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Question on Amex Plan It Feature

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Anonymous
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Re: Question on Amex Plan It Feature

 


@K-in-Boston wrote:
Any agreed-upon Plan It installment amounts will be added to the minimum payment. (i.e. if your minimum is $35 and you did a 12-month Plan It for $600 and your fee is $5/month, your minimum payment would be $90.) I tested a small one when it first became available to see how it worked, then paid it off early to avoid the rest of the fees.

Hi, I just want to confirm how this works from what I gathered here.Say for example I have balance statement like this.

$100

$200

$3000

 

I am going to apply Plan It Pay It on $3000 purchased for 6 months payment which resulting with $500 payment plan, with $5.00 fee as an example.  

 

Thus the total payment plan is $500 plan+ $5.00 fee = $505 

Let's assign $x as minimum payment of $300 from $100+$200. 

$x minimum payment would change since it will drop every month that's why I named it $x

 

Therefore,  total the monthly payment would be $505+$x

Is that right? Thanks.

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