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I spent the better part of today researching this feature through the forum and Google. There's plenty about how it works, but nearly nothing in regards to experiences. From what I've found, the number of plans and lengths offered are dependant on your creditworthiness and history with Amex, inciuding your previous plan it history. I still have questions about it though.
Amex is known for preferring transactors over revolvers, but it appears that they're trying to get a piece of the balance carrying crowd while minimizing the risks. Plan It offers lower fees in exchange for larger payments over a short period of time. Pretty smart if you ask me, but I'm curious if this is something that they want us to use often. Do you think it should be used sparingly? Also, do you think using it could lead to negative consequences if overused? Being that they've really been pushing it, could it be possible that they prefer it to carrying a balance normally?
What experiences have you had? Did you not use it and they threw offers towards you, or do you use it and they've offered nothing?
IMO, Amex wouldn’t care how many times you used it. It’s a plan to pay them w/ interest. You don’t have to fear Amex to use the products they offer.
So far I have not used plan it, but I have used some of their 0% offers and carried some large balance for a few months and ever had a problem.
@redpat wrote:IMO, Amex wouldn’t care how many times you used it. It’s a plan to pay them w/ interest. You don’t have to fear Amex to use the products they offer.
So far I have not used plan it, but I have used some of their 0% offers and carried some large balance for a few months and ever had a problem.
I don't fear using it. An issuer wouldn't offer something if they didn't want you to use it. It's also pretty apparent that they want people using it as they were offering between 50-100% off fees. I was just more curious what people thought as well as what offers they received based on use and creditworthiness. It sounds like a win/win, but in the end, Amex would make less money than if someone carried the balance. I don't think they care as long as they get paid back sooner.
What I'm really interested in seeing is those discounted fees offers and what triggered them. I have some larger purchases coming up that I would be carrying for 2-3 months so a discounted fee would be nice. I'm also wondering how it would affect spending patterns in Amex's eyes. For example, if someone always uses the plan it feature for larger purchases, but all of a sudden stops.
@Brian_Earl_Spilner wrote:I'm also wondering how it would affect spending patterns in Amex's eyes. For example, if someone always uses the plan it feature for larger purchases, but all of a sudden stops.
In the same vein of AMEX not batting an eye using a service they provide (Plan It) they also wouldn't care if you use it strictly for large purchases. As long as they get paid I doubt they couldn't care less how it's done sketchy spending aside.
BES, what is the APR on the card you are contemplating using Plan It?
Have you used Plan It for something just over $100, just to see what rate offers you get for Plan It?
Have you walked through the first steps of a Plan It activation? You only accept the offer after seeing the rates / payment plan amounts.
@NRB525 wrote:BES, what is the APR on the card you are contemplating using Plan It?
Have you used Plan It for something just over $100, just to see what rate offers you get for Plan It?
Have you walked through the first steps of a Plan It activation? You only accept the offer after seeing the rates / payment plan amounts.
Rate is 26.74% and this is an example of plan offers.
@redpat wrote:It’s a plan to pay them w/ interest.
Actually, it's a fee rather than interest. The beauty of it is that when you use Plan It to carry a balance, you're avoiding interest and maintaining your grace period, as long as you pay the adjusted statement balance in full. If you carry balances without Plan It, you're paying interest on your gas purchases and Happy Meals in addition to the larger purchases that cause you to stretch out your payments.
This scenario lowers risk for AMEX and is convienent for the customer. Everybody wins. I don't see a problem using it in a common sense way.
@HeavenOhio wrote:
@redpat wrote:It’s a plan to pay them w/ interest.
Actually, it's a fee rather than interest. The beauty of it is that when you use Plan It to carry a balance, you're avoiding interest and maintaining your grace period, as long as you pay the adjusted statement balance in full. If you carry balances without Plan It, you're paying interest on your gas purchases and Happy Meals in addition to the larger purchases that cause you to stretch out your payments.
This scenario lowers risk for AMEX and is convienent for the customer. Everybody wins. I don't see a problem using it in a common sense way.
That's a great way to explain it. I never understood how Plan It works until now.
@NRB525 wrote:
BES, that “rate” looks like about 11%-12%, are you expecting something lower than that?
Do you have a Discover card?
No, just curious about other people's experiences. Would be nice to know a way to trigger even lower bonus rates as I would like to charge around $7-800