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AMEX pay over time

Frequent Contributor

AMEX pay over time

What are the pros and cons of activating this feature?

I received an invitation which I let expire because I couldn't see myself ever using it and now I'm wondering if I should've passed on it. I recall looking it up and reading something that discouraged me at the time but I don't remember what it was.
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
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Message 1 of 6
5 REPLIES
Established Member

Re: AMEX pay over time

It's not something I would use myself even if it's offered to me. I have 5 Amex cards and will always pay them in full. Just does not seem like something that would look good to them if you used it. But that’s just what I think I'm sure others will say different.

Message 2 of 6
Super Contributor

Re: AMEX pay over time

I read a thread on here once where someone said they activated the feature and their card was closed like...immediately. 

Message 3 of 6
New Contributor

Re: AMEX pay over time

I activated the "Pay Over Time" feature on my AMEX PRG, since it:

 

a) didn't cost me anything if I PIF every time

b) they gave me a 10k MR bonus just for activating it, even if I didn't use it ever

c) maybe one day I will need to use it so it's nice to have it there just in case (weirdly my AMEX PRG has the lowest APR of any of my cards)

 

I've never used it yet, but as far as I can see there's no disadvantage to not activating it (assuming there is a MR point bonus going on).

PNC Points Visa $3.3k (5/09), Amex PRG NPSP (9/10), Amex BCP $19.7k (10/12), Chase Amazon $4.8k (10/12), Citi Forward $7.5k (11/12), Chase Southwest RR Premier $8k (3/13), Discover it $4.3k (11/13), Citi Double Cash $18k (PC'd 9/16 from AA Executive 7/15), Chase CSR $12.2k (9/16)
Message 4 of 6
Senior Contributor

Re: AMEX pay over time


nagisa wrote:

I activated the "Pay Over Time" feature on my AMEX PRG, since it:

 

a) didn't cost me anything if I PIF every time

b) they gave me a 10k MR bonus just for activating it, even if I didn't use it ever

c) maybe one day I will need to use it so it's nice to have it there just in case (weirdly my AMEX PRG has the lowest APR of any of my cards)

 

I've never used it yet, but as far as I can see there's no disadvantage to not activating it (assuming there is a MR point bonus going on).


+1.  I did it for the same reasons.  Google Pay Over Time or Extended Payment Amex and bonus and see if you can find a link.

 

I also don't ever intend to use this feature.  But if I ever do end up in a situation where something comes up and I just can't pay my Amex bill, I'm going to go out on a  limb and say that revolving a balance using my Pay Over Time option looks a heck of a lot better than simply not paying a portion of the payment that is due.


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Message 5 of 6
Frequent Contributor

Re: AMEX pay over time

As someone who has activated AND used the PoT feature, the only thing I can attest to it is it does have a pretty high APR (18%) on revolving balances.  You still have to pay for PiF charges (charges under $100) however any eligible charges over $100 are automatically put into the PoT bucket.  You obviously can PiF the entire balance if you desire.  

 

I had a small balance for a new DSLR camera I didn't have the credit limit on my revolving cards to cover at the time so I put it on my AMEX PRG to gain the points AND utilize the PoT feature.  As far as I could see the only thing that was a negative was the APR AND the fact that my internal AMEX risk score went up, meaning I couldn't get my BCP when I app'ed.  

 

It's a nice feature but since I have cards with sizable limits now, I doubt I'll ever use it again.  Good to know it's there incase I need it.


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Message 6 of 6