Pay Over Time? Will Amex Close My Account?

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Pay Over Time? Will Amex Close My Account?

Postby brettbennett » Wed Nov 12, 2014 8:57 pm

I recently received a letter stating that my Gold Card was approved for Pay Over Time. I was thinking about using it, but on other forums people have said that they may close the account if you use Pay Over Time. Have any of you used it or know someone that has. Should I use it?
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Postby CarefulBuilder14 » Wed Nov 12, 2014 9:51 pm

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Postby Jarrodpd » Thu Nov 13, 2014 12:24 am

The only downside I have heard to it besides the high APR, is that if you are continuously using it they may be more inclined to cancel your account if they feel you may be abusing the feature. Thats what I have read, maybe someone with more knowledge could chime in and give a definite answer.
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Postby AMEXPlatino86 » Thu Nov 13, 2014 2:18 am

I'm sorry but I do not know where this rumor comes from. I had the Pay Over Time feature when I acquired my Gold and continued it on my Platinum. It has been used numerous time and I have yet to receive any type of backlash as a result of using it. If anything I don't see a reason why there would be any type of retaliation if they did not want you to have hit. The only rules that I know of is that it is only usable on purchases over $100, it cannot be used on every purchase at the discretion of AMEX, and that you must make at least the minimum payments on time.
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Postby woogs » Thu Nov 13, 2014 8:07 am

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.
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Postby takeshi » Thu Nov 13, 2014 1:24 pm

People tend to oversimplify and many don't seem to have a good grasp of causality. Always consider your sources.

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Postby benhollberg » Thu Nov 13, 2014 8:05 pm

Just signup for it, even if you don't use it. It is nice to have just in case. I have it on two AMEX charge cards, never actually used it and I haven't heard anything bad from them. Try to get a bonus also, I received 10k MR points for adding it.
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Postby flan » Sat Nov 15, 2014 11:17 am

woogs wrote: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?

They're just making sure the people on myfico have something to talk about, of course.

Amex is in the business of lending money. They do want to get the money back, but they're quite happy to charge you high interest until they do. They're paying less than 1% on the money they're lending at 15% or more, which is a pretty good return, if they manage the risks well.

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