topic Re: AMEX Pay over Time limit and APR in Credit Cards

AMEX Pay over Time limit and APR

ramblin_wreck08 — Thu, 06 Jun 2013 23:04:10 GMT

A couple months ago I got a letter from AMEX saying I am eligible to enroll in Pay Over Time (and am already able to use Select & Pay Later). They gave me a limit of $35k and list an APR of 18.24%. Are these pretty typical of the program? The APR seems a bit excessive, as does the high limit. My largest limit on a credit card is $7k through Citi.

Re: AMEX Pay over Time limit and APR

Walt_K — Thu, 06 Jun 2013 23:23:34 GMT

IIRC, $35K is the limit for everyone. Don't remember what my APR is, but what you're saying sounds about right. I think those are just standard terms for the program. It doesn't mean you can necessarily charge $35K (though you may be able to, just depends on what your internal limit is).

Re: AMEX Pay over Time limit and APR

n777ua — Thu, 06 Jun 2013 23:28:53 GMT

$35k is for everyone, IIRC 18.9% is also the standard APR although there was a poster here who claimed they got theirs lowered to ~15%

Re: AMEX Pay over Time limit and APR

ramblin_wreck08 — Thu, 06 Jun 2013 23:59:11 GMT

Thanks for the info. That makes much more sense. I couldn't believe they would let me charge that much. However, the APR is really high. Don't plan on using the pay over time feature, but if I did that APR would be rough compared to my others.

Re: AMEX Pay over Time limit and APR

LS2982 — Fri, 07 Jun 2013 00:04:08 GMT

@ramblin_wreck08 wrote:
Thanks for the info. That makes much more sense. I couldn't believe they would let me charge that much. However, the APR is really high. Don't plan on using the pay over time feature, but if I did that APR would be rough compared to my others.

id it say it goes into effect tommorow?

Re: AMEX Pay over Time limit and APR

ramblin_wreck08 — Fri, 07 Jun 2013 00:16:02 GMT

@LS2982 wrote:
@ramblin_wreck08 wrote:
Thanks for the info. That makes much more sense. I couldn't believe they would let me charge that much. However, the APR is really high. Don't plan on using the pay over time feature, but if I did that APR would be rough compared to my others.
id it say it goes into effect tommorow?

It's actually shown up on my last two statements. I always pay in full and haven't assigned anything to the pay over time feature. Just finally got around to calling in and asking about it.

Re: AMEX Pay over Time limit and APR

RSCo — Fri, 07 Jun 2013 00:33:25 GMT

@ramblin_wreck08 wrote:
A couple months ago I got a letter from AMEX saying I am eligible to enroll in Pay Over Time (and am already able to use Select & Pay Later). They gave me a limit of $35k and list an APR of 18.24%. Are these pretty typical of the program? The APR seems a bit excessive, as does the high limit. My largest limit on a credit card is $7k through Citi.

Same thing I have.. I just picked up the GPR card last week and they also offered me this feature when I activated my card.. Got a letter saying the limit is 35k w/18.24% interest.. I would only use if for anything over 500 tho for me and would pay it off in 2 payments if necessary..