President Obama signed legislation making it harder to raise interest rates and impose fees. Meanwhile, many customers are paying down high-interest debt and have sworn off companies’ products in favour of debit cards. They mostly hate that card companies cut many of their credit limits in a time of need and then reduced perks on some cards as if to rub salt in their wounds.
So now a couple of companies want to throw you a small bone. American Express announced that it would soon get rid of its dreaded currency conversion fees for transactions that begin outside of the US, though only for people who have its Platinum or Centurion (a k a Black) personal and small-business cards.
Two new Citigroup cards will also drop fees. The new cards are part of an overhaul of much of Citigroup’s credit card operations. The company will discontinue a number of cards.
Citi will replace these cards with one of four cards: ThankYou, ThankYou Preferred, Premier and Prestige.
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