| September 9, 2010

American Express changes late payment policy

American Express, recently deemed the most popular logo among consumers, has changed its late payment policy after receiving criticism from members and industry analysts alike.

Previously, cardholders that were just a few days late on payments were considered past-due, causing them to accrue more debt from interest. Now, American Express has extended its policy to consider those up to 30 days late, but they are one of the few.

A number of the country’s largest credit card companies, such as Bank of America, Capital One and Chase, varied regarding to the length of time they gave customers to make a payment, The Street reports. Financial analysts say that the Credit Card Accountability, Responsibility and Disclosure Act was supposed to set fair standards across the board, but many issuers are still making money from sticking to old tactics, such as penalty fees.

The best way consumers can stay out of credit card debt is to make bill payments in a timely manner, The Street says. Delinquent payments may also cause credit score damage.

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