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Amex 0% Pay Over Time Offer

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Berk
Established Contributor

Amex 0% Pay Over Time Offer

Just got a letter in the mail from Amex letting me know that my charge card is now elligible for 00.00% interest for 6 months for POT. Of course, at the end of 6 months it goes back to 18.49%. Nah, still not gonna bite but I do appreciate the offer.

Message 1 of 9
8 REPLIES 8
RonM21
Valued Contributor

Re: Amex 0% Pay Over Time Offer

Interesting offer for a charge card. Not biting on it is fine though!!


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 2 of 9
sjt
Senior Contributor

Re: Amex 0% Pay Over Time Offer


@Berk wrote:

Just got a letter in the mail from Amex letting me know that my charge card is now elligible for 00.00% interest for 6 months for POT. Of course, at the end of 6 months it goes back to 18.49%. Nah, still not gonna bite but I do appreciate the offer.


It nice to be able to stretch a purchase over 6 months but I wonder how it would be reported to the CRA.

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Bank of America: Alaska Air Atmos Summit Visa Infinite
Barclays: Arrival Premier WEMC (Closed)
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 12.24, EX: 816 / EQ: 825 / TU: 818
Message 3 of 9
colinstu
Regular Contributor

Re: Amex 0% Pay Over Time Offer

I received the Pay Over Time offer too, but it wasn't 0%, but it was a low APR. I forget what it was. 

FICOs: TU 775 | EQ 784 | EX 773
Amex BCE $15,000 | Discover IT $11,600 | Chase Freedom $7,000 (Visa Sig) | Citi DoubleCash $6,000 (WEMC) | Chase AARP $6,000 | Barclaycard CashForward $4,000 | Barclaycard Rewards $2,000 | Capital One Quicksilver $1,750
Message 4 of 9
jgodfrey82
Regular Contributor

Re: Amex 0% Pay Over Time Offer

Were you already signed up for POT and this was in addition or was this to entice you to sign up?
Message 5 of 9
UncleB
Credit Mentor

Re: Amex 0% Pay Over Time Offer


@sjt wrote:

@Berk wrote:

Just got a letter in the mail from Amex letting me know that my charge card is now elligible for 00.00% interest for 6 months for POT. Of course, at the end of 6 months it goes back to 18.49%. Nah, still not gonna bite but I do appreciate the offer.


It nice to be able to stretch a purchase over 6 months but I wonder how it would be reported to the CRA.

 


+1

 

This is an excellent question... I've never heard/seen anybody mention anything about how it reports. 

Message 6 of 9
Credit-hoarder
Valued Contributor

Re: Amex 0% Pay Over Time Offer

I got that offer too but didn't take it because it would defeat my whole personal purpose in getting the card---to keep me out of trouble and remain responsible by having to pay in full for my charges every month

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 7 of 9
Anonymous
Not applicable

Re: Amex 0% Pay Over Time Offer


@Berk wrote:

Just got a letter in the mail from Amex letting me know that my charge card is now elligible for 00.00% interest for 6 months for POT. Of course, at the end of 6 months it goes back to 18.49%. Nah, still not gonna bite but I do appreciate the offer.


The 6 month 0% apr sounds good, but for those that would take advantage of it and not pay it off in the 6 onths, well, they would end up regreting it.

Message 8 of 9
Berk
Established Contributor

Re: Amex 0% Pay Over Time Offer


@jgodfrey82 wrote:
Were you already signed up for POT and this was in addition or was this to entice you to sign up?

I was already signed up.

Message 9 of 9
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