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American Express is increasing annual rates on more than 1 million credit cards, according to a report form Bloomberg's Elizabeth Dexheimer. The company has sent letters to affected clients, saying they pay less than cardholders with similar credit reports The planned increases will affect a variety of variable-rate products, including some of its proprietary and co-brand credit cards, Bloomberg quoted an American Express spokeswoman as saying. American Express could not be reached for a comment outside CARPINTERIA, Calif.--(BUSINESS WIRE)--American Express, Discover, MasterCard, and Visa brand consumer and commercial credit, debit, and prepaid cards issued in the U.S. generated $4.442 trillion in purchase volume in 2014, up 8.9% versus 2013. These NEW YORK — American Express increased interest rates on some of its credit card accounts by an average of 2.5 percentage points in recent weeks, a spokeswoman for the company said Wednesday. Spokeswoman Elizabeth Crosta declined to say how many of its Interest rates on some American Express credit cards will be increasing, according to letters sent out to customers this month. The rate hikes will affect "a small percentage" of the company's 55 million U.S. cardholders, who will see an average increase .
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