The Amex Gold card APR is 20.24% - 27.24% (V) on purchases approved for the Amex Pay Over Time feature. For all other purchases, there is no regular APR. That this because the Amex Gold card is a hybrid between a charge card and a regular card and cardholders are generally not allowed to carry a balance from one month to the next.
Cardholders who do not use the Pay Over Time may instead use the Plan It feature. This feature allows you to select large, eligible purchases and split them into monthly payments with a fixed fee.
There are a few things you should know about the Amex Gold card Pay Over Time feature, such as:
Pay Over Time allows Amex Gold card cardholders to finance eligible purchases over a specified timeframe, and for a set fee, subject to Amex's approval.
The exact interest rate applied to Pay Over Time purchases will depend on the cardholder's credit score, annual income, the number of open accounts, and other factors.
Purchase amounts in the Pay Over Time balance will also be subject to a monthly fee of up to 1.33%, based on the plan duration.
The Amex Gold card also has other APRs you should be aware of. It may charge a penalty APR of up to 29.99% for late Pay Over Time payments. Also, if you take out a cash advance using the Amex Gold card, a separate interest rate of 29.49% (V) will apply. Interest charges on cash advances accumulate daily, starting on the date you withdraw the cash.
Yes, the Amex Gold card is a charge card. The most important difference between a charge card and a traditional credit card is that while the former doesn't allow you to carry a balance between months, the latter does. Both will let you buy now and pay later, but with a charge card you have to pay what you owe in full, by the end of each month.… read full answer
It's important to note that a charge card is in fact a credit card, just a unique one. Usually, it comes with no pre-set spending limit, which means that its credit limit can vary monthly based on the cardholder's spending habits. That's available for the Amex Gold card as well.
There are a few things you should know about the Amex Gold card:
The Amex Gold card differs from some charge cards, though. It has a Pay Over Time feature, which allows you to carry certain approved balances from month to month, over an approved timeframe. These balances will be subject to a set fee and an interest rate which depends on the cardholder's overall credit situation.
The Amex Gold card may also offer cardholders the Plan It feature, which allows them to create a payment plan for qualifying purchases, or a qualifying amount, in exchange for a fixed plan fee.
No, you don’t have to pay off all American Express card every month. Most Amex credit cards allow you to carry a balance from month to month, requiring only a monthly minimum payment to keep your account in good standing. Some even offer 0% introductory APRs. That’s the case with some of the best American Express credit cards like:… read full answer
But there are exceptions. If you have one of those cards and use it responsibly, American Express may offer to let you pay for certain purchases over time. Interest will apply to such purchases, though, at a rate that won’t be disclosed until Amex extends an offer.
You can check out WalletHub’s review of the best American Express credit cards to find a good option for carrying a balance. Just don’t expect to find a low regular APR. American Express credit cards are known more for rewards than low rates. All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.
The best way to get American Express to lower the interest rate on your credit card is to call their customer service line at (800) 528-4800 and get on the phone with a representative. You can do this by saying “representative” to the automated customer service menu.
Simply asking can be more effective than you might think. For example, many credit card users who’ve threatened to cancel their cards if they didn’t get better terms have been successful with that strategy at least once, according to reports online. People are about twice as likely to get a fee waived than a lower APR, though, so keep that in mind as you go forward.… read full answer
Here’s more info about requesting a lower APR for your American Express card:
Before calling, make sure you know your current interest rate (APR is always listed on statements) and your account or card number.
You’ll also have better negotiating power if you’re aware of how long you’ve been an American Express cardholder and what your payment history is like.
You can also contact customer service online, or through the Amex mobile app (for Android and iOS) to talk to a representative.
If you don’t get a lower interest rate over the phone, it’s worth noting that your Amex card may offer Plan It. This feature helps you break up eligible purchases of $100 or more into installments over a set period of time, without your normal interest charges. Instead of charging interest on these purchases, Amex charges a monthly “plan fee”, which includes a percentage of the purchase amount and a percentage of the APR that would otherwise be charged.
The plan durations and fees will depend on your creditworthiness, but you can sign in to the American Express app to see if your purchases are eligible for Plan It.
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