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Valued Contributor
tray
Posts: 1,512
Registered: ‎01-29-2008
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Changes with Amex Premier Rewards Gold Card Pay Over Time

Hi everyone, I noticed on my statment for this month with Amex premier rewards gold charge card it states a summary of changes effective January 1, 2013  your pay over time limit is $35,000.00, unless it's been previously reduced or increased, we will tell you if we change your pay over time limit.  Is Amex now reporting charge amounts for pay over time? I wonder if this is my actual charge amount limit.?  Has anyone who has a charge card with pay over time have a reporting charge limit as well on this month's statment. Be on the lookout thanks for any information.


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
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Koop10010
Posts: 731
Registered: ‎02-15-2012
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time

There is a general limit of $35,000 for Pay Over Time.  It does not correspond to your internal spending limit in any way.  This limit has been around for awhile and Amex hasn't reported the Pay Over Time limit in the past, so I don't think so.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time

[ Edited ]

tray wrote:

Hi everyone, I noticed on my statment for this month with Amex premier rewards gold charge card it states a summary of changes effective January 1, 2013  your pay over time limit is $35,000.00, unless it's been previously reduced or increased, we will tell you if we change your pay over time limit.  Is Amex now reporting charge amounts for pay over time? I wonder if this is my actual charge amount limit.?  Has anyone who has a charge card with pay over time have a reporting charge limit as well on this month's statment. Be on the lookout thanks for any information.


Interesting...

 

I've got the Green card, and I received a letter from them last week telling me I was eligible for pay over time.  Based on your post, I just pulled up my statement and I had the exact same message re: the $35,000 limit.  If I had to guess, I would suspect this is a general statement for cardholders and is not my actual NPSL, as this is so variable per cardholder based on spend patterns, etc.  Would be nice, though. :smileyhappy:

 

ETA:  Can't type as fast as koop!


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Established Contributor
n777ua
Posts: 573
Registered: ‎05-29-2011
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time

I really like the POT feature.  I have used it in the past, and am using it now.  Its a great bene of the card.  The only drawback, of course, is that it is not a favorable APR.  I think its %18 for all cardmembers, irregardless of credit history.  But, if you want to make a large purchase and pay for it over 2-3 months and get the MR points for it, POT is the way to go.

Amex Green NPSL, Amex BCE $19.7k, Amex HH Surpass $11.3k, Amex Simply Cash Business $3k, Chase Ink Bold $15k (flex)Chase Sapphire Preffered $26k, Citi Diamond $13.3k, Citi TY Preferred $10.5k, Virgin Atlantic Amex $8k, Discover Motiva $10k, Boa World Elite $10k, US Bank Visa $4.1k, GE Amazon $4k, GE Lowes $6k, BillMeLater $5.3k, Target $.2k, CapOne $2k Von Maur NPSL,
Valued Contributor
tray
Posts: 1,512
Registered: ‎01-29-2008
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time

Thanks for the updates, I do think though Amex wording is misleading, as it probably should say your pay over time limit may be up to $35,000!!!


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
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cashnocredit
Posts: 1,030
Registered: ‎07-18-2009
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time

All Amex charge cards, including the Centurion (yep!) card are limited to 35k pay over time. Limits can be smaller but that is the max. Amex securitizes the debt and sells it for working cash.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
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CribDuchess
Posts: 659
Registered: ‎09-12-2011
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time


n777ua wrote:

I really like the POT feature.  I have used it in the past, and am using it now.  Its a great bene of the card.  The only drawback, of course, is that it is not a favorable APR.  I think its %18 for all cardmembers, irregardless of credit history.  But, if you want to make a large purchase and pay for it over 2-3 months and get the MR points for it, POT is the way to go.



I don't think it is 18% for all cardmembers.  Mine is 15.24% and I'm pretty sure I've seen posts by others indicating different APRs as well.

 

I only used it once (it was the sign & travel feature) about 15 or 16 years ago to purchase some last minute airline tickets.  It is tempting to use it though if I were to make a big purchase and wanted to stretch out the payments - using POT would not affect my UTL (except on the TU98 model).  And yes, the MR points would be nice, too!

FICOs: TU08 841 10/6/14 per Wally; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 800 11/8/14; EX 805 6/12/14 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $15K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Double Cash $10K; Citi Simplicity Visa $15.1K; Discover IT $24K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $20K; Sallie Mae WMC $12.5K; US Bank Cash+ Visa Sig $24.5K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Regular Contributor
Settemio
Posts: 222
Registered: ‎01-08-2011
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time

My rate isn't 18% as well. It is 12.24%. Actually one of the lower rates I have besides some 0% for 18 months... I use the POT featurdo often and pay it off in a few months... Get all the points too...

 

Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012
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Re: Changes with Amex Premier Rewards Gold Card Pay Over Time

My rate is 15.24%, so they do vary.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Established Contributor
n777ua
Posts: 573
Registered: ‎05-29-2011
0

Sorry Guys !

You're right the APR does vary . . . sorry for the bad information in my earlier post.

Amex Green NPSL, Amex BCE $19.7k, Amex HH Surpass $11.3k, Amex Simply Cash Business $3k, Chase Ink Bold $15k (flex)Chase Sapphire Preffered $26k, Citi Diamond $13.3k, Citi TY Preferred $10.5k, Virgin Atlantic Amex $8k, Discover Motiva $10k, Boa World Elite $10k, US Bank Visa $4.1k, GE Amazon $4k, GE Lowes $6k, BillMeLater $5.3k, Target $.2k, CapOne $2k Von Maur NPSL,

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