@CaptJOB wrote:
@Suzette2 wrote:
@Ramsport wrote:Hello
I'm putting this out there to anyone who uses the pay over time feature on the American Express charge card.
For those who don't know the pay overtime feature allows you a certain pay over time spending limit that you can pay over time.
My preset pay overtime spending limit is $4,000. My balance is $4,324. In order to utilize the pay over time feature your purchases must be $100 or more to be included. The reason I accepted the platinum credit card it's because I liked having that feature and it is clearly in their terms and conditions.
Here's where there's a problem. They report the entire balance to your credit bureaus.
My payment for the $4,324 is $513. Yet they report that my payment is $4,324.
Pay over time is exactly what it is you pay over time which means there's a payment involved
For them to report that my payment is $4,324 puts my debt to income ratio at 113%.
If they're going to offer this feature allowing a customer to pay over time your credit bureau should reflect that.
Not only did that screw up my credit report but it screwed up my authorized users credit report.
Any thoughts.
My understanding is that if your POT limit is 4K and you exceed it then the entire amount is due.
This is half true. Entire amount OVER the POT limit is due.
I actually understand the frustration as clearly with a revolving line of credit I see the bank can indicate the minimum payment due(just double checked my experian account to verify this). However, I'm not totally sure who is at fault in regards to the sloppy charge card reporting. It may be that AmEx IS reporting the minimum payment due, but the CRAs did not set up charge cards to have that option to report since that's not their traditional functionality so it just shows total balance.
Good luck finding out what the case is here.
Well, I dunno. I specifically called and asked and this was the explanation they gave me. Albeit, it was for plat and gold business cards
12/22 : 
I have the Amex Gold card, and my credit reports never show a payment due for it. Although I don't have any POT agreements, I let my monthly spend report and pay off by the due date. And my spend is always between 2500-3000 monthly.
I've never had a payment due show up for this card. When I purchased and subsequently refinanced my house, the underwriters manually calculated a payment for DTI purposes. I think they used 3% of the statement balance.
It's interesting if a payment shows because of POT.
I was using the pay over time until I was curious and went to check the APR and it was 25%. My pay over time limit is $30000 and I know for a fact that my amex platinum spending power is around 100K. I immediately stopped that pay over time and went full statement balance.
It was quiet shocking. Their reporting a bit wonky but not incorrect.
It was quiet shocking. Their reporting a bit wonky but not incorrect.
