What is Amex Pay Over Time and how does it work?

American Express Plan It is a feature that allows you to pay off large purchases on your American Express credit card with a flat fee ranging from 0.61% - 1.17% for each purchase and no interest each month. The fee will vary, depending on which card you use. Plan It is currently available only on American Express consumer cards. Charge cards and small business credit cards are not eligible.… read full answer

You can use Plan It for eligible purchases either online or on the Amex mobile app. Ineligible purchases include transactions subject to a foreign transaction fee, purchases under $100, cash equivalent purchases such as gift cards and lottery tickets, and any American Express credit card fees. You’ll still earn rewards points on any Plan It purchases made with an American Express rewards card.

Note that you’re still able to pay your American Express bill through your preferred payment method.

Here is how American Express Plan It works:

• Log in to your Amex Mobile app or from your online account. Eligible purchases will have a Plan It icon. You can create up to 10 active plans, each subject to a fee. And you can combine up to 10 qualifying purchases of $100 or more per plan using your online account. You can only select one qualifying purchase per plan when using the Amex Mobile app. The number and length of plan duration options and your ability to include multiple purchases in one plan will be determined by factors such as your creditworthiness, account history and purchase amount(s).
• Select the Transaction you want to plan, click the Plan It icon, then click “Create a Plan”.
• Your eligible transaction will have up to three payment plan options, which include the applicable payment period and required monthly payment. A plan fee is included in your monthly payment. The fee varies based on your card’s APR and the length of the plan. You can view your plan fee on the first two pages of your Cardmember Agreement, located under “Useful Links” on your account homepage.
• Once you confirm your plan option, your monthly plan will be added to your minimum payment due on your next bill.
• All payments towards your Plan it account balance are first applied towards your minimum payment due. Once the minimum payment is met, any additional payments will be applied to your outstanding balance. Payments may take up to 48 hours to be reflected on your account.
• You won’t be charged future fees if you pay off your balance early. If you don’t pay off the balance by the end of the payment period, you’ll be charged interest at the regular APR on the unpaid balance.
• Amount limits on purchases eligible for the Plan It feature will be based on a portion of your balance and it can vary from month to month. Your overall creditworthiness, along with your credit limit or Pay Over Time limit will also be considered.

If you have an American Express credit card with an introductory 0% APR, you wouldn’t benefit from the Plan It feature. You’re better off paying down your balance during the promotional period without incurring any interest – or additional plan fees.

The Amex Platinum Pay Over Time feature gives cardholders extra time to pay off select eligible charges, up to a limit. Amex Platinum cardholders have the option of making only a minimum or partial payment toward their Pay Over Time balance by the due date each month. Pay Over Time balances carried from month to month will accrue interest at a rate assigned by American Express when you’re approved for a Platinum Card account, however. A penalty rate may apply to late or missed payments too.… read full answer

Cardholders are automatically enrolled in Amex Platinum Pay Over Time. You can either finance all eligible purchases or manually pick which of those charges you want to pay over time. The remaining charges will move back into your regular balance. Since Amex Platinum is a hybrid card, payment for all non-Pay Over Time purchases is still due in full each month.

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

American Express Credit Cards You Have to Pay Off Every Month

On the other hand, you do have to pay some American Express cards in full every month. These include:

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.