The American Express Platinum card has a grace period of 25+ days, from the end of a billing cycle until the monthly due date. The Amex Platinum grace period applies only to Pay Over Time balances, as all other purchases must be paid for in full by the due date.
In other words, interest charges will not apply to purchases that qualify for Pay Over Time as long as the account’s “Total New Balance” is paid off by the due date. Otherwise, interest charges will apply from the date Pay Over Time purchases are made.
The American Express grace period for credit cards is at least 25 days after the closing date of each billing period. That means if you enter a new billing period without an existing balance and make charges on the card, you will have at least 25 days after that billing period closes before interest begins to accrue on those charges.… read full answer
Here’s where the American Express grace period doesn’t apply:
It is important to note that grace periods do not apply to certain balances. Cash advances and balance transfers will start accruing interest immediately, unless they are part of a 0% APR promotional offer. In that case, interest would not accrue until the promotional offer ends.
Here’s how the American Express grace period works:
Length: 25 days or more
When It Applies: You pay your bill on time and in full for at least two consecutive billing periods.
What It Does: Gives you time to pay for purchases before interest charges kick in.
When It Doesn’t Apply: Revolving balances, cash advances and balance transfers (excluding 0% promotions).
Grace periods are great because they essentially allow you to borrow money for free as long as you pay your bill in full and on time each month.
Here’s what happens with American Express cards with no preset spending limit:
American Express cards with no preset credit limit are different in that they must be paid in full every month. There are exceptions, though. American Express cards with no reset spending limit may allow you to carry a revolving balance after making select purchases.
This feature, named “Pay Over Time,” is granted on a case by case basis, and American Express will make it clear if your account is eligible. If you don’t pay the balance requested by its due date, your account can be charged interest and penalty fees, and be subject to cancellation.
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