Missed American Express Payments Could Cost Credit Card Rewards Points

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If you miss a credit card payment, you could miss your flight. That's a potential consequence of a policy change announced last week by American Express. According to spokesperson Desiree Fish, cardmembers with American Express Blue or Blue Sky accounts will forfeit any reward points earned during a month in which a minimum payment is late or missed.

As new credit card regulations mandate less harsh punishments for customers who miss payments, the new initiative by American Express leverages customers' relationship with their rewards. Forfeiting points or miles can prevent customers from reaching their reward goals, offering a powerful incentive to make timely payments.

Cardmembers with heavy spending patterns can still recover missed points, for a fee. $29 will reinstate any canceled reward points under the new program, opening up another opportunity for credit card issuers to turn reward programs into profit centers. Minneapolis Star-Tribune columnist Kara McGuire points out that paying the fee only benefits customers with over $2,900 in charges for the month in question.

Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.