AMEX Pay over Time limit and APR

[ramblin_wreck08]

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.

[Walt_K]

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). 

[n777ua]

$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%

[ramblin_wreck08]

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.

[LS2982]

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@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.

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id it say it goes into effect tommorow?

[ramblin_wreck08]

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@LS2982 wrote:

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@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.

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id it say it goes into effect tommorow?

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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.

[RSCo]

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@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.

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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..