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What’s the scoop on American Express?
The T&C on Amex statements have been updated with the news that if you close your account after 30 days of the closing date of the billing statement when the annual fee normally posts, then from September this tear, you will no longer get a pro-rata refund. The annual fee will instead only be refunded if you cancel the card within those 30 days.
The new amendment to the Cardmember Agreement will be effective from September 1st, 2016.
Tell me more about pro-rata refunds with American Express…
Right now, if you cancel your Amex card at any time, you’ll receive a pro-rated refund of the annual fee, if an annual fee applies to that card. While it’s been fairly beneficial to many US cardmembers, it must be a huge loss of revenue for American Express.
What else do I need to know about American Express ending the pro-rata refunds?
The new policy does not apply to cardmembers with a billing address in the Commonwealth of Massachusetts.