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Q: Are there over the credit limit fees for American Express cards? What about for business cards?
A: As of February, 2010, no credit card company is allowed to charge over the credit limit fees on consumer charge cards. However, American Express chose to stop charging their personal credit card customers the over the limit fee, which was $35, in October of 2009, four months before it became mandatory.
Now, two things should be considered here. First, the “no over the limit fee” requirement is for personal credit cards only. The act did not say that card companies had to stop charging the over the limit fee to their business customers.
If you have a business credit card, you may want to check into this. And, take this into consideration also. Even if the company has stopped charging the over the limit fee each month, there may still be times when they allow a charge but then go ahead and charge the fee. Or, they may never charge the fee, but if the balance is too high on the business credit card, your next transaction may not be honored.
Your best bet is to look at your credit card statements since February, 2010, and see if you can determine what your credit card company may be doing. If you’re not sure, you might want to call them and ask them outright what their policy is now concerning going over the credit limit.