American Express May Pull Frequent Flier Miles

American Express is notifying its customers of co-branded cards with airlines and hotels, that if you are late on your payment you will forfeit the miles you thought you might have earned during that billing cycle. In order to get your miles back, Amex will charge a $29 reinstatement fee, on top of the normal late payment fee and your interest rate on balances carried will increase to 27%. Apparently the move is to better align Amex's co-branded cards with other cards offered by Amex and other credit card companies. You might wonder if Amex is trying to dodge the new credit card rules that take affect in February.