topic Re: Amex Pay Over Time Option in Credit Cards

Amex Pay Over Time Option

n777ua — Thu, 30 Jun 2016 05:26:45 GMT

Does anyone know what the requirements are to be offered the ability to add POTO or Sign & Travel on the charge cards ? I know the APR is something like 18.9% with no true credit limit.

Re: Amex Pay Over Time Option

Anonymous — Thu, 30 Jun 2016 08:31:50 GMT

I know on the Black Card it's the prime rate + 5.9%.

http://secure.cmax.americanexpress.com/Internet/UDAP/CardMemberAgreementsOnline/US_en/CMADetailsPage/SmallBusinessCards/BusinessCenturionCard/BusinessCenturion.pdf

Re: Amex Pay Over Time Option

Anonymous — Fri, 01 Jul 2016 22:19:53 GMT

I got my PRG in late December and received a letter in April stating that my card was eligible for POTO enrollment. I still haven't activated it and don't know specifically what makes an account eligible but if I go to the activation page some of the information reads:

"Not all Card Members are eligible to use Pay Over Time features. Requests to pay over time are approved based on several factors including account history, current account status and credit record at time of request. Upon enrollment in the Extended Payment Option, we will assess your current Pay Over Time Limit, which may be set starting at $10,000.

The Annual Percentage Rate ("APR") for Pay Over Time features may vary and is determined by adding the Prime Rate plus 14.99%, currently 18.49%.

This offer to enroll remains valid as long as you are a Card Member in good standing and there has not been a material change to your credit worthiness"

edit: Apparently, my account is enrolled in POTO (Select & Pay Later) with a $35k limit and was done so, automatically, last week. The information quoted above is in regards to a feature of POTO called "Extended Payment Option" (basically, S&PL automated). However, I don't think that would change the list of things Amex would examine; history, account standing, etc.

No MR offer here

Re: Amex Pay Over Time Option

Anonymous — Thu, 30 Jun 2016 08:56:11 GMT

For me, the max limit on the POTO is $35k. I don't know if that is true for all account holders. I have a senior gold card that is no longer offered.

Re: Amex Pay Over Time Option

shakalaka — Thu, 30 Jun 2016 10:24:41 GMT

I think they always start with 35k, mine also. But after a while I received a letter, telling me that it was increased to 50k. Even so I never ever used it.

Re: Amex Pay Over Time Option

Anonymous — Thu, 30 Jun 2016 12:00:23 GMT

Mine is 30k on the Platinum

Re: Amex Pay Over Time Option

redpat — Thu, 30 Jun 2016 13:21:45 GMT

It's usually 35k but amex will cut you at the knees way before that.

Re: Amex Pay Over Time Option

CreditCuriosity — Thu, 30 Jun 2016 13:32:14 GMT

Have it on my platinum which you guessed is 35k, but weird thing is about to cancel my platinum card and always like having options, but not available on my PRG.. Have only had the PRG for 3 months, maybe that is why? Find it a bit weird that I am not eligible for it on PRG currently and won't lose any sleep as I have plenty of credit at better apr's. So not really sure what the criteria is for making one eligible for POT or sign and travel etc.

Re: Amex Pay Over Time Option

nitrov — Thu, 30 Jun 2016 13:36:02 GMT

what is Sign & Travel? I've had my PRG for a couple years now and don't recall getting any targeted offers for pay over time or anything of the sort. I've seen the link on the Amex site but never inquired about it since I don't need it. Based on what I've read here doesn't seem like 15%+ is going to do anyone any favors anyway lol

Re: Amex Pay Over Time Option

redpat — Thu, 30 Jun 2016 13:37:00 GMT

@CreditCuriousity wrote:
Have it on my platinum which you guessed is 35k, but weird thing is about to cancel my platinum card and always like having options, but not available on my PRG.. Have only had the PRG for 3 months, maybe that is why? Find it a bit weird that I am not eligible for it on PRG currently and won't lose any sleep as I have plenty of credit at better apr's. So not really sure what the criteria is for making one eligible for POT or sign and travel etc.

It should show up on your PRG in time. I will never use it myself.

Also, I have heard that travel and sign is a complete nightmare to use and individuals that used it said avoid at all costs.

Re: Amex Pay Over Time Option

lhcole77 — Thu, 30 Jun 2016 13:41:46 GMT

@nitrov wrote:
what is Sign & Travel? I've had my PRG for a couple years now and don't recall getting any targeted offers for pay over time or anything of the sort. I've seen the link on the Amex site but never inquired about it since I don't need it. Based on what I've read here doesn't seem like 15%+ is going to do anyone any favors anyway lol

Sign and travel automatically puts travel expenses into a pay overtime bucket

Re: Amex Pay Over Time Option

CreditCuriosity — Thu, 30 Jun 2016 13:42:16 GMT

@redpat wrote:
@CreditCuriousity wrote:
Have it on my platinum which you guessed is 35k, but weird thing is about to cancel my platinum card and always like having options, but not available on my PRG.. Have only had the PRG for 3 months, maybe that is why? Find it a bit weird that I am not eligible for it on PRG currently and won't lose any sleep as I have plenty of credit at better apr's. So not really sure what the criteria is for making one eligible for POT or sign and travel etc.
It should show up on your PRG in time. I will never use it myself.

Also, I have heard that travel and sign is a complete nightmare to use and individuals that used it said avoid at all costs.

Ya sign and travel or travel and sign whatever it is have it on Plat as well and it is very weird.. I think I did it for an airport AA lounge one time if I recall as it automatically put it in that bucket as it was over x dollar amount if I recall right and was kinda funky how it worked.

Re: Amex Pay Over Time Option

ddemari — Thu, 30 Jun 2016 15:26:16 GMT

I have been curious about both pay over time and travel. the link is there on the right, but when I click on it, it brings me to page that doesnt allow me to click on anything,

Do I have to have charges already posted to my account to enroll?

Re: Amex Pay Over Time Option

lhcole77 — Thu, 30 Jun 2016 15:29:18 GMT

@ddemari wrote:
I have been curious about both pay over time and travel. the link is there on the right, but when I click on it, it brings me to page that doesnt allow me to click on anything,

Do I have to have charges already posted to my account to enroll?

You have to be eligible to enroll in order to do so. I wasn't until April on my PRG and when my Plat was mailed to me it came with the option to enroll at activation.

Re: Amex Pay Over Time Option

ddemari — Thu, 30 Jun 2016 15:34:37 GMT

Thanks! It says none of my cards are eligable for this feature. Oh well. I have just been curious about it!

Re: Amex Pay Over Time Option

lhcole77 — Thu, 30 Jun 2016 15:40:28 GMT

@ddemari wrote:
Thanks! It says none of my cards are eligable for this feature. Oh well. I have just been curious about it!

Good news is that AMEX sends out targeted offers to enroll that come with 10K MRP sign up bonuses. Hopefully you get one of those.

Re: Amex Pay Over Time Option

ddemari — Thu, 30 Jun 2016 16:43:25 GMT

Thanks for the info! amex has been getting friendlier to me so maybe I shall see something like that coming my way sometime soon!

Re: Amex Pay Over Time Option

Berk — Thu, 30 Jun 2016 16:52:13 GMT

@ddemari wrote:
I have been curious about both pay over time and travel. the link is there on the right, but when I click on it, it brings me to page that doesnt allow me to click on anything,

Do I have to have charges already posted to my account to enroll?

You aren't missing anything by not having it. I have yet to use mine. Not interested in paying 19% interest on anything - thanks anyway.

Re: Amex Pay Over Time Option

Anonymous — Thu, 30 Jun 2016 17:54:20 GMT

@lhcole77 wrote:
@ddemari wrote:
Thanks! It says none of my cards are eligable for this feature. Oh well. I have just been curious about it!
Good news is that AMEX sends out targeted offers to enroll that come with 10K MRP sign up bonuses. Hopefully you get one of those.

Good call! they auto enrolled me and i missed out on those points..

Re: Amex Pay Over Time Option

Anonymous — Sat, 30 Jul 2016 20:30:40 GMT

I just got my amex plat today and during activation I was offered the pay over time feature. I called CS and was told I have a limit of 35k for Pay Over Time limit.