topic Re: AMEX Pay Over Time Rate Reduction? in Credit Cards

AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 01:06:56 GMT

I have had PRG with Float feature for almost 2 years. The rate is like 18% and I have never used it. Got this email just now and I can't quite understand it. Is it different than POT? or POT at 15.49%?

Not everyone with an American Express® Card qualifies for the same features. You are invited to enroll in the Extended Payment Option, which gives you the flexibility to carry a balance or pay in full each month.

Flexibility	You can decide to pay over time with interest on eligible purchases of $100 or more.1 The APR will be a variable rate, currently 15.49% (the rate assigned will be the same as the current rate for your Select & Pay Later feature). If you have enrolled in a Pay Over Time promotional APR offer, the terms disclosed to you with that offer apply. You maintain the option to pay your balance in full each month.

No Enrollment Fee	There is no fee to enroll and you will continue to enjoy all of the benefits of your Card.

Whether you're booking a vacation, furnishing a new home or paying for something unexpected, the Extended Payment Option gives you the choice of payment flexibility.

Why not take advantage of this opportunity?

Offer expires September 30, 2016 .

Re: AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 01:29:19 GMT

Fine Print: "The Annual Percentage Rate ("APR") for Pay Over Time features may vary and is determined by adding the Prime Rate plus 11.99%, currently 15.49"

Looks like they actually reduced the interest rate of Pay Over Time on Charge Cards :]

Edit: I tried to enroll and it looks like you may be grandfathered in at the crappy 18.49% rate. May call in the morning and see how to get the lower rate for emergencies.

Extended Payment Option

Our records indicate that you are already enrolled in the Extended Payment Option.

If you have questions, please call the customer service phone number on the back of your Card.

More questions? Pay Over Time FAQs.

Re: AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 01:56:40 GMT

Done. Opened a SM and the CSR gave me a number to call. APR Lowered on PRG from 18.49% to 15.49% :]

Re: AMEX Pay Over Time Rate Reduction?

Anonymous — Mon, 15 Aug 2016 02:37:37 GMT

@elim wrote:
Done. Opened a SM and the CSR gave me a number to call. APR Lowered on PRG from 18.49% to 15.49% :]

The card shouldn't even have a pay over time feature, or an interest rate. By definition the PRG is a charge card, not a credit card.

AMEX executives are dumber than a box of rocks compared to what they used to be.

Re: AMEX Pay Over Time Rate Reduction?

kdm31091 — Mon, 15 Aug 2016 02:53:50 GMT

@Anonymous wrote:
@elim wrote:
Done. Opened a SM and the CSR gave me a number to call. APR Lowered on PRG from 18.49% to 15.49% :]

The card shouldn't even have a pay over time feature, or an interest rate. By definition the PRG is a charge card, not a credit card.

AMEX executives are dumber than a box of rocks compared to what they used to be.

Agreed. I can see wanting a lower rate for emergencies but this just isn't the card for it regardless. An APR reduction is always good, but I still wouldn't be using it on this card.

Re: AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 02:56:49 GMT

If I come back from overseas and my house is burned down. It will get used

Re: AMEX Pay Over Time Rate Reduction?

Anonymous — Mon, 15 Aug 2016 03:24:03 GMT

The PRG is by definition whatever Amex wants its to be. If they want to offer the feature to carry a balance then that's their right and it hardly affects other cards or people that don't have the card. This pay over time feature isn't something new and has been around for many many years, even back when Amex executives werent dumber than a box of rocks.

Re: AMEX Pay Over Time Rate Reduction?

takeshi74 — Mon, 15 Aug 2016 03:25:43 GMT

@Anonymous wrote:
The card shouldn't even have a pay over time feature, or an interest rate. By definition the PRG is a charge card, not a credit card.

AMEX executives are dumber than a box of rocks compared to what they used to be.

Be careful tossing out the "dumb" label. If they can generate revenue from carried charges from their consumers without incurring excessive risk then it can certainly make business sense. Businesses and products can and do change over time. It's dumb IMO to assume that they must remain static forever.

Now, using it, on the other hand, is a bad idea.

Re: AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 03:39:28 GMT

moral of the story is... "if you get Pay Over Time now, It is at a 3% lower rate than what it has been in the past" I've had the card (and the feature) long enough, and ran enough $$ through it to be pretty good at using an AMEX charger. I have never added a charge to POT. But I got my rate lowered. :]

Re: AMEX Pay Over Time Rate Reduction?

Anonymous — Mon, 15 Aug 2016 03:42:38 GMT

AMEX might as well just label the card as a revolver and put down an interest rate instead of saying, "no interest because you pay your balances in full every month."

The charge cards are classics and AMEX should keep it the way it's been in order to use them for marketing purposes. People who still want the feeling of old fashioned AMEX should be able to get a charge card and be able to use it as it was originally intended... But these cards now appear as less prestigous and classic now that you're able to pay over time. Of course AMEX doesn't have to give a pay over time feature to any cardholder... They just make it look like a card for a person with a below average income by letting people pay over time rather than for those who have an income well above what the average American makes per year. AMEX showing more flexibility than ever makes them look less prestigous, and it's both embarassing for them, and also disappointing for some of us.

I don't know, I guess I'm just caught up in the old fashioned thing, and you do make a good points about collecting interest from cardholders. I like to see a premium company in every category of item, and AMEX has slipped quite a bit since the old days.

Of course everyone is entitled to their own opinion, so let's not go down the road of who's right and wrong here.

(Reply was to takeshi74, sorry quote box is giving me a hard time tonight).

Re: AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 03:56:44 GMT

Re: AMEX Pay Over Time Rate Reduction?

Anonymous — Mon, 15 Aug 2016 03:59:56 GMT

Haha, no popcorn needed, it's a respectful discussion and disagreement.

Re: AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 04:07:11 GMT

@Anonymous wrote:
AMEX might as well just label the card as a revolver and put down an interest rate instead of saying, "no interest because you pay your balances in full every month."

The charge cards are classics and AMEX should keep it the way it's been in order to use them for marketing purposes. People who still want the feeling of old fashioned AMEX should be able to get a charge card and be able to use it as it was originally intended... But these cards now appear as less prestigous and classic now that you're able to pay over time. Of course AMEX doesn't have to give a pay over time feature to any cardholder... They just make it look like a card for a person with a below average income by letting people pay over time rather than for those who have an income well above what the average American makes per year. AMEX showing more flexibility than ever makes them look less prestigous, and it's both embarassing for them, and also disappointing for some of us.

I don't know, I guess I'm just caught up in the old fashioned thing, and you do make a good points about collecting interest from cardholders. I like to see a premium company in every category of item, and AMEX has slipped quite a bit since the old days.

Of course everyone is entitled to their own opinion, so let's not go down the road of who's right and wrong here.

(Reply was to takeshi74, sorry quote box is giving me a hard time tonight).

PRG is not a prestigous card for wealthy people. It is a card for people who travel as much as some of us do.

Re: AMEX Pay Over Time Rate Reduction?

redpat — Mon, 15 Aug 2016 04:20:08 GMT

@elim wrote:
moral of the story is... "if you get Pay Over Time now, It is at a 3% lower rate than what it has been in the past" I've had the card (and the feature) long enough, and ran enough $$ through it to be pretty good at using an AMEX charger. I have never added a charge to POT. But I got my rate lowered. :]

Any charge over $100 gets put into the POT bucket you don't have a choice you must mean you always pay balance in full both charges and POT balance.

Re: AMEX Pay Over Time Rate Reduction?

elim — Mon, 15 Aug 2016 04:23:34 GMT

@redpat wrote:
@elim wrote:
moral of the story is... "if you get Pay Over Time now, It is at a 3% lower rate than what it has been in the past" I've had the card (and the feature) long enough, and ran enough $$ through it to be pretty good at using an AMEX charger. I have never added a charge to POT. But I got my rate lowered. :]
Any charge over $100 gets put into the POT bucket you don't have a choice you must mean you always pay balance in full both charges and POT balance.

yes, I have never carried a balance.

Re: AMEX Pay Over Time Rate Reduction?

Anonymous — Mon, 15 Aug 2016 05:28:49 GMT

Just looked at my offer, it was for 6.99%. never realized that the PRG could have a POT as it already was a relvover. Only downside charge has to be over 100

Re: AMEX Pay Over Time Rate Reduction?

Anonymous — Mon, 15 Aug 2016 05:52:56 GMT

my prg has pay over time at 0% for 6 months. And my SO is 0% for 12 months. Quite strange! Luckily one of us got the 10k bonus. I wish I didnt enroll in POT then I would have got the 10k bonus!

Regardless still, seeing reductions is always pleasing. And single digit APR that is just cool! and QUIRKY for a charge card!

@Anonymous wrote:
Just looked at my offer, it was for 6.99%. never realized that the PRG could have a POT as it already was a relvover. Only downside charge has to be over 100

for how many months?

Re: AMEX Pay Over Time Rate Reduction?

UncleB — Mon, 15 Aug 2016 06:21:55 GMT

@Anonymous wrote:
my prg has pay over time at 0% for 6 months. And my SO is 0% for 12 months. Quite strange! Luckily one of us got the 10k bonus. I wish I didnt enroll in POT then I would have got the 10k bonus!

Regardless still, seeing reductions is always pleasing. And single digit APR that is just cool! and QUIRKY for a charge card!

@Anonymous wrote:
Just looked at my offer, it was for 6.99%. never realized that the PRG could have a POT as it already was a relvover. Only downside charge has to be over 100
for how many months?

When I had my card back in the '90s and my Green card last year I was never offered the POT option, so when I activated my PRG and was offered POT I jumped on it, thinking I was doing the right thing.

Later when I found out they have been offering folks a promo for adding it I got annoyed with myself. Of course there's no way of knowing if I would have been offered the promotion, but at least there would have been the chance.

That's OK, though; live and learn...

Re: AMEX Pay Over Time Rate Reduction?

Anonymous — Mon, 15 Aug 2016 07:52:51 GMT

When I got my Platinum, they wouldn't let me add it. When I got the PRG, they enrolled me in POT automatically. AMEX is certainly fickle, if nothing else...

Re: AMEX Pay Over Time Rate Reduction?

ryox03 — Mon, 15 Aug 2016 11:46:34 GMT

I received the email saying I was eligable with that same rate, but when I went to activate it, it told me none of my cards were eligable. Wierd.