How long until AMEX payment is processed with bank?

[Matt4776]

Hey all,

To make a long story short, I got myself into a bit of a sticky situation. My good friend needed to borrow a good sum of money, and promised to repay me weeks ago. Of course, that never happened, and my PRG is due today. It also happens that I had booked two study abroad international flights on the PRG for this cycle, so my bill is quite high. High enough that I won't be able to pay it off without my money back (I'm a poor college student, so it's not like I have a large savings to pull from or anything). He said he would be home at 10 pm and can Chase Quickpay me then, but my bill is due at 9 pm I believe. Obviously, you need to pay the PRG in full, so it's not like I can just pay the minimum and then pay the balance a few hours later.

So, my question is, how long does it take to draw the funds from your account after you press pay on the AMEX website? I know this could be playing with fire, but I don't want to have a late payment with AMEX, even if it is only a few hours! In case it gets processed quickly, is a bounced payment better or worse for your relationship than a late payment fee? 

Thanks guys!

[Involver]

You can pay up until 8 pm MST to have the payment credited to your account on that date.

When I pay I am credited immediately and the payment is pulled from my bank account the following day.

I would not trust your friend to pay you today considering he's already made you wait weeks.

Lesson learned:  don't loan your friends money.

Don't push the payment until you have the cash.  I don't think a bounced payment would look better than a late one.

[snowkitty]

I'm with boa and when I make a payment to Amex, they draft it from my account in just a few hours. I've never did it that late at night though. Just be careful

[Matt4776]

Certainly lesson learned. Should I just accept the late day then?

[Involver]

Assuming you can make multiple payments in a day (I believe with Amex you can do up to 5 in 24 hours, I've never tried) I would pay off everything you can right now, and (hoping your friend sticks to his word) pay the rest off tonight.  

[09Lexie]

Are we taking about the 'please pay by date' or is it 30 days from your statement cut date?

[watch44]

The "Please Pay By" date is not actually the due date. It's Amex's way to making sure you pay on time. The actual due date is a day before your next statement cuts I believe. You should be fine.

[Matt4776]

The Please Pay By date is not the due date? I'm confused. What is?

[watch44]

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@Matt4776 wrote:

The Please Pay By date is not the due date? I'm confused. What is?

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The day before the next billing cycle ends is the real due date. 

Ref: http://ficoforums.myfico.com/t5/Credit-Cards/American-Express-Payment-Date-quot-Please-Pay-By-quot/t...

[09Lexie]

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@Matt4776 wrote:

The Please Pay By date is not the due date? I'm confused. What is?

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As long as you pay before the statement ends you'll be ok.  Whether or not it will affec your internal score with Amex, I am unsure.