Dennis Tucker’s credit card gift continues to decline. A closer look shows the cause of the leak. But can we stop?
Question: I have a question about my American Express card balance. The first was a $ 70 discount card from McAfee. I used the card for some purchases and had an account balance of $ 18.
The fine print on the back of the card clearly states that the card will be charged a monthly fee of $ 2 5 months after the card is issued. The funds do not expire. “”
Okay, it was probably my fault, although it may seem quite contradictory to collect, but “funds do not expire.”
The second card, a $ 25 Nuance gift card, clearly says, “Credit does not expire.” It says nothing about pricing at any time, only: “There are additional restrictions. Please see the cardholder agreement.”
I think the $ 2 monthly fee is outrageous and unnecessary. This money was returned to me by the vendors (McAfee and Nuance). Without your promise to refund, you would not have made the original purchases.
I have attached my statements. You can see that both cards deduct a monthly maintenance fee of $ 2.
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I would ask American Express to refund the $ 43 fee and take steps to end this unfair practice for consumers in the future. – Dennis Tucker, Stockton, California.
Answer: You are right, “maintenance fees” are just another way to drain your money without expiring. These downtime fees, which are charged to your account as a downtime fee, are prohibited in some states and limited to $ 2 per month in other states.
A quick note about your role in all of this. I looked at her balance and it shows that the $ 2 number is shrinking regularly. If you have read your monthly statement, you may have already seen it. Okay, I can’t think of anything more annoying than your card statement. But read more often.
Let’s back up a bit of this nonsense. Companies want to get their money without paying it, and they would if it were legal. (I think total capitalism is extreme, but I’m not going there today.)
Gift cards are particularly bad. The company takes his money and gives him a piece of plastic that serves as a promissory note. Then he takes his money and invests to use the float. You can run out of credit or collect it slowly at standard rates. The only beneficiaries other than companies are hackers who use these financial instruments to engage in bad practices known as health spending. Search it. It’s bad, believe me.
Interestingly, California law limits gift card fees to $ 1 per month, and only for gift cards with a balance of $ 5 or less if the gift card is reloadable and has not been used for 24 months. In other words, since you live in California, these inactivity rates are illegal.
In this case, our intrepid investigative team stepped in. We found a contact at American Express who sent your complaint. The company sent him a replacement gift card for the full amount. They even sent it to you for special delivery. It is a nice touch.