How Does American Express Pay Over Time Work?
American Express is this country’s premier issuer of personal and business charge cards. Charge cards enable consumers to rack up purchases over a certain period of time as long as payment is made on the outstanding balance at the end of that period (usually monthly).
Of course, American Express also issues credit cards which give holders the ability to space out payments with the minimum statement balance payment option. What you may not know, is that American Express offers this luxury to their charge card users as well, with a trio of “Pay Over Time” features.
In this guide:
According to American Express, Eligible Charge Card Members are able to choose at the end of the month whether to pay their balance in full, pay the minimum amount due, or anything in between. American Express will charge you a variable interest rate on unpaid balances, but there are no late fees as long as you make the minimum payment.
The three programs with Pay Over Time features are:
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By taking advantage of the Pay Over Time feature, you can utilize these benefits:
If you find that you are not eligible for the American Express Pay Over Time program, you do have other options. For example, you can apply for a regular credit card from American Express or another provider.
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The most likely reason for being denied by a creditor is having a Low FICO score. There are multiple solutions to this problem. First, in order to learn your FICO score, you can request it for free from American Express. Then, you can take the following steps to boost your FICO score.
Living a responsible financial life will help improve your perceived creditworthiness and grant you access to more appealing financing opportunities.
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