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I recently received my new Amex ED card and was looking at this feature available to me. Given that my limit is $2,000 and I need to meet a SUB minimum of $1,000 over 3 months. I wanted to book tickets to see a Wizard of Oz play, which will set me back $235 respectively. Considering it my Christmas treat. My ED has 0% apr.
Would Amex frown upon a $235 transaction for pay over time? I don't want to reduce my chances of getting future cli's. I kinda want to just try it out before I do it with a larger purchase, if I ever need to. If not, I can use my NFCU Amex as I need to meet their $3k SUB and immediately pay it off after.
Plan it works for anything over $100. They don't care if you use it. I tried it twice and ended up paying both of them off the next month. It's the only time I've ever paid amex interest.
Pay Over Time is a feature of charge cards (like Platinum, Gold, Green, etc.).
Revolving credit cards like ED have Plan It. You could carry a modest balance at 0% for a while without needing to pay any fees for a Plan, though.
@Brian_Earl_Spilner wrote:Plan it works for anything over $100. They don't care if you use it. I tried it twice and ended up paying both of them off the next month. It's the only time I've ever paid amex interest.
But the ED is already at 0%. Why pay fees for a Plan? OP can just carry a balance normally by paying more than the minimum but less than the full statement balance.
Sometimes Amex offers no-fee Plan It promotions. I've done several of these, and have a few thousand dollars on my BCP stretched out over another 21 months or so.
And FWIW, Amex gave me a $20k SL on Delta Platinum while I was carrying about $10k at 0% on my BBP.
So, it wouldn't hurt to do this?
@Anonymous wrote:
So, it wouldn't hurt to do this?
No, it wouldn't hurt and you could take your time to pay it off without fees or interest...
...but keep in mind that's just a hypothetical projection. You can't actually put purchases into a Plan until the transactions have posted. I don't think there is any guarantee of what Plan lengths Amex will offer. No-fee Plans are nice, but I think the Plan lengths aren't known until it's too late not to use a different card!
No, Amex won't frown on that. Anything over $100 qualifies. I would assume that Amex WANTS people to use the feature, seeing as the user has to pay a small monthly fee (unless you're in a promo period). You can see it through for the entire payment period or pay it off early. Either way, it works. I think it's a great feature personally.
Enjoy your play!
IMO, I wouldn't even bother. The ED card already has 0% APR for whatever the promo period is, so you can essentially pay thet $35 minimum payment over the course of 7 months interest free ayways.
Plan it is really only useful on larger balances if the fee is less that your standard APR, like if you had $1-2K that you couldn't pay back within one statement period. etc.
I recently set one up on my BCP because i had two large charges hit the same month, and wasn't expecting it to. So I set up a plan for one charge and paid off the rest because I PIF on this card due to the high APR. This was the only time I saw it as useful, and will pay it back much sooner than the time allotted.
With the promo 0% I woul pay it over several months.
Plan It can be very interesting DW got a 0% fee and 0% interest plan it promo approved upto $15,0000