One of TPG's commandments for travel credit cards is to pay your balance in full every month — but sometimes that isn't possible. You could have an unexpectedly large expense or face an involuntary layoff from work. In these instances, you may want (or need) extra time to pay off your bills.
And that's where a feature like Plan It® by American Express can help finance large purchases over a period of months best suited for cardmembers. American Express also offers Pay It® to help cardmembers pay off purchases under $100.
Below, we'll go in-depth with Amex's Pay It Plan It financing options to see how they can help cardmembers are if such micro-financing options from the issuer are worth it.
Pay It and Plan It are two different payment plans for eligible American Express cardmembers. While one program is tailored toward smaller payments, the other is geared toward splitting larger purchases into a monthly payment plan. Both programs are only offered to American Express personal cards; these are not available on Amex business products.
American Express Pay It allows cardmembers to reduce their current balance by making small payments throughout any given month. This option auto-populates on eligible charges under $100 and can viewed in the American Express app.
When looking at a qualifying purchase, you'll see a small button indicating Amex Pay It for eligible purchases. Simply tap on it to complete the payment, and you'll see the credit post to your account within 48 hours. This can be done to pay off multiple charges as long as they are $100 or less, and you still earn rewards.
American Express Plan It is a longer-term payment plan for qualifying charges of $100 and more. Amex Plan It is a financing option that avoids interest charges on large purchases and instead, applies a plan fee each month until you complete the payment plan. Plan It will populate as a clickable icon on eligible purchases in the Amex mobile application or your account at AmericanExpress.com
Amex Plan It gives cardmembers one to three plan duration options ranging from three months to 24 months, and the Plan It monthly fee varies based on the duration you select. The Plan It Calculator even helps you plan ahead by showing you what your monthly payments could be.
Related: 8 basic financial services and credit card concepts you should know
Essentially, the Amex Pay It option allows you to partially pay your credit card bill during the month. Despite selecting specific transactions and making payments for them, the payment credit is not applied to those purchases. Instead, payments made using Amex Pay It will pay down the overall balance, beginning with paying down the minimum payment for that month.
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With Jamaica on track to attract 5 million visitors by 2025, local manufacturers are being urged by Minister of Tourism, Hon Edmund Bartlett to put themselves in a position to meet the increasing needs of the sector for products and services. The call has been made even as players in the industry, such as Small and Medium Tourism Enterprises (SMTEs), have grossed more than $1 billion since the Tourism Linkages Network, a division of the Tourism Enhancement Fund (TEF) implemented its annual Speed Networking initiative. The TEF is a public body of the Ministry of Tourism.