Jane Walker, Member
@janewalker
The American Express Platinum card interest rate is around 21.24% (V) to 29.24% (V) for purchases made using the card's Pay Over Time feature. The exact interest rate will be determined based on the cardholder's credit history and American Express account history, among other factors.
There are a few things to keep in mind about the American Express Platinum card interest rate, such as:
- The Pay Over Time feature applies to purchases that Amex approves for a longer payment period.
- Purchase amounts in a Pay Over Time balance will also be subject to a monthly fee of up to 1.33%.
- American Express Platinum card does not have an interest rate for other purchases because it is a hybrid card (combining features of a regular credit card and those of a charge card). This means a cardholder must pay off all purchases not included in the Pay Over Time balance in full every month.
- Cardholders who are not using Pay Over Time, may use the Plan It feature to pay off large eligible purchases in exchange for a flat fee and no interest.
American Express Platinum card also charges a penalty interest rate for late payments of 29.99% (V) and a cash advance interest rate of 29.99% (V) - each cash advance transaction is also subject to a 5% (min $10) fee. The penalty rate applies if you don't pay the regular balance in full each billing period. For cash advances, American Express charges interest daily, beginning on the transaction date.

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