Amex new feature: Pay over time is like credit card

[Fico2Go]

I was approved and Amex overnighted my GPR. While reading all the great benefits and freebies I notice something that ahould be of interest to those desiring a.credit.card feature.

Apparently Amex now lets members request a pay what they call a pay over time on charge card purchases.

Is this a new thing? Has anyone used it?

This feature makes the Amex charge card products that much more attractive. Seems to be a hybrid of a charge card and credit.

[FinStar]

It's not new.  The POT feature has been around for a long time and the account has to be elegible to get the offer.  It is not a recommended revolving strategy for standard purchases as the APR is pretty high and there are limited PIF terms.  Although I never used the feature, this was mainly an option for large dollar T&E transactions.

[wHiTeSoL]

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@Fico2Go wrote:
I was approved and Amex overnighted my GPR. While reading all the great benefits and freebies I notice something that ahould be of interest to those desiring a.credit.card feature.

Apparently Amex now lets members request a pay what they call a pay over time on charge card purchases.

Is this a new thing? Has anyone used it?

This feature makes the Amex charge card products that much more attractive. Seems to be a hybrid of a charge card and credit.

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Don't do it unless there is a bonus involved, even then, activate it for the bonus and never use it. 

[Fico2Go]

WhiteSOL, being that the card has no preset limit I am concerned that a pattern of no or low usage could end up with denied transactions when I do use it one day.

[09Lexie]

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@Fico2Go wrote:
WhiteSOL, being that the card has no preset limit I am concerned that a pattern of no or low usage could end up with denied transactions when I do use it one day.

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If you plan not to use the PRG much, then why did you app for it? Was it to get your foot in the door?

[CreditDrama85]

i recommend just always paying in full. this feature has been around forever. when i used it it resulted in Amex closing my account though i was never late. they notified me i was no longer eligible after i had a balance asking for payment in 30 days. after not paying it in 30 days they reported as a paid charge off and didnt even offer me the Optima. what a joke

[Fico2Go]

Lexie, I got the card just for the rewards bonus and SP since I had already received the BCP the same day.

A chargecard is too much like a debit card for me. ,The only real value is in the bonus cashback or points earned.

I MIGHT PUT ON A ONE MONTH USE OF $5000 to $10,000 just to get this $$$ show on my cr as the highest limit on the card.

This would create a footstep into the high limit arena.

[09Lexie]

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@Fico2Go wrote:
Lexie, I got the card just for the rewards bonus and SP since I had already received the BCP the same day.

A chargecard is too much like a debit card for me. ,The only real value is in the bonus cashback or points earned.

I MIGHT PUT ON A ONE MONTH USE OF $5000 to $10,000 just to get this $$$ show on my cr as the highest limit on the card.

This would create a footstep into the high limit arena.

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The PRG would not be my choice for cashback but to each is own. Yes, a charge card is exactly like a debit  card. 

[Fico2Go]

You are correct. The prg also is not my choice for points and rewards.

PRG is perfect for setting and establishing a high CL through large purchase transactions.. My understanding is AMEX will report the highest charge amount as the CL, which in my case is ideal for future Recons and CLIs.

[Fico2Go]

In fact, the BCP is more suited as a rewards card with 6% cashback on grocery.