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Charge cards require you to pay the entire balance in full at the end of a billing period. That fee will rise to if you make another late payment in the following six billing periods.

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You may also receive offers for cards with 0% APR for the first year – make sure you pay close attention to what your new interest rate will be after the introductory period is over.

American Express generally charges interest on purchases, cash advances and balance transfers beginning on the transaction date.

However, you will not be charged a returned payment fee that is greater than the minimum payment that was due before the date the check was returned.

For example, if the minimum payment was $20, your returned payment fee will not be more than $20.

Refer to your Cardmember Agreement for a more detailed explanation of how we calculate interest on your account, including how we calculate daily balances.

TIP: Pay More Than The Minimum Payment The larger the payment you make and the earlier in your billing period you make it, the lower your overall interest charges will be.

To calculate the interest on your account each month, American Express multiplies the Daily Periodic Rate by the number of days in the billing cycle, and then multiplies that total by the average of your daily balances.

(The Daily Periodic Rate is determined by dividing your account’s APR by 365.) This is the “Average Daily Balance” method and results in daily compounding of interest.

You will also have to pay interest on any funds which remain unpaid from the previous billing period and your interest rate may increase if you continue to miss payments.

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