AMEX Select & Pay Later (Pay Over Time feature)

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
11 posts
AMEXAT19
Platinum Member
Platinum Member
 
Posts: 65
Joined: Mon Jun 18, 2012 8:00 pm
Location: LaGrange, GA

AMEX Select & Pay Later (Pay Over Time feature)

Postby AMEXAT19 » Fri Jun 22, 2012 1:53 pm

A few weeks ago I received a letter from AMEX stating I was eligible to participate in the Select & Pay Later program a feature of Pay Over Time. I was wondering do many of you all participate in this program or continue paying in full. I really don't think I will use this feature because of the interest rate and continue to pay in full.


DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Fri Jun 22, 2012 3:01 pm

Is this the same as "sign & travel"?

Just another way for Amex to make money off you.

User avatar
Cyberius
Platinum Member
Platinum Member
 
Posts: 85
Joined: Fri Apr 06, 2012 8:17 pm
Location: Tennessee

Postby Cyberius » Fri Jun 22, 2012 3:24 pm

DavidNY wrote:Is this the same as "sign & travel"?

Just another way for Amex to make money off you.


I have the feature on my account, but have never made use of it. Supposedly a diamond will appear on a charge that is eligible and it must be over $100. I've yet to see a diamond appear, maybe because I pay in full before the statement closes. I have no idea what triggers it to appear.

PopiLopi
Centurion Member
Centurion Member
 
Posts: 179
Joined: Fri Apr 13, 2012 7:05 pm
Location: Miami, FL

Postby PopiLopi » Fri Jun 22, 2012 10:37 pm

Amex have something called Extended Payment option and it automatically adds charges over $100. The APR is like 18% or something. I know they usually give you 5k or 10k reward points just for putting it on. If they offer it to me I'll get it for the points and most likely never use it, but it might help somebody if they have a bad month and can't pay the full bill, it's better to pay a few bucks in interest than having a late payment on your credit reports.
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)

NYC_Dweller
Centurion Member
Centurion Member
 
Posts: 192
Joined: Wed May 18, 2011 1:16 pm
Location: NYC

Postby NYC_Dweller » Sat Jun 23, 2012 9:04 am

why develop a bad habit if you are able to pay off your card?

PopiLopi
Centurion Member
Centurion Member
 
Posts: 179
Joined: Fri Apr 13, 2012 7:05 pm
Location: Miami, FL

Postby PopiLopi » Sat Jun 23, 2012 3:09 pm

NYC_Dweller wrote:why develop a bad habit if you are able to pay off your card?



I'm able to pay off my balance and I'm assuming you can too, but not everybody has the same financial situation. I'm not saying carrying balances is good, i'm against that myself, but I see the future useful for somebody financially vulnerable. Obviously that person has to use with discipline to avoid it becoming a bad habit
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)

NYC_Dweller
Centurion Member
Centurion Member
 
Posts: 192
Joined: Wed May 18, 2011 1:16 pm
Location: NYC

Postby NYC_Dweller » Sat Jun 23, 2012 11:32 pm

PopiLopi wrote:I'm able to pay off my balance and I'm assuming you can too, but not everybody has the same financial situation. I'm not saying carrying balances is good, i'm against that myself, but I see the future useful for somebody financially vulnerable. Obviously that person has to use with discipline to avoid it becoming a bad habit


I stated "why develop a bad habit if you are able to pay off your card?" because it is assumed that Amex charge card holders have a basic understanding of the cards origins of paying on full.

I'm sure Amex developed "pay over time" to increase revenue. I am also assuming that using this option frequently may raise a few flags questioning your worthiness. This is assumed because "pay over time" is not defined within Amex's charge card portfolio but rather their credit card portfolio.

In my opinion, if you are unable to PIF for an item/s don't use a charge card but use another lender who extended you a credit line.

User avatar
PlatinumAMEX94
Centurion Member
Centurion Member
 
Posts: 321
Joined: Mon Jan 02, 2012 1:21 am
Location: Denver

Postby PlatinumAMEX94 » Mon Jun 25, 2012 12:31 am

NYC_Dweller wrote:I stated "why develop a bad habit if you are able to pay off your card?" because it is assumed that Amex charge card holders have a basic understanding of the cards origins of paying on full.

I'm sure Amex developed "pay over time" to increase revenue. I am also assuming that using this option frequently may raise a few flags questioning your worthiness. This is assumed because "pay over time" is not defined within Amex's charge card portfolio but rather their credit card portfolio.

In my opinion, if you are unable to PIF for an item/s don't use a charge card but use another lender who extended you a credit line.


The Sign and Travel program was designed to give card members a little more freedom when on vacation. Knowing you had a little bit extra time to come up with a few extra grand spent on vacation was a nice little perk. It was originally granted to outstanding card members. Many people lost this feature in the credit crash. There are certain charges that automatically fall under that category based on where they bill out of. One of my company website hosting is outside the US and is billed under Sign and Travel. And it does have a small black diamond next to the charge.
American Express Platinum Personal, Member since 94
Chase United Explorer - Visa Signature
Chase Sapphire Preferred
American Express Business Simply Cash

American Express Costco Business, American Express Platinum Business
Bank of America 10k, Capital One Venture World MasterCard 7.5k, Fidelity Visa Signature 10k
Citibank ThankYou Premier World MasterCard - Card Member since 91, 25k
Discover 10k Member since 91, Wells Fargo Personal & Business Visa Signature
USAA World MasterCard 12k, Chase Slate Exclusives Visa 5k

Lifelock member, USAA credit monitoring, Security Freezes E/E/TU, 800+

User avatar
FastSRT8
Centurion Member
Centurion Member
 
Posts: 1454
Joined: Thu Apr 19, 2012 1:32 pm
Location: Canada

Postby FastSRT8 » Mon Jun 25, 2012 1:26 am

Not that I intend to use this feature or even if it is available on my Cent. What diamond symbol are you all looking for anyway? Now I am curious and want to look at my statements.
Carpe diem quam minimum credula postero!

User avatar
PlatinumAMEX94
Centurion Member
Centurion Member
 
Posts: 321
Joined: Mon Jan 02, 2012 1:21 am
Location: Denver

Postby PlatinumAMEX94 » Mon Jun 25, 2012 10:55 am

FastSRT8 wrote:Not that I intend to use this feature or even if it is available on my Cent. What diamond symbol are you all looking for anyway? Now I am curious and want to look at my statements.


Look for a charge that is outside your home country. It it is categorized as "travel" it can fall under the Sign and Travel option. If you don't have that feature on your account then it won't show up on your paper statement.
American Express Platinum Personal, Member since 94
Chase United Explorer - Visa Signature
Chase Sapphire Preferred
American Express Business Simply Cash

American Express Costco Business, American Express Platinum Business
Bank of America 10k, Capital One Venture World MasterCard 7.5k, Fidelity Visa Signature 10k
Citibank ThankYou Premier World MasterCard - Card Member since 91, 25k
Discover 10k Member since 91, Wells Fargo Personal & Business Visa Signature
USAA World MasterCard 12k, Chase Slate Exclusives Visa 5k

Lifelock member, USAA credit monitoring, Security Freezes E/E/TU, 800+



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests