topic Re: extended payment option in Credit Cards

extended payment option

scottwagnon — Wed, 12 Oct 2011 04:49:04 GMT

Does anyone get this message, when checking for eligibility?

Re: extended payment option

tray — Wed, 12 Oct 2011 13:29:55 GMT

Have you ever recieved an invite from amex for the extended payment option, this is what amex normally does, and the apr I know for me is 15.24% not that great.

Re: extended payment option

scottwagnon — Wed, 12 Oct 2011 16:17:48 GMT

No, as of yet, I have not received this offer.

Re: extended payment option

Walt_K — Thu, 13 Oct 2011 00:41:47 GMT

Scott,

I can't vouch that this still works, but see this thread http://ficoforums.myfico.com/t5/Credit-Cards/5K-bonus-MR-points-for-extended-payment-option/m-p/911072/highlight/true#M263463

I got 5K bonus points for enrolling in this. When you go to the frugal travel guy link in the thread, it is an older post, so you'll have to click through on the frugal travel guy website to get to the post from April 2011.

Here's the link if it works: https://www212.americanexpress.com/dsmlive/dsm/dom/us/en/phaseib/payovertime_loc_5k.do?vgnextoid=79fc1a22f0076210VgnVCM200000d0faad94RCRD&srcCd=NH4

Offer says it is available through December 31, 2011. Take a screenshot of the landing page if you do decide to apply. Best of luck.

Re: extended payment option

jason86423 — Thu, 13 Oct 2011 01:42:50 GMT

The link still takes you to that page but it comes up with the same message as the OP.

In September I received a letter from AMEX stating that my PRG account would be eligbile for Pay over time charges effective 9/28/11 so even logged in it errors out. Must be a system issue.

Re: extended payment option

CS800 — Thu, 13 Oct 2011 02:05:41 GMT

@jason86423 wrote:
The link still takes you to that page but it comes up with the same message as the OP.

In September I received a letter from AMEX stating that my PRG account would be eligbile for Pay over time charges effective 9/28/11 so even logged in it errors out. Must be a system issue.

Re: extended payment option

Walt_K — Thu, 13 Oct 2011 02:56:16 GMT

@CS800 wrote:
@jason86423 wrote:
The link still takes you to that page but it comes up with the same message as the OP.

In September I received a letter from AMEX stating that my PRG account would be eligbile for Pay over time charges effective 9/28/11 so even logged in it errors out. Must be a system issue.
+1

The link works for me. I would think that it might be an eligibility issue, but jason said he had received an offer that he was eligible so that seems not to explain it. What browser are you using? I'm using IE and I see the offer.

Re: extended payment option

jason86423 — Thu, 13 Oct 2011 02:58:08 GMT

I see the offer as well, but it gives the same error as the OP when I try to enroll even with the approval letter.

I've used Firefox, IE and Chrome.. same all 3 times

Re: extended payment option

Walt_K — Thu, 13 Oct 2011 03:00:09 GMT

@jason86423 wrote:
I see the offer as well, but it gives the same error as the OP when I try to enroll even with the approval letter.

I've used Firefox, IE and Chrome.. same all 3 times

Sorry, I misunderstood. I thought you meant the link took you directly to the page the OP had posted. Sounds like Amex's system may just be experiencing problems. Once it comes back up, hopefully you guys are able to earn the bonus points.

Re: extended payment option

scottwagnon — Tue, 18 Oct 2011 09:23:19 GMT

update:

i logged in just a couple of minutes ago and once again pressed the EPO eligiblity button and once again received the systems not updated message. anyhow i went into my recent activity and got this:

Does this confirm that i now have extended payment option?

Re: extended payment option

score_building — Tue, 18 Oct 2011 09:34:10 GMT

IIRC it shows up in the overview column, even if not enrolled. Since not showing a qualifying purchase (over 150 or something like that) its hard to say. I enrolled for the 5k points but wouldn't actually use it in case it triggers AA, have seen several posts by those who enroll, none from anyone who actually takes a risk at using it.

Re: extended payment option

scottwagnon — Tue, 18 Oct 2011 09:56:04 GMT

@score_building wrote:
IIRC it shows up in the overview column, even if not enrolled. Since not showing a qualifying purchase (over 150 or something like that) its hard to say. I enrolled for the 5k points but wouldn't actually use it in case it triggers AA, have seen several posts by those who enroll, none from anyone who actually takes a risk at using it.

please note i did not select or ask for select and pay later. i would not do that for any reason. something seems fishy about that option. EPO makes this charge card sort of a hybrid credit card. i kind of like this. i suppose i could confirm i would have it once i receive my first statement.

Re: extended payment option

Smug — Tue, 18 Oct 2011 13:50:41 GMT

If I remember correct, last week was playing with my account as its new, said there would be a diamond near a item if it was 100.00 or more that extended payment.

Re: extended payment option

CreditMuppet — Tue, 18 Oct 2011 14:05:29 GMT

@scottwagnon wrote:
Does anyone get this message, when checking for eligibility?

When i activated my PRG I was given the option to enroll and did. I do have the "PAY IN FULL/PAY OVER TIME" tab but so far I have not seen any purchases which are eligable to pay over time. Not a big deal as I also have the Blue Cash Preferred I could use if I wanted to revolve a balance.

Re: extended payment option

Anonymous — Tue, 18 Oct 2011 14:41:12 GMT

@scottwagnon wrote:
@score_building wrote:
IIRC it shows up in the overview column, even if not enrolled. Since not showing a qualifying purchase (over 150 or something like that) its hard to say. I enrolled for the 5k points but wouldn't actually use it in case it triggers AA, have seen several posts by those who enroll, none from anyone who actually takes a risk at using it.
please note i did not select or ask for select and pay later. i would not do that for any reason. something seems fishy about that option. EPO makes this charge card sort of a hybrid credit card. i kind of like this. i suppose i could confirm i would have it once i receive my first statement.

If you havent even received your first statement, I doubt you have it. Normally it takes some time before Amex wends you the invite. And it IS by invite only. Qualifying purchases are anything over $100. Ive used it for a washer dryer purchase for my new house. Its pretty straight forward and easy to use.

I also will say Im not sure what the fear is using it. I guess the same place as the urban legend that AA comes from using it at WalMart. Amex is not adverse to revolving balances. Afterall, the majority of their products are revolvers.

Re: extended payment option

Anonymous — Wed, 19 Oct 2011 16:03:32 GMT

I'm not sure about the invite part. When I set my account up, I selected the option to pay later for qualified purchases. I got a response to the effect you've been approved, and it will take effect Nov 1 st even though it was August when I was approved.

Re: extended payment option

Walt_K — Thu, 03 Nov 2011 14:50:24 GMT

http://boardingarea.com/blogs/viewfromthewing/

Website seems to be working for those interested in trying to add Pay Over Time and get 5000 MR points.

Re: extended payment option

Anonymous — Fri, 03 Aug 2012 07:29:31 GMT

Extended Payment Option is something you would typically get as an invitation while opening up a new charge card account, and those of you whom had to wait for your invite were probably already card members when it was released.

Once you respond to the invitation by officially enrolling in it (by calling in to activate your new/& or replacement/ upgraded/ downgraded card, or by enrolling online), it takes 47 days from your enrollment date for it to be accessible on you enrolled account. From my experience, I've noticed a pattern of being more likely to get an invite by having a history of revolving accounts (without penalties), oppose to having a history of paying in full (even on credit card accounts). Hope this answer was of some assistance?

Re: extended payment option

improvingmycredit — Fri, 03 Aug 2012 09:04:05 GMT

Typically it's an invite but you can apply for the added service / privilege. I am always amazed at everyone's concern about using the credit products of Amex. Like there is some covert motive to dupe people into losing their accounts. If Amex offered you the account, then by all means, use it if needed. Be responsible just like with anything and you will be alright. If you were honest on your application when you applied, then you will have no problems. When I first got back in with Amex, I was FR'd. Didn't appreicate the way it happened but it's their right to do so if they have a concern and because I was forthright on my app, I had no problems and now have 4 accounts with them. This was little over a year ago. I have NO fears in using my accounts as I see fit and pay appropriately. Please... use the accounts that you have worked so hard for... revel in your reward and just be responsible. My 2 cents.

Re: extended payment option

Anonymous — Fri, 03 Aug 2012 16:07:00 GMT

Improving, I agree with most of your thoughts.

However, I can agree with another poster who made the comment that Amex might not like a charge card holder carrying a balance too long. By design, a charge charge is intended to be paid in full. So they might get concerned if a charge card holder is carrying a balance for a while for a few reasons:

1) It may be a sign of financial distress IF the extended payment option is used excessively. Another poster mentioned that not paying off a balance after 4 months can be a potential red flag.

2) Theoretically, if all charges exceed the $100 threshold, a charge card holder can defer their monthly payment. Keep in mind that a huge part of their business model and cash flow is based on the income from those "pay in full" monthly payments.

3) Since the charge card reports as such, it's technically a method of reducing your reported utilization. If I were an Amex credit analyst, I might get concerned that the reported balances are being understated. Hence other creditors would be unaware of the revolving credit debt. Net result - a charge card holder could theoretically could be offered excess revolving credit lines that they may not be able to keep up with.

4) If an Amex charge card holder is using the extended payment option, why wouldn't they open or utilize a revolving credit line with Amex? Again, if I was a credit analyst, I might get a little suspicious after extended usage. (Let's say 4+ months of usage.)

Now, I fully agree with you that there is a lot of overkill regarding the Amex big brother!

I've said it many times and I'll say it again. If they offer you an option, use it! In my case, I think the whole "Check my spending ability" is somewhat of a myth. Should you use it? Yes. Should you abuse it? Probably not. But it should be noted - I have abused the heck out of it. Yet, no AA. If anything, Amex has been great to me. I started with the one charge card (PRG) and was able to add on $45,000 in revolvers in 6 months.

Should we be afraid of using the extended payment option. Absolutely not. Should you defer all qualified charges for 24 months. Heck no.

As you said, use the account in a responsible way and pay appropriately. Take full advantage of the benefits offered. Just don't abuse it!