Amex "Please Pay By" Vs. "Minimum Payment Due"

[CreditUp2014]

Hello All-

Hopefully someone can answer this question for me, because aparently Amex customer service is closed and I need this answer tonight so I can figure out what payment I need to make.

I have an Amex business platinum (please don't move this to the business forum, because that forum doesn't get nearly the exposure the CC does, and this is a general Amex CC question.)  I've done large volume through Amex for the past 2 years.  I've always paid at few days before my closing date, but mostly ignored the please pay by date, since it's really irrelevant.  I typically make weekly payments to keep things a bit more managable since it's a business account and the balances can get pretty crazy.  

Anyways, they offered me pay over time a while back, which I accepted as an emergency fallback type, but haven't ever used it (nor do I intend to do so).  When I accepted it, I noticed that "Please pay by" turned into, "Minimum Payment Due"  which is on the please pay by date.  Did accepting this change the way my account is setup?  Why does it say minimum payment amount to keep account current?  

They've been a great creditor, but their terminology is really confusing.  And they are closed, so I can't call in to ask :-/ 

[jamesdwi]

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@CreditUp2014 wrote:

Hello All-

Hopefully someone can answer this question for me, because aparently Amex customer service is closed and I need this answer tonight so I can figure out what payment I need to make.

I have an Amex business platinum (please don't move this to the business forum, because that forum doesn't get nearly the exposure the CC does, and this is a general Amex CC question.)  I've done large volume through Amex for the past 2 years.  I also paid at few days before my closing date, but mostly ignored the please pay by date, since it's really irrelevant.  I typically make weekly payments to keep things a bit more managable since it's a business account and the balances can get pretty crazy.  

Anyways, the offered me pay over time a while back, which I accepted as an emergency fallback type, but haven't ever used it (nor do I intend to do so).  When I accepted it, I noticed that "Please pay by" turned into, "Minimum Payment Due"  which is on the please pay by date.  Did accepting this change the way my account is setup?  Why does it say minimum payment amount to keep account current?  

They've been a great creditor, but their terminology is really confusing.  And they are closed, so I can't call in to ask :-/ 

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Yes, by accepting the offer to pay over time, it essentially made your charge card into a revolver. But there is still a strong essentive to pay the full balance at least from what I have heard.   

[Anonymous]

Doesn't really change anything. If you aren't using the extended pay, just continue to manage payments the same way you always have.

[CreditUp2014]

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@Anonymous wrote:

Doesn't really change anything. If you aren't using the extended pay, just continue to manage payments the same way you always have.

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Ok, so they just use that terminology to try to get you to pay faster I guess?  Every other month I've had it paid down enough that didn't matter, but this month I need those extra couple of day (unless I want to raid savings, which I'd rather not do).  So that was my concern.  

I wish they would be more clear about what all their terms mean.

[Anonymous]

Sorry for the confusion. For compliance reasons, we're required to change the "due date" and terminology when it goes from a charge card (no POT balance) to revolving (POT balance).

Regardless, you will not be considered past due or assessed a fee as long as your minimum due is received by the cycle closing date.

Hope this helps to clarify.

P.S. Customer Service should be open 24/7. Please ensure you are dialling the correct number 800-492-8468

[SouthJamaica]

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@Anonymous wrote:
Sorry for the confusion. For compliance reasons, we're required to change the "due date" and terminology when it goes from a charge card (no POT balance) to revolving (POT balance).

Regardless, you will not be considered past due or assessed a fee as long as your minimum due is received by the cycle closing date.

Hope this helps to clarify.

P.S. Customer Service should be open 24/7. Please ensure you are dialling the correct number 800-492-8468

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Question: when it converts to a revolving card, does it then get an actual "credit limit"?

[Anonymous]

No. You are only assigned a credit limit on a charge card in response to a Credit action.

[SouthJamaica]

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@Anonymous wrote:
No. You are only assigned a credit limit on a charge card in response to a Credit action.

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Thanks

[CreditUp2014]

Thanks for the official response. 

P.S. Customer Service should be open 24/7. Please ensure you are dialling the correct number 800-492-8468

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Strange, I dialed the number on the back of my card, twice.  When I asked for a representative it sent me to a message saying to call back during normal business hours.  I thought it was strange.  I've never encountered this issue before.

[Imperfectfuture]

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@Anonymous wrote:

Doesn't really change anything. If you aren't using the extended pay, just continue to manage payments the same way you always have.

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This.  And also, you would have received the same answer in the business section.  This question is rather basic in nature for amex.  I always PIF, but they list minimum payment.  I just choose statement balance.  I only have revolvers.  Just keep doing the same.