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Amex Plan It Experiences

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Super 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.








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Message 21 of 74
Senior 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?

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 22 of 74
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
Senior 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.

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 24 of 74
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
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!



09/01/19 Fico 8: EX 721, EQ 723, TU 745.

Last inquiry 03 September 19

Zero percent financing is where the devil lives...
Message 26 of 74
Super 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.








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Message 27 of 74
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
Established 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
Community Leader
Senior 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.

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 30 of 74
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