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@NRB525 wrote:I have an SPG Lux with purchse APR of 12.24%. I am running a $4,000 purchase on Plan It, took the 3 months option though 6 and 9 were available. Total fee for the 3 payments will be $55.17 for an annualized rate of 5.5%.
So if you want a better Plan It rate, my guess is ask to get the APR on regular purchases reduced. The challenge with that request is, on other AMEX cards I've been offered a 1% reduction for a year, from a 19.99% rate. Not a classy offer.
That would be an interesting data point. I would assume APR plays a role. Hopefully more people add data to see if history carries any weight.
@Brian_Earl_Spilner wrote:
@NRB525 wrote:I have an SPG Lux with purchse APR of 12.24%. I am running a $4,000 purchase on Plan It, took the 3 months option though 6 and 9 were available. Total fee for the 3 payments will be $55.17 for an annualized rate of 5.5%.
So if you want a better Plan It rate, my guess is ask to get the APR on regular purchases reduced. The challenge with that request is, on other AMEX cards I've been offered a 1% reduction for a year, from a 19.99% rate. Not a classy offer.
That would be an interesting data point. I would assume APR plays a role. Hopefully more people add data to see if history carries any weight.
What's your SPG Lux CL? I wonder if utilization plays a role in the plans Amex offers.
Perhaps Amex wants an account's utilization under a certain level within a few months...hence why my 35% and 50% util purchases ($3.5k and $5k on a $10k account) only got the 3 and 6 month options?
@wasCB14 wrote:
@Brian_Earl_Spilner wrote:
@NRB525 wrote:I have an SPG Lux with purchse APR of 12.24%. I am running a $4,000 purchase on Plan It, took the 3 months option though 6 and 9 were available. Total fee for the 3 payments will be $55.17 for an annualized rate of 5.5%.
So if you want a better Plan It rate, my guess is ask to get the APR on regular purchases reduced. The challenge with that request is, on other AMEX cards I've been offered a 1% reduction for a year, from a 19.99% rate. Not a classy offer.
That would be an interesting data point. I would assume APR plays a role. Hopefully more people add data to see if history carries any weight.
What's your SPG Lux CL? I wonder if utilization plays a role in the plans Amex offers.
Perhaps Amex wants an account's utilization under a certain level within a few months...hence why my 35% and 50% util purchases ($3.5k and $5k on a $10k account) only got the 3 and 6 month options?
$15k limit.
Re: $15k CL
There may possibly be something to the role of utilization. ~27% gave you exactly one more option (not zero, not several) than 35% and 50% gave me.
Obviously not enough data to guess at the detailed criteria they use, or even if it does play a role.
@wasCB14 wrote:Re: $15k CL
There may possibly be something to the role of utilization. ~27% gave you exactly one more option (not zero, not several) than 35% and 50% gave me.
Obviously not enough data to guess at the detailed criteria they use, or even if it does play a role.
Well, total limits on open AMEX revolvers is $53k, 4 revolvers and a charger, and I suspect AMEX has an overall profile view. That is what leads to SP new accounts.
If anyone has seen more than a 9-month offer term that would be interesting.
Fascinating!
I just found "plan it" the other day, and was playing with the options this morning. We're planning to PIF anyway, but it's a nice option to see!
@NRB525 wrote:
@wasCB14 wrote:Re: $15k CL
There may possibly be something to the role of utilization. ~27% gave you exactly one more option (not zero, not several) than 35% and 50% gave me.
Obviously not enough data to guess at the detailed criteria they use, or even if it does play a role.
Well, total limits on open AMEX revolvers is $53k, 4 revolvers and a charger, and I suspect AMEX has an overall profile view. That is what leads to SP new accounts.
If anyone has seen more than a 9-month offer term that would be interesting.
The longest plan that I'm aware of is 24 mos, but I haven't seen more than 9.
@Brian_Earl_Spilner wrote: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.
While it would be less revenue than when carrying a balance I think the overall result may be more revenue for them. A lot of Amex customers (myself included) PiF each month to avoid interest. They make no money on that other than swipe fees. I look at this as a way to entice people to actually carry a balance over time. For me it makes it much more appealing to carry a balance with a Plan considering the lower fees, and it not triggering interest on the regular spending on my card.
A simple grocery store charge allows me up to 18 months. Why? I don't know. For data points, if anybody has any questions then feel free to ask.
Oh my goodness. If I need 18 months to pay off $122, just shoot me now
Oh by the way, I love those FICO 8s across the board. Congrats.