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American Express Increasing Annual Rates For One Million Customers

American Express announced it will raise annual rates on more than 1 million card holders.
American Express announced it will raise annual rates on more than 1 million card holders. Photo Credit: Flickr

WESTCHESTER COUNTY, N.Y. -- Credit Card company American Express announced it will raise annual rates on more than 1 million customers, according to Business Insider.

AmEx sent letters to customers who are currently paying well-below market rates. The average increase for the impacted customers will be 2.5 percent so that cardholders will now pay at least 12.99 percent, Business Insider said.

The Credit Card giant has fallen on tough times recently and Wall Street investors have lost confidence. AmEx its stock drop nearly 13 percent, year to date, Business Insider reported.

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