Credit Cards

[tray]

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.

[Koop10010]

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.

[TNTransplant]

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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.

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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. 

ETA:  Can't type as fast as koop!

[n777ua]

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.

[tray]

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!!!

[cashnocredit]

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.

[CribDuchess]

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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.

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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!

[Settemio]

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...

[Koop10010]

My rate is 15.24%, so they do vary.

[n777ua]

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