American Express Ordered to Refund $59.5M for Credit Card Add-Ons

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

8 Creative Ways to Clear ClutterAround The House

Study: People Who Curse Are More HonestFamily

This Free Software Brings Old Laptops Back to LifeMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

The 3 Golden Rules of Lending to Friends and FamilyBorrow

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

Porta-Potties for Presidential Inauguration Cause a StinkFamily

Protecting Trump Will Cost Taxpayers $35 MillionFamily

Tax Hacks 2017: Don’t Miss These 16 Often-Overlooked Tax BreaksTaxes

5 New Year’s Resolutions That Will Pay Off 10 Years From NowCollege

10 Simple Money Moves to Make Before the New YearFamily

American Express is the fourth credit card company to reach a major settlement with the federal government over the marketing of these types of products.

Are you an American Express cardholder? If so, you may be entitled to a refund.

“American Express has agreed to pay at least $75.7 million to end an investigation into what regulators said was misleading marketing of some discontinued card products,” reports The Associated Press. That amount includes $59.5 million in refunds to more than 335,000 customers and $16.2 million in fines.

Most of the refunds have already been paid, and AmEx has stopped offering the products.

Credit card companies must be ruing the day they began offering credit card add-ons like identity theft protection and payment protection. This is the fourth major settlement reached with the Consumer Financial Protection Bureau and other financial agencies over these kinds of products. We’ve told you about the others here, here and here.

A CFPB press release said, “CFPB examiners discovered that, beginning in 2000 continuing through 2012, three of American Express’s subsidiaries and their vendors and telemarketers engaged in misleading and deceptive tactics to sell some of the company’s credit card add-on products.”

The specific products were Account Protector, Lost Wallet and so-called identity protection products. You can read about the specific allegations here.

Were you among those who received a refund? Share your experience in the comments below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: How the Trump Tax Plan Will Affect You

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,821 more deals!