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American Express To Pay $230M For Misleading Small Business Customers

American Express has agreed to pay $230 million to settle claims that it misled small business customers about the terms of its "Don't Do Business Without It" promotion, which ran from 2017 to 2021. The lawsuit, filed by the U.S. Department of Justice, alleged that AmEx did not clearly disclose that the annual fee for the Business Platinum Card would not be waived after the first year, leading customers to believe the fee would be permanently waived. This resulted in customers being charged unexpectedly high fees. The settlement includes $150 million in refunds for affected cardholders and a $80 million fine. American Express has also agreed to enhance its disclosure practices to ensure clarity in future promotions.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/american-express-to-pay-230m-for-misleading-small-business-customers/ar-AA1xkJyU ]