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Amex Plan It Experiences

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Community Leader
Mega Contributor

Re: Amex Plan It Experiences


@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.







Message 21 of 74
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Super Contributor

Re: Amex Plan It Experiences


@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?

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 22 of 74
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Super Contributor

Re: Amex Plan It Experiences


@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. 

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 23 of 74
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Super Contributor

Re: Amex Plan It Experiences

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.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 24 of 74
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Super Contributor

Re: Amex Plan It Experiences


@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. 

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 25 of 74
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Super Contributor

Re: Amex Plan It Experiences

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!



10/30/20 Mortgage scores: EX2 738, EQ5 724, TU4 no idea.
11/01/20 Fico 8: EX 754, EQ 752, TU 765.
11/04/20 Fico 9: EX 713, EQ 720, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 26 of 74
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Community Leader
Mega Contributor

Re: Amex Plan It Experiences


@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.







Message 27 of 74
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Frequent Contributor

Re: Amex Plan It Experiences


@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.

 

Message 28 of 74
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Community Leader
Valued Contributor

Re: Amex Plan It Experiences

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.

 

 

Amexpay.JPG

 FICO 8
Message 29 of 74
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Community Leader
Super Contributor

Re: Amex Plan It Experiences

Oh my goodness. If I need 18 months to pay off $122, just shoot me now Smiley Very HappySmiley LOLSmiley Very Happy

 

Oh by the way, I love those FICO 8s across the board. Congrats.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 30 of 74
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