American Express to pay $96M to consumers over discriminatory card terms

MarketsReuters

American Express will pay $96 million to consumers in Puerto Rico and other U.S. territories over discriminatory terms in its credit card agreements, according to the U.S. Consumer Financial Protection Bureau.

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The government agency announced on Wednesday that more than 200,000 consumers were harmed by the practice at two of the company's banking subsidiaries, which included charging higher interest rates, stricter credit cutoffs, and less debt forgiveness than offered to clients in U.S. states.

(Reporting by Pete Schroeder; Editing by Paul Simao)

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