Amex pay over time option?

[Dishpro]

I received my AMEX green card in the mail today. While activating the card it gave me the option of opting for a pay over time feature for purchases over $100. Does anyone know how this affects my account. I am worried that they might set a hard limit based on the use of this feature.

[Creditaddict]

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@Dishpro wrote:
I received my AMEX green card in the mail today. While activating the card it gave me the option of opting for a pay over time feature for purchases over $100. Does anyone know how this affects my account. I am worried that they might set a hard limit based on the use of this feature.

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Your charging ability will be frozen instantly.

When you do pay off the Pay over time you will be lucky if you have a hard set limit... I bet it would be CLOSED!

We have talked about this in the past... its almost like a test... who will take it... If you have a charge card and you need or want to carry some balance to amex is you are having money problems!

I mean not sure if you saw everything happening in like 2009-2010... Amex came out with several BT offers for life of balance... then the economy crashed and Amex couldn't close, slash, and take faster then you could cut up your card!!

[Dishpro]

That's what I was afraid of. I really appreciate your input. I almost pulled the trigger, thought it sounded weird. Thanks....

[jsucool76]

Wow, thats kinda mean of amex to do.

"Hey would you like to pay your balance over time"

"Yes!"

"TOO BAD, ACCOUNT CLOSED, MWAHAHAHAHA" 

[Dishpro]

I wanted the card to use instead of my regular cards and my debit. Should I start out slow and work my way up to around $5,000 mo.or should I just gradually build up to 5 or 6k mo.?

[hemi961]

I have an Amex Platinum and a PRG and signed up for the pay over time feature on both of them.  However, I waited until after the first anniversary on each and also only did it after they offered 5K points on each to sign up.  I have never used it and doubt that I ever would but it was good for 10k MR points.  I would definitely wait for at least 6 months if it were me and you might even be offered a bonus for doing it.

[CruzImperial]

Seems risky. Might want to stay on safe ground if you can pay in full.

[improvingmycredit]

I subscribed to this service to get the 5K bonus sign up.  I don't think I will be using this service but I don't see the harm in doing so if you pay responsibily and pay it off with in a couple of months.  My parents have used it in the past for a couple of big vacations and no problem what so ever.  The service wouldn't be offered if it wasn't meant to be used responsibily.  For what it's worth, probably not the best choice for financing anything if other options are available.  The APR is higher then most revolvers.  I think many over think Amex.   They offer their products to be used, not as a ploy to doop people into signing up to be kicked out as a card member.

[OptimalFICO]

I agree with improvingmycredit. I have AmEx Green. I signed up for this feature and used it steadily for several months while allowing my sister to run her business off my card temporarily. My account had been open for years with stellar history prior to this, but I had no impact whatsoever by signing up and using this option. However, this was also back in 2002-2004 range, before the crash. I do recall that the interest rate was insane! And paying off the balance was crazy because the interest accrues so fast. I would pay what I thought was the balance, and then I'd get a bill for remaining interest. I'd pay that, and then get another bill. Finally I just paid a huge amount so that a credit posted. My sister got her own card and I never used the option again.

[navigatethis12]

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@Dishpro wrote:
I received my AMEX green card in the mail today. While activating the card it gave me the option of opting for a pay over time feature for purchases over $100. Does anyone know how this affects my account. I am worried that they might set a hard limit based on the use of this feature.

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This is the kind of apprehensiveness that makes me wonder why so many people worship American Express. You can be sure that you do not have to worry about carrying a balance for a short period of time with any other issuer. I would just use it if you need to and if they set a limit then go to another card. Why do they give people the options to do so many things and then punish them when they are utilised.