Class Representatives claim that the interest rate on credit and charge cards issued by American Express with a fixed interest rate could not be increased or changed to a variable interest rate unless the account was delinquent or in default. Both sides agreed to a settlement to avoid the expense and distraction of litigation.
You are in the Settlement Class if you fit the following description:
- had a consumer or small-business American Express credit card or charge card account with American Express Centurion Bank or American Express Bank, FSB; AND
- had a fixed annual percentage rate for purchases on the account that was increased or changed to a variable rate at any time between October 1, 2005 and December 31, 2010; OR
- had a fixed annual percentage rate for purchases on the account and were provided notice of an increase in the fixed rate or a change from the fixed rate to a variable rate at any time between October 1, 2005 and December 31, 2010.
The Class Representatives estimate that each eligible Settlement Class Member will receive an award of approximately $32.50 per Eligible Claim but that amount may vary based on total number of claims.
To file a claim you need to provide the last 5 digits of the affected Amex credit card or charge card. Only primary cardmembers can file, not an additional cardmembers. I’m not sure if you can file separate claims if you have more than one affected account, but that might be the case, since it mentions that exclusion requests must specify each separate account.