Amex Fined $8 Million Over Unsuitable David Jones Credit Cards

Amex Fined $8 Million Over Unsuitable David Jones Credit Cards
Credit card is seen in front of displayed American Express logo in this illustration taken on July 15, 2021. Dado Ruvic/Reuters
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American Express has been hit with an $8 million (US$5.4 million) fine after failing to ensure customers were suitable for two co-branded David Jones credit cards

The development is a win for the Australian Securities and Investments Commission (ASIC) in the first case it launched over what are known as design and distribution obligations (DDO).