- Platinum Member
- Posts: 60
- Joined: Wed Aug 29, 2012 11:19 am
- Location: Pittsburgh, PA
I am tired of hearing people say that Amex will close your account if you use the Pay over Time feature. Why would they offer you the feature if they will close your account if you use it?
I have used it in the past. I originally enabled it on all of my gold and platinum cards (3) as they offered me 5000 MR points to do so - whether I use it or not.
My one gold card was offered a promo APR of 6.24 % rather than the standard 18.24 % (I believe). I put a $40k charge thru and carried about $25k for a few months. Remember the 6.24 APR is annual - so for 3 months it is only 1.56 % which I was perfectly fine paying to buy this piece of equipment 3 months earlier than waiting until I had the full cash amount to pay in full.
You can't carry a balance over $35k on a charge card product and this is due to the underwriters. Even though my NPSL was over $100k, anything that I charged above $35k had to be paid off in full that month.
American Express: MB Platinum Card, Business Platinum, Business Gold, SPG, Hilton Surpass
Chase: Ink Plus, Ink Bold, Sapphire Preferred, United Mileage Plus, Marriott Premier
Citi: Executive AA World Elite MasterCard, AA Visa Signature, AA Business MasterCard
Barclays: US Airways World Elite, Arrival Card