1%(**)      800-950-5114

(#) As of July 5; rates are adjustable, often tied to the prime rate.
(C) Cash advances often have no grace period; additional fees may be
charged. (G) gold card (P) platinum card ([dagger]) may be lower,
depending on credit history. (#) annual maximum of $500 (**) annual
maximum of $300 SOURCE: FOR LOAN RATES AND CREDIT CARDS: Bankrate.com,
N. Palm Beach, Fla.