AMEX Downgrades Its Reward Program

And upgrades fees for some cards.

If you have an AMEX card and have been a happy member of its Membership Rewards program, chances are you are not going to enjoy the double rewards points program any longer.

Recent news reported on CNNMoney.com said that AMEX will eliminate some double rewards points program while raising annual fees on some cards $35 to $125. The reason for the overhaul is to reduce company expenses associated with the rewards program. Details about these changes could come together with the August statement.

Cardholders watch out!

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