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Amex Plan It Experiences

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Senior Contributor

Re: Amex Plan It Experiences

This does seem a bit curious...

 

Amex gives you 3/6/9 month options on a $159.47 purchase with a 641 EX.

Amex recently gave me a 3 or 6 month option (but not 9) on a $3500 purchase with a 760 EX.

 

I PIFed, but checked for the purposes of another thread here: https://ficoforums.myfico.com/t5/Credit-Cards/Amex-Cash-Magnet/td-p/5386315

The fee was equivalent to nearly a 10% APR for both of my options.

 

I'd expect them to be eager to extend a longer-term (9 month) option to me. Maybe it's that they figure they have less capital at risk in your case?

Most spend: CSR, CFU, BBP
Rewards/AAoA ballast: CF, Discover, Costco, ED, Arrival
Perks: Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum
Potential closures/downgrades: Savor, BCP, Double Cash
Message 11 of 74
Super Contributor

Re: Amex Plan It Experiences


@wasCB14 wrote:

This does seem a bit curious...

 

Amex gives you 3/6/9 month options on a $159.47 purchase with a 641 EX.

Amex recently gave me a 3 or 6 month option (but not 9) on a $3500 purchase with a 760 EX.

 

I PIFed, but checked for the purposes of another thread here: https://ficoforums.myfico.com/t5/Credit-Cards/Amex-Cash-Magnet/td-p/5386315

The fee was equivalent to nearly a 10% APR for both of my options.

 

I'd expect them to be eager to extend a longer-term (9 month) option to me. Maybe it's that they figure they have less capital at risk in your case?


This is one of the types of datapoints I was interested in. I have a $300 charge coming through and will post up the options given when it's available. Also, for $3500, I would have expected them to offer you up to the 24 mos max that I've seen.








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Message 12 of 74
Senior Contributor

Re: Amex Plan It Experiences


@Brian_Earl_Spilner wrote:

@wasCB14 wrote:

This does seem a bit curious...

 

Amex gives you 3/6/9 month options on a $159.47 purchase with a 641 EX.

Amex recently gave me a 3 or 6 month option (but not 9) on a $3500 purchase with a 760 EX.

 

I PIFed, but checked for the purposes of another thread here: https://ficoforums.myfico.com/t5/Credit-Cards/Amex-Cash-Magnet/td-p/5386315

The fee was equivalent to nearly a 10% APR for both of my options.

 

I'd expect them to be eager to extend a longer-term (9 month) option to me. Maybe it's that they figure they have less capital at risk in your case?


This is one of the types of datapoints I was interested in. I have a $300 charge coming through and will post up the options given when it's available. Also, for $3500, I would have expected them to offer you up to the 24 mos max that I've seen.


Actually, even on a $5k transaction, Amex only offers me 3 and 6 months.

 

Maybe they're worried about utilization. The $3.5k and $5k transactions were both on a $10k card. I'm also carrying $4k on a $9k BBP at 0% (having run tens of thousands through it already).

 

Also, Amex did send me a 1.99% promo offer...of course, it only arrived after the $8.5k spend and was certainly not retroactive in any way.

Most spend: CSR, CFU, BBP
Rewards/AAoA ballast: CF, Discover, Costco, ED, Arrival
Perks: Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum
Potential closures/downgrades: Savor, BCP, Double Cash
Message 13 of 74
Established Member

Re: Amex Plan It Experiences

Figured I'd throw in my Plan It experience as well, for reference.

 

Initially, I wasn't aware of the feature when I used my BCE for a $1,000 purchase and I was prepared to PIF. However, the next time I signed into my account the "Plan It" button was next to the charge so I decided to experiment. They offered me 3, 6, or 9 month installments--I chose 3 months with a fee of $10.24 per payment ($30.72 total in fees) making each payment $343.57. I've only had the card since July of this year and my scores at the time I inititaed Plan It are in my signature below. 

 

So far no change in frequency of offers and no indication that overuse could result in penalty. I probably won't need it very often, any expense I need to stretch out I use PayPal Credit where accepted or my low interest credit union card. Still a nice option to have though.


Starting Scores (AUG 18) EQ: 706 TU: 724 EX: 715 Goal Score 1: 760 Goal Score 2: 810
Message 14 of 74
Community Leader
Senior Contributor

Re: Amex Plan It Experiences

Thanks OP for bringing this subject up.

Just for a DP, every “single” charge on my screen that’s $100+ has a plan it button. All the others have a pay it button.

When I made a charge of $2,600, I was offered 3 or 6 mos. I was just checking it out since I have 15-mo 0% APR.
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 15 of 74
Valued Contributor

Re: Amex Plan It Experiences

On my ED card with slightly over $6K balance, they offered $1,500, $1,000, and $500 for monthly payments. I forget the term lenghts, other than 12 months at $500 and change. With no fee as I'm currently in 0% APR promo. The $10K on my PRG I just BT'd to Discover for a much cheaper rate though, and will pay that off in a year. Amex's offer on that one wasn't as good.

 

I do wonder why the are doing this, as they do offer revolvers. If this was a testing of the waters to see if "balance" carrying was a thing, my thought it that's what the revolvers are for? So I am a bit mystified why they implemented this option on Charge cards. Surely they could just have one streamless model? 

 

Most charge car users are PIF types, that's why they have the card. So it must suit them. Now this option does mkae sense in case of emergencies or any unplanned expense that canot be PIF by the due date. After all stuff can happen to anyone, even high rollers.

So I do see it as a good benefit, which benefits both parties.

Message 16 of 74
Senior Contributor

Re: Amex Plan It Experiences


@Janus wrote:

On my ED card with slightly over $6K balance, they offered $1,500, $1,000, and $500 for monthly payments. I forget the term lenghts, other than 12 months at $500 and change. With no fee as I'm currently in 0% APR promo. The $10K on my PRG I just BT'd to Discover for a much cheaper rate though, and will pay that off in a year. Amex's offer on that one wasn't as good.

 

I do wonder why the are doing this, as they do offer revolvers. If this was a testing of the waters to see if "balance" carrying was a thing, my thought it that's what the revolvers are for? So I am a bit mystified why they implemented this option on Charge cards. Surely they could just have one streamless model? 

 

Most charge car users are PIF types, that's why they have the card. So it must suit them. Now this option does mkae sense in case of emergencies or any unplanned expense that canot be PIF by the due date. After all stuff can happen to anyone, even high rollers.

So I do see it as a good benefit, which benefits both parties.


Plan It is actually a revolver feature. What charge cards have is Pay Over Time.

 

Both are for purchases over $100, though my POT APR is >20% while my Plan It fee is equivalent to <10%. POT is explicitly called interest, while Plan It uses "fee" terminology. Economically it is really interest, but I think some legal and accounting aspects would go haywire if they actually called it interest.

 

Some cards have (or used to have) something called an Extended Payment Option as well as a Sign and Travel feature.

 

So there are and have been several variants from simple charge and revolver agreements.

Most spend: CSR, CFU, BBP
Rewards/AAoA ballast: CF, Discover, Costco, ED, Arrival
Perks: Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum
Potential closures/downgrades: Savor, BCP, Double Cash
Message 17 of 74
Super Contributor

Re: Amex Plan It Experiences

Here's an update with my new charge. Haven't done the math, but it appears to be the same rate. Still, no longer than 9 months, but the balances are small enough it shouldn't be stretched further.

 

PhotoGrid_1541023124913.jpg








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Message 18 of 74
Regular Contributor

Re: Amex Plan It Experiences

I did make a $248 purchase on Monday and they gave me the 3/6/9 month options to pay off.




FICO Scores (current as of March 21, 2019): Equifax: 728 | Experian: 756 | TransUnion: 767


Message 19 of 74
Super Contributor

Re: Amex Plan It Experiences

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.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 20 of 74
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