Zync now offers "pay over time"?!

[LS2982]

@Open Thanks! The platinum has that $450 AF I think thats a bit out of my range lol

[Open123]

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@LS2982 wrote:
@Anonymous Thanks! The platinum has that $450 AF I think thats a bit out of my range lol

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And, they never waive the first year fee!

The PR Gold with bonus + first year fee waived is a very good deal.  If you don't think the card is worth it after trying it out, you can downgrade back to the Green or Zync.  If you have tons of MR points remaining, then the Green; if not, then the Zync.

This is how I would do it.

[CribDuchess]

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@crunching_numbers wrote:

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@LS2982 wrote:

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@haulingthescoreup wrote:

It's widely believed that taking this option can get you into serious trouble. I don't know that we've ever seen definitive proof, so this might be another one of those AmEx paranoias.

I don't know why a lender would offer a "gotcha", but I just wanted to mention this.

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+1

I think it leads to more account reviews and an eventual F/R.

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As mentioned in the earlier post, I have a large balance on Pay over Time. I get account reviews regularly. I have been blessed (knock on wood) that they never did a FR. The main trouble is everything over $100 automatically goes into pay over time. You can't change that value. It is awkward to manage.

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Amex just gave me this Pay Over Time option on my Gold card.  However, I could not see anything on the online account site that would allow me to mark anything to pay over time (not that I want to, I just wanted to check it out).  Back in the 90's I had the Sign & Travel feature and used it just once for airfare.  But I had to request that the travel agent mark it as Extended Payment at the time I purchased the tickets.

Anyway, just re-read the letter that Amex sent me about paying over time and there is a website that you go to for paying over time.  www.americanexpress.com/selectandpay

First you see if you are eligible, if you are, you enroll.  Then if you want to mark any charges for Pay Over Time, you return to the above website and click on "Make a Transfer."  Then you will be prompted to log in and then you will get a list of all your charges and any charges over $100 are enabled for you to click the box next to them to extend payment on them.

I don't understand why they have to make it so complicated, but I guess I should not be surprised since it is Amex after all.

[webhopper]

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@CribDuchess wrote:

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@crunching_numbers wrote:

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@LS2982 wrote:

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@haulingthescoreup wrote:

It's widely believed that taking this option can get you into serious trouble. I don't know that we've ever seen definitive proof, so this might be another one of those AmEx paranoias.

I don't know why a lender would offer a "gotcha", but I just wanted to mention this.

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+1

I think it leads to more account reviews and an eventual F/R.

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As mentioned in the earlier post, I have a large balance on Pay over Time. I get account reviews regularly. I have been blessed (knock on wood) that they never did a FR. The main trouble is everything over $100 automatically goes into pay over time. You can't change that value. It is awkward to manage.

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Amex just gave me this Pay Over Time option on my Gold card.  However, I could not see anything on the online account site that would allow me to mark anything to pay over time (not that I want to, I just wanted to check it out).  Back in the 90's I had the Sign & Travel feature and used it just once for airfare.  But I had to request that the travel agent mark it as Extended Payment at the time I purchased the tickets.

Anyway, just re-read the letter that Amex sent me about paying over time and there is a website that you go to for paying over time.  www.americanexpress.com/selectandpay

First you see if you are eligible, if you are, you enroll.  Then if you want to mark any charges for Pay Over Time, you return to the above website and click on "Make a Transfer."  Then you will be prompted to log in and then you will get a list of all your charges and any charges over $100 are enabled for you to click the box next to them to extend payment on them.

I don't understand why they have to make it so complicated, but I guess I should not be surprised since it is Amex after all.

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 I don't think i'll use this feature on my Zync... I have revolvers for that!

[CribDuchess]

I have plenty of revolvers to use as well.  But someone pointed out in another thread about the Pay Over Time feature that those balances also would not be counted in your util on your credit reports.  Not sure if this is true or not and I'm not about to try it just to find out.  Maybe crunching_numbers knows for sure?  I think they are using Pay Over Time on their Gold card.

[webhopper]

So if pay over time was active could you still yell which charges were for the cycle and pay them in full? I don't like the idea of them selecting the pay over time.charges on my behalf!

[Anonymous]

There are two types of pay over time features with Amex charge cards.  There is Select and Pay Later and the Extended Payment Option.  The difference is that with Select and Pay Later all charges default to pay in full and the cardmember has to manually select a charge to pay over time.  With the Extended Payment Option, charges over a certain amount ($100 currently, I think) are automatically put into pay over time status.  Amex auto-enrolled me in Select and Pay Later, which I much prefer to the Extended Payment Option, so I've not enrolled in that.  I actually figured out the difference when I noticed I was still getting offers to enroll in the Extended Payment Option after I thought I already had it.

[CribDuchess]

My understanding is that you have to actually select which charges you want to put on the Pay Over Time, Amex does not automatically put your charges on the Pay Over Time portion of your billing.  You would do that by going to www.americanexpress.com/selectandpay and then clicking on "Make a Transfer."  Then you're prompted to log in and then you see a list of all your charges and the ones that are eligible to be paid over time have a check box next to them for you to click to select them to pay over time.

[Brian_Trying_700]

Im on my 7th statement. Pif $463.76. Show me some love Amex. Im going for the Blue next April.

[xboxrunner]

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I have this on my Zync. Was approved last week for it.