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Amex Plan It Experiences

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Super Contributor

Re: Amex Plan It Experiences


@Overmedicated wrote:

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


wow. so they didn't even offer 3 or 6 months.








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Message 31 of 74
Established Contributor

Re: Amex Plan It Experiences

You would think it would be logical to allow larger purchases to be financed over a longer period of time.  That obviously isn't the case here.  Could you imagine still paying off a grocery purchase 1.5 years later?  If you needed to do that then you probably should cut up your cards.  Amex allowing this is fascinating.

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Message 32 of 74
Valued Member

Re: Amex Plan It Experiences


@Brian_Earl_Spilner wrote:

@Overmedicated wrote:

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


wow. so they didn't even offer 3 or 6 months.


I've got the same offer on a purchase at buy buy baby. it seems though you slightly have a lower fee on your plan.

Go figure?

Plan It.png

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Message 33 of 74
Super Contributor

Re: Amex Plan It Experiences


@Overmedicated wrote:

You would think it would be logical to allow larger purchases to be financed over a longer period of time.  That obviously isn't the case here.  Could you imagine still paying off a grocery purchase 1.5 years later?  If you needed to do that then you probably should cut up your cards.  Amex allowing this is fascinating.


You would think. Need more data, but the info that is coming has been good.

 

images (3).jpeg








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Message 34 of 74
Super Contributor

Re: Amex Plan It Experiences


@Brian_Earl_Spilner wrote:

@Overmedicated wrote:

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


wow. so they didn't even offer 3 or 6 months.


From my reading of the program, they only put up three time periods in the offer screen. Makes it easier to select financing for groceries if you don't also have to choose..... 3 months, 6 months, 9 months, 12 months, 15 months or 18 months to finance produce. 

 

I always finance produce for 18 months Smiley Wink

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Message 35 of 74
Established Contributor

AMEX Plan It Question

For those who used this feature, what was your overall experience--including pros and cons?

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

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Message 36 of 74
Community Leader
Valued Contributor

Re: AMEX Plan It Question

I haven’t actually used it, but I’ve gone through the steps to set up a Plan just to see. Basically you don’t pay interest, but you do pay a small, fixed flat rate fee every month. The purchase has to be $100 or over I believe and your timeframe options will be “based on creditworthiness.” For a $929 purchase, it gave me the option of 3 monthly payments of 300-something or 6 months of 150-something. 

 

You just have to weigh your options. I think it would be really valuable if you CAN’T pay something off but none of your cards has 0%. That fixed fee is usually a lot more friendly than sky-high interest rates. 

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Message 37 of 74
Senior Contributor

Re: AMEX Plan It Question

https://ficoforums.myfico.com/t5/Credit-Cards/Amex-Plan-It-Experiences/td-p/5394718 and a few other threads have discussed this.

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Message 38 of 74
Established Contributor

Re: AMEX Plan It Question

Thanks pinkandgrey! I always wondered if using the Plan It feature would result in AA similar to what some folks experience after they do balance transfers with various lenders.

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

SCORES: Excellent · 830 to 848
INQUIRIES: 0
UNIVERSAL REVOLVERS: $200K Club
NUMBER OF CC ACCOUNTS: Less than 10
CARD USAGE: Minimal
CREDIT HISTORY: Very Lengthy · Seasoned Accounts
INCOME: Sufficient
UTIL: 1-2%
PYMTS: 100% Positive · Always PIF · AZEO
INSTALLMENTS: No thanks!
ASSETS: 100% Equity
TOTALLY REFUSE TO: Pay Interest or Annual Fees, Combine Accounts, Reduce Limits, Submit 4506-T, SCT, App Spree, Accumulate Inquiries, Do business with Comenity, Synchrony, Cap One, Wells Fargo, Citi, Barclays or any other credit-cancerous lending institutions
Message 39 of 74
Super Contributor

Re: AMEX Plan It Question

I have used Plan It at least twice. You always get exactly three options of timeframe, depending on the size of the item you want to plan.

I have done a few thousand on each, and once you sign up, my understanding is you are tied in to that fee, even if paid early, but only for that fee.

If you have the proper autopay, AMEX uses your Plan It payment amount for the month, plus payment of new non-Plan It charges in one payment. Very simple.

Keeping the Plan It apart from the new charges mean you do not get hit with interest on the new charges.

I think it is a game-changer, a very nice innovation by AMEX.

I suggest picking some small item just over $100 to try it, because the mechanics of how it shows up on your statement is quite unique. Hard to describe.
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 40 of 74
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