AMEX Pay Over Time beneficial?

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benhollberg
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AMEX Pay Over Time beneficial?

Postby benhollberg » Tue May 14, 2013 8:52 am

Earlier this year I was on the phone with American Express, about something unrelated to this topic, and they offered me a pay over time feature for my PRG card. She said that basically it makes it into a credit card instead of a charge card and will allow me to carry a balance. Even though I never plan to carry a balance I signed up for the program because it gave me some bonus MR points. My question is, does this program hurt your credit in any way?

Also I said that I planned to upgrade to Platinum in June when I can and she said it would carry over to the Platinum card as well. Also that I can drop the Pay over Time feature whenever I want.
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rockyrock
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Postby rockyrock » Tue May 14, 2013 9:08 am

If you got points it was worth your time. Only certain categories of merchandise qualify for this feature and the APR is probably in the 14% range. You don't have to use it which is the good part but on your statement it always breaks down what is due in full and what you can pay over time. The due in full and pay over time min is combined to form your overall min payment.

I suppose if you carry a high balance over it could ding your credit. The good part is with NPSL you won’t get a “high utilization” ding.
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Sevenfeet
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Postby Sevenfeet » Tue May 14, 2013 10:12 am

It doesn't hurt your credit. Your card will still report to credit agencies as a NPSF product. Basically Amex allows anything over a certain dollar amount (I think it's $100) to end up over in pay-over-time territory. I've had this for some years now. It does give you flexibility if you need to pay something off over a longer period. But like with any credit product, don't let it get out of hand.
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benhollberg
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Postby benhollberg » Tue May 14, 2013 10:32 am

I've had it since February I think, was just curious if it affects my credit or anything which sounds like it doesn't change much. As for the APR, 18.24% and only can be used with charges over $100 as someone said earlier. Either way, sounds like I'll keep it and just hope I never have to use it. Thanks guys.
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woogs
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Postby woogs » Thu May 16, 2013 8:58 am

If you don't need it, wait until they offer you 5k - 10k bonus MR points to add the feature. You can't carry a balance larger than $35k. Anything above that still needs paid off in full.

The business Gold card offered a 6 month promo APR of 8.24 % (vs the normal 18.24%) along with 5k MR points to some targeted people (myself included).

I was not targeted for the personal card and tried it anyways thru other signup links offering 5k MR and never received those points. So if you don't need to pay over time, wait until you receive a targeted offer to at least get MR bonus points.
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