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Frequent Contributor
Posts: 322
Registered: ‎08-19-2010
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Pay over time for AMEX charge cards

Any idea how this option works? And What are the requirements to be invited to add this option (credit wise)?


Frequent Contributor
Posts: 470
Registered: ‎08-14-2012
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Re: Pay over time for AMEX charge cards

I was invited for it with my Zync. I don't know what triggered the invite but I didn't bite. They actually offered MR points for using it. Maybe it is a "test" so they can gage you financially? 

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Frequent Contributor
Posts: 322
Registered: ‎08-19-2010
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Re: Pay over time for AMEX charge cards

How long have you had you card when you were invited? 

 


jd5189 wrote:

I was invited for it with my Zync. I don't know what triggered the invite but I didn't bite. They actually offered MR points for using it. Maybe it is a "test" so they can gage you financially? 





Moderator Emeritus
Posts: 12,528
Registered: ‎12-30-2011
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Re: Pay over time for AMEX charge cards

Get a revolver Smiley Happy  80% of the reports here were horror stories with it though that might've been an example of collective forum-think; however, I somewhat recall the last time we talked about it (5ish months ago maybe?) one perhaps two people reported a positive experience with it.

 

It's held in about the same regard as a cash advance with the same appropriate advice: just because you can do something, doesn't mean it's a good idea.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Frequent Contributor
Posts: 470
Registered: ‎08-14-2012
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Re: Pay over time for AMEX charge cards


altayar wrote:

How long have you had you card when you were invited? 

 


jd5189 wrote:

I was invited for it with my Zync. I don't know what triggered the invite but I didn't bite. They actually offered MR points for using it. Maybe it is a "test" so they can gage you financially? 





I would say probably about a year after having the card I saw it as an option for my account homepage. It disappeared after about 2 months.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Frequent Contributor
Posts: 322
Registered: ‎08-19-2010
0

Re: Pay over time for AMEX charge cards

So it must have a huge APR then? That sound like a bad choice really .. def not as it sounds like!

 


Revelate wrote:

Get a revolver Smiley Happy  80% of the reports here were horror stories with it though that might've been an example of collective forum-think; however, I somewhat recall the last time we talked about it (5ish months ago maybe?) one perhaps two people reported a positive experience with it.

 

It's held in about the same regard as a cash advance with the same appropriate advice: just because you can do something, doesn't mean it's a good idea.

 





Moderator Emeritus
Posts: 12,528
Registered: ‎12-30-2011
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Re: Pay over time for AMEX charge cards

Not so much the APR, but as a flag and a trigger for possible AA.  It's a behavior which flags you as a statistical outlier in the Amex universe, not a good spot to be in my opinion.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Established Contributor
Posts: 701
Registered: ‎09-12-2011
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Re: Pay over time for AMEX charge cards

I used the "Sign & Travel" option on my Gold card about 15 years ago to purchase some last-minute airline tickets.  Took about 6 months to pay the balance off.  Never had any adverse action taken against me for it.  Earlier this year, Amex sent me a letter about the Pay-Over-Time feature and said I could revolve a balance of up to $35k on my Gold card.  Also, there was a 5,000 MR bonus for enrolling.  I enrolled and got the 5,000 points.  I haven't used the Pay-Over-Time feature yet, though.  But every statement period, I have the option to pay-over-time on transactions of $100 or more.  I might be tempted to use it at Christmas time since this balance would not be included in my utilization.  However, the interest rate is 15.24%.....not exactly low.

FICOs: TU08 841 2/9/15 per Barclay; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 809 3/4/15; EX08 812 3/8/15 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $19.3K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Double Cash $11.6K; Citi Simplicity Visa $17.3K; Discover IT $26.5K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $20K; Sallie Mae WMC $17.5K; US Bank Cash+ Visa Sig $24.5K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
New Contributor
Posts: 113
Registered: ‎05-06-2012
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Re: Pay over time for AMEX charge cards

The blance wont show up on your credit reports ? wow that would be a good option for someone who NEEDS to pay off over time... that rate seems high tho i doubt people use it much. it is a set amount of time like an instalment loan ? 12 24 36 months and so on ? or just min payments ? 






Valued Contributor
Posts: 1,240
Registered: ‎07-18-2009
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Re: Pay over time for AMEX charge cards

I got the same thing. A letter a couple months ago then recently an email. I did find out reading their SEC filings that they securitize this revolving debt as a revenue means. There is a ton of great info in these filingss about default rates and such. They have really improved performance and it's now near the 10 year minimums.

 

As for me it makes no sense at all. I'm retired, living on assets and passive income, and need a charge card, not a loan. If I ever need to carry a CC balance I'm in real trouble. Almost as much as that CC issuer would be.

 

 


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 Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
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