Amex "pay later option"

[driftless]

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@Anonymous wrote:

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@driftless wrote:
FYI - I just chatted with Amex and if you use the "pay later option" it is not reported to the credit agencies, it is a hidden trade line.

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This corresponds to what I have read elsewhere but to be clear, the card still reports as a charge card as normal but the amount financed over time is internal and does not get reported.

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Yes, that is my understanding.

[Anonymous]

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@driftless wrote:
FYI - I just chatted with Amex and if you use the "pay later option" it is not reported to the credit agencies, it is a hidden trade line.

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Good to know. Thanks!!!

[MontegoMack]

I just received my Platinum and found info on the website about Pay Over Time, but wasn't given the ability to opt in. 

[elim]

I've had the option for almost 2 years, It reports as a Credit Card, 1 month terms, missing limit.  35k POT and my spending power has been as low as 5k and as high as 17k.

[12njoy]

I converted my PRG to the Green last year and about 2 months ago, after years of having PRG, I was given the POT feature.  I called and Amex said the 35k is like a bucket.  While your one time charge limit may be say 20,000, the 35k is the total max POT charges that you can occurr.  If you were to make 35,000 $100 transactions (simplistic), these would go into POT and you will not be able to use POT for future purchases over $100.  They also explained that the "purchasing power" on their website is designed only for one-time purchases and is not indicitive of your overall charge ability on your card.  While the "purchasing power" button may say you have been approved for a purchase in the amount of $10,0000 that only applies to that potential transaction, not an overall charge limit.

[Anonymous]

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@redpat wrote:

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@Anonymous wrote:

So what exactly does "pay later" entail?  I'm not understanding the difference of $35k with "pay later" verses simply a CLI to $35k?

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It's a charge card that has a revolving option to it.  Any purchases over $100 will be put into the POT(pay over time) bucket.  The 35k limit is subjective not a hard limit, Amex will never let you get that high.  The limit could be different for everyone, IMO.

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I don't understandw why AMEX allows these now. A charge card is meant to be paid in full every month, or else you get a not-so-nice letter explaining if you do it again, your card will be closed. If people want to carry a balance, get a revolver. American Express's leadership lacks common sense in this day and age. If I sign up for a charge card, I know I'm not supposed to carry a balance, but AMEX seems to give in.

The rewards need to be inceased, the annual fees need  to be decreased, CSR's need to go back to bending over backwards for their customers (and be from America), the charge cards need to be just that, and the underwriting needs to go back to the level it used to be at.

[Anonymous]

I converted my PRG to the Green last year

Please explain to me why you did that. The Green has next to zero benefits, and is only $100 cheaper a year.

[12njoy]

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@Anonymous wrote:

I converted my PRG to the Green last year

Please explain to me why you did that. The Green has next to zero benefits, and is only $100 cheaper a year.

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Personal choice because I didn't want to pay the $175 fee.  We have our own reasons for doing the things we do and this worked for me.

[Anonymous]

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@12njoy wrote:

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@Anonymous wrote:

I converted my PRG to the Green last year

Please explain to me why you did that. The Green has next to zero benefits, and is only $100 cheaper a year.

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Personal choice because I didn't want to pay the $175 fee.  We have our own reasons for doing the things we do and this worked for me.

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Don't take it as a "roast", I was just curious.

[12njoy]

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@Anonymous wrote:

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@12njoy wrote:

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@Anonymous wrote:

I converted my PRG to the Green last year

Please explain to me why you did that. The Green has next to zero benefits, and is only $100 cheaper a year.

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Personal choice because I didn't want to pay the $175 fee.  We have our own reasons for doing the things we do and this worked for me.

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Don't take it as a "roast", I was just curious.

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Understood