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AMEX Hiton CLI & APR DECREASE ROSE GOLD!

AverageJoesCredit
Legendary Contributor

Re: AMEX Hiton CLI & APR DECREASE ROSE GOLD!

Very coolSmiley Happy
Message 11 of 12
kudosalert
Frequent Contributor

Re: AMEX Hiton CLI & APR DECREASE ROSE GOLD!


@CreditInspired wrote:

@kudosalert wrote:

@Lucienbel wrote:
11% for Pay Over Time is spectacular in this current lending environment, congratulations. I know most of us don't use such a feature, but it's always nice to have around... Life can be quite unpredictable.

Congrats on the 3x increase as well. One of the best part about Amex's CCs.

Hi, I havent seen this Pay Over Time on my only Amex Ascend but does it work similarly to their Payment Plan feature? I've been using my Amex for car rides so the only big item was a  $200 flight for which a button popped up offering me a Payment Plan. Pay it over 18 months (or longer) with no interest but with a monthly fee. I worked out the fixed monthly fee to be about 12% over the life of the 18 month plan which isnt bad compared to a 20+ APR.

 

Like you mentioned. Never know when you might need it. There's also no early repayment fees or penalty so if you get behind a few months you can repay your plan's balance once the cash flow is better. Any more DP on this would be very helpful. Thanks.

 

 


I’m not understanding “if you get behind a few months you can repay your plan’s balance.” You still have to make your monthly payments. 



@CreditInspired wrote:

@kudosalert wrote:

@Lucienbel wrote:
11% for Pay Over Time is spectacular in this current lending environment, congratulations. I know most of us don't use such a feature, but it's always nice to have around... Life can be quite unpredictable.

Congrats on the 3x increase as well. One of the best part about Amex's CCs.

Hi, I havent seen this Pay Over Time on my only Amex Ascend but does it work similarly to their Payment Plan feature? I've been using my Amex for car rides so the only big item was a  $200 flight for which a button popped up offering me a Payment Plan. Pay it over 18 months (or longer) with no interest but with a monthly fee. I worked out the fixed monthly fee to be about 12% over the life of the 18 month plan which isnt bad compared to a 20+ APR.

 

Like you mentioned. Never know when you might need it. There's also no early repayment fees or penalty so if you get behind a few months you can repay your plan's balance once the cash flow is better. Any more DP on this would be very helpful. Thanks.

 

 


I’m not understanding “if you get behind a few months you can repay your plan’s balance.” You still have to make your monthly payments. 


sorry should have been more clear. "get behind" as in not being able to PIF. with this payment plan feature, you can make smaller monthly payments and when the cash flow is better you can pay off the balance before the end of the loan term. 

 

some loans/payment plans if you pay your remaining balance either partially or in full early, there is an "early payment fee". basically loaners want to recoup some interest that you would other wise pay throughout the agreed term of the loan. 



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Message 12 of 12
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