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Amex Pay Over Time Option

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n777ua
Established Contributor

Amex Pay Over Time Option

Does anyone know what the requirements are to be offered the ability to add POTO or Sign & Travel on the charge cards ? I know the APR is something like 18.9% with no true credit limit.

About $215,000 total credit among 11 cards
Message 1 of 23
22 REPLIES 22
Anonymous
Not applicable

Re: Amex Pay Over Time Option

Message 2 of 23
Anonymous
Not applicable

Re: Amex Pay Over Time Option

I got my PRG in late December and received a letter in April stating that my card was eligible for POTO enrollment.  I still haven't activated it and don't know specifically what makes an account eligible but if I go to the activation page some of the information reads: 

 


"Not all Card Members are eligible to use Pay Over Time features. Requests to pay over time are approved based on several factors including account history, current account status and credit record at time of request. Upon enrollment in the Extended Payment Option, we will assess your current Pay Over Time Limit, which may be set starting at $10,000.

 

The Annual Percentage Rate ("APR") for Pay Over Time features may vary and is determined by adding the Prime Rate plus 14.99%, currently 18.49%.

 

This offer to enroll remains valid as long as you are a Card Member in good standing and there has not been a material change to your credit worthiness"


 

 

edit: Apparently, my account is enrolled in POTO (Select & Pay Later) with a $35k limit and was done so, automatically, last week.  The information quoted above is in regards to a feature of POTO called "Extended Payment Option" (basically, S&PL automated).  However, I don't think that would change the list of things Amex would examine; history, account standing, etc. 

 

No MR offer here Smiley Sad

 

Message 3 of 23
Anonymous
Not applicable

Re: Amex Pay Over Time Option

For me, the max limit on the POTO is $35k. I don't know if that is true for all account holders. I have a senior gold card that is no longer offered.
Message 4 of 23
shakalaka
Established Contributor

Re: Amex Pay Over Time Option

I think they always start with 35k, mine also. But after a while I received a letter, telling me that it was increased to 50k. Even so I never ever used it.



FICO (TU/EX/EQ): 773/766/778 - Total CL 255+K
Message 5 of 23
Anonymous
Not applicable

Re: Amex Pay Over Time Option

Mine is 30k on the Platinum
Message 6 of 23
redpat
Senior Contributor

Re: Amex Pay Over Time Option

It's usually 35k but amex will cut you at the knees way before that.

Personal Cards: Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BBP
Message 7 of 23
CreditCuriosity
Moderator Emeritus

Re: Amex Pay Over Time Option

Have it on my platinum which you guessed is 35k, but weird thing is about to cancel my platinum card and always like having options, but not available on my PRG.. Have only had the PRG for 3 months, maybe that is why?  Find it a bit weird that I am not eligible for it on PRG currently and won't lose any sleep as I have plenty of credit at better apr's.  So not really sure what the criteria is for making one eligible for POT or sign and travel etc.

Message 8 of 23
nitrov
Established Contributor

Re: Amex Pay Over Time Option

what is Sign & Travel? I've had my PRG for a couple years now and don't recall getting any targeted offers for pay over time or anything of the sort. I've seen the link on the Amex site but never inquired about it since I don't need it. Based on what I've read here doesn't seem like 15%+ is going to do anyone any favors anyway lol 

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Message 9 of 23
redpat
Senior Contributor

Re: Amex Pay Over Time Option


@CreditCuriousity wrote:

Have it on my platinum which you guessed is 35k, but weird thing is about to cancel my platinum card and always like having options, but not available on my PRG.. Have only had the PRG for 3 months, maybe that is why?  Find it a bit weird that I am not eligible for it on PRG currently and won't lose any sleep as I have plenty of credit at better apr's.  So not really sure what the criteria is for making one eligible for POT or sign and travel etc.


It should show up on your PRG in time.  I will never use it myself.

 

Also, I have heard that travel and sign is a complete nightmare to use and individuals that used it said avoid at all costs.

Personal Cards: Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BBP
Message 10 of 23
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