Hey guys.
So today I got a letter in the mail from AMEX saying they're making changes to my account effective Jan 1st, and I have until Dec 31st to cancel my account if I don't want it (basically, you're taking this or we're closing your account). Well on the back it listed something called "pay over time" and to me it sounds basically like a credit limit. I'm kind of confused as to what exactly it is.
I'm assuming it's a good thing, right? It says my Pay Over Time limit will be $35,000. That seems ridiculously high. Am I understanding something wrong or what? I may call Amex because I'm so confused right now lol. It doesn't list anything like interest rate, or even really how it works.
Can anyone offer some insight on this? It's for my Zync card.
Pay over time is a really neat feature that allows you to select larger purchases and pay them as installments. Its on other charge cards but zync was previously not enrolled in this feature. For more info go to https://www.americanexpress.com/us/content/pay-over-time/loc.html
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
@FloridaState12 wrote:Hey guys.
So today I got a letter in the mail from AMEX saying they're making changes to my account effective Jan 1st, and I have until Dec 31st to cancel my account if I don't want it (basically, you're taking this or we're closing your account). Well on the back it listed something called "pay over time" and to me it sounds basically like a credit limit. I'm kind of confused as to what exactly it is.
I'm assuming it's a good thing, right? It says my Pay Over Time limit will be $35,000. That seems ridiculously high. Am I understanding something wrong or what? I may call Amex because I'm so confused right now lol. It doesn't list anything like interest rate, or even really how it works.
Can anyone offer some insight on this? It's for my Zync card.
I received the same letter for my AMEX Green.
@FloridaState12 wrote:Hey guys.
So today I got a letter in the mail from AMEX saying they're making changes to my account effective Jan 1st, and I have until Dec 31st to cancel my account if I don't want it (basically, you're taking this or we're closing your account). Well on the back it listed something called "pay over time" and to me it sounds basically like a credit limit. I'm kind of confused as to what exactly it is.
I'm assuming it's a good thing, right? It says my Pay Over Time limit will be $35,000. That seems ridiculously high. Am I understanding something wrong or what? I may call Amex because I'm so confused right now lol. It doesn't list anything like interest rate, or even really how it works.
Can anyone offer some insight on this? It's for my Zync card.
Everybody has pay over time, and I believe the standard limit is $35k. The interest rate on it is really high and it doesn't mean you can spend up to $35k and carry the balance, it means that if you happen to have anywhere up to a $35k balance on your card, they'll let you carry it for an exorbitant fee. I highly doubt Amex would approve $35k in spending (in a month) for the vast majority of people on this board (conjecture).
I have a feeling that unless your income is equally exorbitant (and they have confirmed this with you[r tax returns]), attempting to carry any balance on a charge card is a surefire way to get either a) a financial review or b) the boot (but at something like 30% interest).
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I dont have this 
last time i tried the check spendind limit thingy on my green 8k was approved and 11k was approved on goldpr...i guess im not there yet for this offer
last time i tried the check spendind limit thingy on my green 8k was approved and 11k was approved on goldpr...i guess im not there yet for this offer
@kekrre wrote:
@FloridaState12 wrote:Hey guys.
So today I got a letter in the mail from AMEX saying they're making changes to my account effective Jan 1st, and I have until Dec 31st to cancel my account if I don't want it (basically, you're taking this or we're closing your account). Well on the back it listed something called "pay over time" and to me it sounds basically like a credit limit. I'm kind of confused as to what exactly it is.
I'm assuming it's a good thing, right? It says my Pay Over Time limit will be $35,000. That seems ridiculously high. Am I understanding something wrong or what? I may call Amex because I'm so confused right now lol. It doesn't list anything like interest rate, or even really how it works.
Can anyone offer some insight on this? It's for my Zync card.
Everybody has pay over time, and I believe the standard limit is $35k. The interest rate on it is really high and it doesn't mean you can spend up to $35k and carry the balance, it means that if you happen to have anywhere up to a $35k balance on your card, they'll let you carry it for an exorbitant fee. I highly doubt Amex would approve $35k in spending (in a month) for the vast majority of people on this board (conjecture).
I have a feeling that unless your income is equally exorbitant (and they have confirmed this with you[r tax returns]), attempting to carry any balance on a charge card is a surefire way to get either a) a financial review or b) the boot (but at something like 30% interest).
I disagree with the statement that everyone has this. My account does not have the pay over time option.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Pay Over Time has a universal max of 35k. This is true for charge cards all the way up to Centurion. This doesn't mean that any given purchase will be eligible or that it is in some way a CL of 35k. It's just the max for any and all charge cards. The reason is that they securitize these debts and sell them to accredited folks/institutions interested in higher income rates than you get in an insured bank. Amex has filed SEC disclosures on these puppies and there is a wealth of info on historical default rates amongst other things in these filings. The 35k limit can be found in these filings as well as the cardmember agreements for each of their charge cards.
@webhopper wrote:
Pay over time is a really neat feature that allows you to select larger purchases and pay them as installments. Its on other charge cards but zync was previously not enrolled in this feature. For more info go to https://www.americanexpress.com/us/content/pay-over-time/loc.html
Amex has dangled 5k MR points on the web site just for signing up for POT which I haven't done yet. The last time I spoke to a CSR they said they would grant 10k MR points for signing up and pointed out I was under no obligation to actually use it. He even said that lots of people just sign up for the extra MR points. I believe that!
From my POV, POT is kinda like a siggy or world card where you can spend over the CL but just have to pay down below the CL. My siggy and world card both have lower interest rates than Amex's POT.
I'm about to ask the same question since i just received their letter. I had the Green used like 1.8k last months check spending ability for 5k denied. 4k approved.
Wouldnt wanna get myself in debt so forget about that 35000.........They make me miss my CApital one so bad about their $350 credit limit lol......now its 35000.....
Starting Score: 560