topic Re: Can someome explain me how pay over time works with AMEX charge cards? in Credit Cards

Can someome explain me how pay over time works with AMEX charge cards?

Anonymous — Fri, 11 May 2018 20:29:02 GMT

PLEASE! Thank you.

Re: Can someome explain me how pay over time works with AMEX charge cards?

Anonymous — Fri, 11 May 2018 21:27:02 GMT

I've read it three times, and came to the conclsuoon that if I need to carry a balance. I'll do it with Citi or Discover!

IMO, it's a Charge Card for a reason. You don't go changing the rules halfway through the game. lol

Re: Can someome explain me how pay over time works with AMEX charge cards?

Zolomon — Fri, 11 May 2018 21:42:08 GMT

Amex statement on pay over time on their website:

Extended Payment Option
- All eligible charges of $100 or more can be paid over time.
- Charges are automatically moved into your Pay Over Time balance and you choose how much to pay: Just pay in full, the minimum amount due, or anything in between - it's that simple.

Select & Pay Later®
- Charges of $100 or more are eligible to be paid over time.
- Manually select each eligible charge that you would like to request to pay over time.

Sign & Travel®
- Eligible travel-related charges can be paid over time, no minimum dollar amount is required.
- This feature automatically moves charges such as airline tickets, hotel stays, car rentals, cruises and foreign charges into a Pay Over Time balance.

Re: Can someome explain me how pay over time works with AMEX charge cards?

bhill40 — Fri, 11 May 2018 23:09:58 GMT

If the rules doesn't fit your profile, simply don't use it. Some people on here, including myself, has it there as an option. We are not in charge of this feature, Amex is.

Re: Can someome explain me how pay over time works with AMEX charge cards?

K-in-Boston — Sat, 12 May 2018 01:52:43 GMT

The three buckets of Pay Over Time were explained well above. With the right APR (mine were actually the lowest among my cards for years) or a promotional APR (I get them in single digits every now and again), it can be useful. If you have any specific questions about it, please feel free to elaborate.

Re: Can someome explain me how pay over time works with AMEX charge cards?

Anonymous — Sat, 12 May 2018 16:10:19 GMT

I thought the interest rate was 19.7%? I remember reading that somewhwere in the agreement, so that's another reason why I choose "other" cards for balances.

Re: Can someome explain me how pay over time works with AMEX charge cards?

Anonymous — Sun, 13 May 2018 01:12:56 GMT

Basically anything over a $100 u can pay over time like a regular cc anything under u have to pay off

Re: Can someome explain me how pay over time works with AMEX charge cards?

K-in-Boston — Sun, 13 May 2018 03:11:22 GMT

@Anonymous wrote:
I thought the interest rate was 19.7%? I remember reading that somewhwere in the agreement, so that's another reason why I choose "other" cards for balances.

APR for POT is determined by credit score, credit history, income, assets, and "other factors known to American Express." Mine crept up to like 16.24% with all of the recent prime rate changes but was at like 14.24% for years and years on my charge cards. Others have reported mid-20s. Amex constantly targets promotional APRs, so it's not uncommon to get an offer for something like 6.9% for 12 months.

Re: Can someome explain me how pay over time works with AMEX charge cards?

K-in-Boston — Sun, 13 May 2018 03:18:02 GMT

@Anonymous wrote:
Basically anything over a $100 u can pay over time like a regular cc anything under u have to pay off

If you're enrolled in Extended Payment Option, yes. So if say you had 50 charges under $100 that came to a total of $2500 and you had a $2500 airline ticket that was added in automatically, your minimum payment would be around $2550 on the $5000 statement balance. If you pay the $5000, you never accrue any interest.

For Select & Pay Later, you would actually have to go into your account and choose to put eligible charges over $100 into a POT balance. Otherwise, in the same scenario as above, your minimum payment would be the full $5000.

If you're enrolled in Sign & Travel, then it works the same way as the Extended Payment Option, but also any charges under $100 that qualify would be added into the POT balance.