When they first introduced this program, it was a very pleasant addition. One could make a payment to a vendor, for a small upfront fee which was more or less the equivalent of an APR of 6%, which seemed like a fair rate for a business operation. E.g., if you wanted 90 days to repay, the fee was 1.5%, but if you only wanted 30 days to repay, the fee was .5%. They have slowly and sneakily inched upwards on the fee. Today I almost fell out of my seat to see that the fees would be the equivalent of an 18% APR: if you want 30 days to repay, the fee is 1.5%; if you want 60 days it's 3%; if you want 90 days it's 4.5%!!! It's actually equivalent to more than 18%, because you're paying it in advance.
My days of using this program are o.v.e.r.
1/19/20 Funny postscript. After I posted this, in late November, I stopped using Amex Working Capital. During the intervening 2 months, the rates have varied between 18% APR and 21% APR. About a week ago, I had paid off the last advance, so my WC balance was zero. Today they dropped the fee down to 9% APR -- where it had started when I first bit. I guess they like me now that I've demonstrated that I can live without them 
Banks are the strangest people.
Update.
Now they've raised my rate to 21%.
They've got to be kidding if they think I'm ever going to bite at that.
@SouthJamaica wrote:Update.
Now they've raised my rate to 21%.
They've got to be kidding if they think I'm ever going to bite at that.
Do you earn MR points on these?
I take it just for using it and paying it right off is now 1.75%? Or is there a different fee aside from the interest?
@spiritcraft1 wrote:
@SouthJamaica wrote:Update.
Now they've raised my rate to 21%.
They've got to be kidding if they think I'm ever going to bite at that.
Do you earn MR points on these?
I take it just for using it and paying it right off is now 1.75%? Or is there a different fee aside from the interest?
No you don't get any points.
There's just the fee, no interest.
@Anonymous wrote:Must be profile specific.
I'm seeing 0.75% for 30 days, 1.5% for 60 days and 2.25% for 90 days in my program.
Haven't used it yet but 9% APR for an emergency backup isn't terrible.
Yes I guess it is profile specific.
The important takeaway, I would say, is that if you come back to it for an 'emergency backup', don't count on the fee being the same as it was the last time you looked. They change it around, and they don't notify you that they are doing it. So the same circumstances that caused you to need an emergency backup might well have increased the fee from something reasonable to something unreasonable.
Yes 9% APR isn't bad. But 21% APR is bad.
I got the pop-up today, was this a SP or HP when you accepted the initial terms in order to participate in program?
@Five6Two wrote:I got the pop-up today, was this a SP or HP when you accepted the initial terms in order to participate in program?
Soft pull. If any.