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New payment options are coming to three flagship American Express cards.
For starters, the issuer's Pay It Plan It® feature, which has been an option for some AmEx cards since 2017, is being extended to the following products:
Pay It Plan It® gives cardholders the option to immediately pay off small purchase amounts one at a time (Pay It®) or arrange monthly payment plans for qualifying large purchases (Plan It®). If you choose the latter option, there are no interest charges, although a monthly fee is assessed. Terms apply.
In addition to this change, as of Aug. 3, The Platinum Card® from American Express is also making AmEx's Pay Over Time feature immediately available to new applicants. Previously, new Platinum cardholders had to wait a few months to receive an invitation to use the feature. (The Green and Gold products had no such wait time.) Terms apply.
The Pay Over Time option changes how the Green, Gold and Platinum cards normally work. Technically, they are charge cards, which, unlike credit cards, typically don't allow you to carry a balance and require that you pay your bill in full every month. But Pay Over Time makes them function more like credit cards, letting you choose to finance purchases, with interest. Terms apply.
With any of these three cards, there's still technically no preset spending limit, which is also unlike traditional credit cards. There will be a Pay Over Time limit for cardholders, but AmEx notes customers may still spend outside of that amount as long as they pay off their bill in full that month. The amount you can spend is based on factors such as your purchase, payment and credit history. Terms apply.
Notably, the Platinum and Gold cards allow you to use the Pay Over Time option only for eligible transactions of $100 or more. Green customers will have more flexibility. Terms apply.
All charges not added to a Pay Over Time balance, monthly payment plan or cash advance balance must be paid in full each month by the payment due date.
If you prefer not to use Pay Over Time, you can switch off the feature by logging into your account online or by calling American Express.
Information related to the American Express® Green Card and The Platinum Card® from American Express has been collected by NerdWallet and has not been reviewed or provided by the issuer of these cards.