AMEX "Plan it"

[a good yeshiva bachur]

Is this a new thing they offer on personal cards?

[ushdadude]

Is this a new thing they offer on personal cards?

Yes

[a good yeshiva bachur]

Yes

Does it affect my credit?

[ushdadude]

Does it affect my credit?

If you have a balance it effects your utilization ratio

[AJK]

Slightly OT, but what is benefit of "Pay It?"

Why can't I just pay the exact amount of the charge I want to pay off?

[Dr Moose]

Slightly OT, but what is benefit of "Pay It?"

Why can't I just pay the exact amount of the charge I want to pay off?

I believe it might have different rates than your standard interest.

[ushdadude]

I believe it might have different rates than your standard interest.

That would be for plan it. Pay it even says payment will go towards overall balance and not to specific purchase.

[a good yeshiva bachur]

Pay it even says payment will go towards overall balance and not to specific purchase.

So then what is pay it?

Besides, what's the difference why would you want to pay a specific transaction?

[ushdadude]

So then what is pay it?

Besides, what's the difference why would you want to pay a specific transaction?

Marketing?

[Dr Moose]

That would be for plan it.

I knew I was missing something. Couldn't believe AJK would miss something so simple like that.

[dsw193]

I need to carry around $8k for a month (waiting for insurance reimbursement) I'm thinking of doing a 12 month plan (shortest offered) and pay it off within the month and therefore hopefully only paying one month of fees which is less than interest.

Does anyone have experience with this? My concern is if they'll let me off the hook on the remaining 11 months of plan fees.

plan B is to let them charge interest at about $100 more and beg them to waive as I've never carried a balance.

any input is much appreciated.

[yeshivabucher]

I need to carry around $8k for a month (waiting for insurance reimbursement) I'm thinking of doing a 12 month plan (shortest offered) and pay it off within the month and therefore hopefully only paying one month of fees which is less than interest.

Does anyone have experience with this? My concern is if they'll let me off the hook on the remaining 11 months of plan fees.

plan B is to let them charge interest at about $100 more and beg them to waive as I've never carried a balance.

any input is much appreciated.

do plan it and you can finish the plan early by making a payment for the total balance on your card and will only charge you only for the months that you used it i.e. if you pay back after 2 months and monthly fee was $5 then you will have only paid $10 for the plan

[Yehudaa]

I need to carry around $8k for a month (waiting for insurance reimbursement) I'm thinking of doing a 12 month plan (shortest offered) and pay it off within the month and therefore hopefully only paying one month of fees which is less than interest.

Does anyone have experience with this? My concern is if they'll let me off the hook on the remaining 11 months of plan fees.

plan B is to let them charge interest at about $100 more and beg them to waive as I've never carried a balance.

any input is much appreciated.

"If you pay your balance off early, you won’t have to pay future monthly fees."

https://www.nerdwallet.com/blog/credit-cards/pay-it-plan-it-amex-new-feature/

[dsw193]

https://www.nerdwallet.com/blog/credit-cards/pay-it-plan-it-amex-new-feature/

Thanks guys.