Help - Can't Pay AMEX PRG in Full This Month

[Anonymous]

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@wasCB14 wrote:

Does PoT apply retroactively to include past purchases?

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I don't think PoT will not apply to purchases made BEFORE it's activated. Any charges made before PoT is added on the account has to be paid in full. OP, perhaps  try to get another credit card with a balance transfer option? 

[wasCB14]

I just enrolled in POT tonight and I have the ability to select $100+ charges from my Current Statement. That is, the most recent closed statement...the statement preceding Recent Activity. I don't have any $100+ charges in my Recent Activity, so there's nothing to select from RA in my POT window.

[Anonymous]

In the grand scheme of things, the company could care less about you and more about their profits. -   Mod cut.  Advocating Manufacturing Spending is prohibited on these forums.  Please refrain from doing so in the future and thank you for your cooperation

Irish80

MYFICO Moderator 

[K-in-Boston]

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@Anonymous wrote:

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@wasCB14 wrote:

Does PoT apply retroactively to include past purchases?

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I don't think PoT will not apply to purchases made BEFORE it's activated. Any charges made before PoT is added on the account has to be paid in full. OP, perhaps  try to get another credit card with a balance transfer option? 

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Just to clarify, there are 3 types of Pay Over Time:

Extended Payment Option
All eligible charges of $100 or more can be paid over time. Charges are automatically moved into your Pay Over Time balance and you choose how much to pay: Just pay in full, the minimum amount due, or anything in between - it's that simple.

Select & Pay Later®
Charges of $100 or more are eligible to be paid over time. Manually select each eligible charge that you would like to request to pay over time.

Sign & Travel®
Eligible travel-related charges can be paid over time, no minimum dollar amount is required. This feature automatically moves charges such as airline tickets, hotel stays, car rentals, cruises and foreign charges into a Pay Over Time balance.

Extended Payment Option and Sign & Travel are automatic when the charges post, interest only accrues if they are not paid by the due date of the following statement.

Select & Pay Later lets you go in and choose charges over $100 from previous statements to add to Pay Over Time balance, but interest begins accruing as soon as you move those charges over.

I am actually not sure why Select & Pay Later is even an option for me anymore, really.  Anything that I could add using that is already going into one of the other two categories.  (Looking at my most recent statement, I see that a small portion of my hotel, rental car, and airline fees got dinged with $0.06 of trailing interest under Sign & Travel due to the way the payments were applied.  For strategic reasons, I elected to leave a bit of a balance on a charge card rather than a revolver last month.)

So for Select & Pay Later, previous statement charges should be allowed but, again, if you're signed up for Extended Payment Option, those charges would go there anyway.

[Anonymous]

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@Anonymous wrote:

In the grand scheme of things, the company could care less about you and more about their profits. 

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I work in the finance industry... and believe me, you're wrong. In one case, you are putting money into the economy (you are buying tangible goods, maybe even paying state taxes), in the other, you're only putting money in your own pocket, and in some cases getting an interest free short-term loan, and getting paid for it. 

You could be doing something illegal right now, but to be honest, I don't want to know what you're doing. 

Consider going over your MS with your tax professional and a lawyer. What you described above is reported by your bank and by whomever is selling for profit to the IRS, and there are certain reports that federally insured financial institutions are required to report at various threshholds and patterns on deposits. Structuring (breaking up large cash deposits into smaller ones the bank's software will not detect) is a class B felony.  

[AverageJoesCredit]

Has the Op come back yet?

[Anonymous]

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@AverageJoesCredit wrote:
Has the Op come back yet?

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Nope - and I don't expect him to...when I checked his posting history this was his first post since August.  I hope he does so we find out what happened, but my expectations are not high

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

In the grand scheme of things, the company could care less about you and more about their profits. 

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I work in the finance industry... and believe me, you're wrong. In one case, you are putting money into the economy (you are buying tangible goods, maybe even paying state taxes), in the other, you're only putting money in your own pocket, and in some cases getting an interest free short-term loan, and getting paid for it. 

You could be doing something illegal right now, but to be honest, I don't want to know what you're doing. 

Consider going over your MS with your tax professional and a lawyer. What you described above is reported by your bank and by whomever is selling for profit to the IRS, and there are certain reports that federally insured financial institutions are required to report at various threshholds and patterns on deposits. Structuring (breaking up large cash deposits into smaller ones the bank's software will not detect) is a class B felony.  

Clearly, it's not illegal. Let me tell you something, Im in the finance industry too and anyone in the business world can tell you that the bottom lines are just that. Like what do you think a business is there for? Your own benefit? lol They can't exist if they can't make a profit. As for structuring, that's on the large scale. Even regular businesses could fall prey to that! $1000 here would trigger NOTHING. That is pocket change. I love how you brought up it could be illegal. Banks do this around January and I haven't seen anyone in handcuffs for boosting their statements by borrowing money. And they are borrowing in the MILLIONS. Im sure youll be fine to float $1000 here. 

[Anonymous]

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@AverageJoesCredit wrote:
Lol, Dog ate my credit Priceless

@humuhumunukunukuapua'a wrote:

[Anonymous]

Yeah, the day I left for a road trip out west, came down and found this with with driver's license in pieces. I had a duplicate drivers license whcih came in handy. AMEX had to overnight a replacement to the vacation rental house in Utah. Whew.