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Amex installment plan options with no interest fees and rewards continue

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When I logged into Amex account (Blue Cash back), I see this installment option where you pay some charges in 3 or 6 or 9 monthly installments with no interest fees but receive rewards as usual.

This appears wonderful as you can pay off that big purchase in interest free installments ! Though it says a plan fee in the terms & conditions, I see $0.00 plan fee for my purchases.

https://global.americanexpress.co...ntLink=LKZ


Terms & Conditions:

1 Plan It
Plan It is available to all non-cancelled Credit Card accounts issued by a U.S. banking subsidiary of American Express. Only the Basic Card
Member or Authorized Account Manager(s) on the Account can select a qualifying purchase for Plan It. Prepaid Cards and products, American
Express Charge Cards, American Express Corporate Cards, American Express [Small Business Credit Cards] and American Express-branded
cards or account numbers issued by other financial institutions are not eligible.

Plan It allows you to create a payment plan for qualifying purchases, subject to a plan fee. This fee is a fixed finance charge that will be
charged each month that a plan is active.

You may use this feature by selecting a qualifying purchase and a plan duration. Qualifying purchases will be identified in your American
Express online account or American Express Mobile for your Eligible Account.

For more information about Plan It please see the "About the Plan It Feature" section of your Cardmember Agreement.

2 Pay It
Your account is eligible for Pay It if you are a Basic Card Member of a Credit Card account issued by a U.S. banking subsidiary of American
Express that is not cancelled. Prepaid Cards and products, American Express Charge Cards, American Express Corporate Cards, American
Express [Small Business Credit Cards] and American Express-branded cards or account numbers issued by other financial institutions are not
eligible.

Pay It is only available in the American Express Mobile app for your Eligible Account. With the Pay It feature, you can make a payment equal
to the amount of a billed purchase. Payments made with Pay It are not applied to that billed purchase but to your outstanding balance in
accordance with the "How we apply payments and credits" section of your Cardmember Agreement.
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Created 11-09-2017 at 05:58 AM by nsrpg
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These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

6 Comments

1

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Joined Aug 2011
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8,141 Posts
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#2
No interest fee...but a fixed finance fee

Same difference
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Joined Dec 2007
L5: Journeyman
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Original Poster
#3
Quote from ElectroFuse
:
No interest fee...but a fixed finance fee

Same difference
I see $0.00 finance fee !
They may charge for big purchases !
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Joined Aug 2005
L4: Apprentice
488 Posts
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#4
What will using this option do to your credit score ?
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Joined Sep 2014
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#5
Quote from depofmed
:
What will using this option do to your credit score ?
Depends on your utilization ratio and if you have balances reported to the bureaus. In some cases it could actually help your score.

If I have $300k total credit and put $5k on the card then I'm not even 2% utilization. You want a low ratio, say 5%, which is better than 0% which would imply you don't even use credit which doesn't benefit you or your score. The ratio can impact up to 30% of your score so it's important to have a small ratio. Worst case it may drop a few points but will quickly rebound after paying the balance down.

I often capitalize on intro 0% APR rates and park the money into high interest savings accounts and gain free interest.
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Last edited by anthonyjh21 November 9, 2017 at 07:01 AM.
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Joined Feb 2011
L4: Apprentice
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#6
Per the example shown in the ad, the sum of installment payments is more than the purchase price. So the interest rate is hidden.
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Joined Apr 2006
World dominator and rebel
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#7
Quote from doubleo7
:
Per the example shown in the ad, the sum of installment payments is more than the purchase price. So the interest rate is hidden.
That's sneaky
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