Is American Express Platinum a charge card?

The American Express Platinum card is a hybrid card, combining the features of a charge card and a traditional credit card. A charge card usually requires the cardholder to pay off the entire balance every month to continue making purchases.

A regular credit card, on the other hand, allows users to carry a balance from month to month. However, you will have to pay interest on the unpaid balance. Charge cards usually come with no preset spending limit, too. Regular credit cards, however, have a set maximum amount that a user can spend on the account.

What you should know about the American Express Platinum card hybrid features:

• The Pay Over Time feature: The American Express Platinum card is different than some charge cards. It has a Pay Over Time feature, which allows you to carry certain approved balances from month to month, over an approved timeframe with interest. Pay Over Time purchases are moved into a separate balance from regular purchases, up to a limit.
   
  The regular purchases balance must still be paid in full every month. If the balance is not paid in full, there’s a late payment fee up to $40, along with a penalty APR.
• The Plan It® feature: The American Express Platinum card may also offer cardholders the Plan It feature. This allows cardholders to create a payment plan for qualifying purchases/amounts in exchange for a fixed plan fee. There is no sign up, application, or enrollment required. This feature is automatically embedded into the card.
• Credit limit: The American Express Platinum card’s no preset spending limit doesn’t mean unlimited credit. American Express periodically adjusts the spending power on the American Express Platinum card based on your card usage, along with other factors.
   
  The drawback is that you don’t know your exact spending capacity. This makes it difficult to determine if any future purchases will be approved.

Ultimately, it is worth mentioning that a charge card is technically a type of credit card. It just doesn’t have a revolving line of credit.