Pay over Time: What is your interest rate?
Mar 1, 2020, 8:39 am
#1
Original Poster
Join Date: Sep 2002
Location: Bainbridge Island, WA
Posts: 8,964
Pay over Time: What is your interest rate?
I have a Platinum card that I have been putting quite a few large purchases on recently. I must have initiated the "pay over time" option at some point. I was a little surprised at how much interest I was paying every month .....looking at my interest rate it is just under 20%. Ridiculously high. Ridiculous that I initiated the option and not keeping better track of it. 
Is the 19%+ interest rate normal for this card option.
Thanks.
Is the 19%+ interest rate normal for this card option.
Thanks.
Mar 1, 2020, 2:05 pm
#2
Join Date: Mar 2008
Programs: Amex Centurion; Visa Infinite; Hertz Gold; Hilton Diamond; SPG Gold; Kempinski Private Concierge;
Posts: 214
I have a Platinum card that I have been putting quite a few large purchases on recently. I must have initiated the "pay over time" option at some point. I was a little surprised at how much interest I was paying every month .....looking at my interest rate it is just under 20%. Ridiculously high. Ridiculous that I initiated the option and not keeping better track of it.
Is the 19%+ interest rate normal for this card option.
Thanks.
Is the 19%+ interest rate normal for this card option.
Thanks.
Mar 1, 2020, 2:16 pm
#3
Join Date: Oct 2016
Posts: 33
I have a Platinum card that I have been putting quite a few large purchases on recently. I must have initiated the "pay over time" option at some point. I was a little surprised at how much interest I was paying every month .....looking at my interest rate it is just under 20%. Ridiculously high. Ridiculous that I initiated the option and not keeping better track of it.
Is the 19%+ interest rate normal for this card option.
Thanks.
Is the 19%+ interest rate normal for this card option.
Thanks.
Mar 2, 2020, 7:59 am
#6
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
No. Platinum, Gold and Green are still charge cards. The ability to revolve some charges in an associated, but separate, line of credit does not change them into credit cards. Charge cards have offered these features for decades. Greater visibility now because American Express is now interested in the finance charge revenue.
Mar 2, 2020, 10:13 am
#7
Join Date: Dec 2006
Posts: 264
Found the 2017 email advertising it. It offered 10,000 MR for opting in and the variable rate was currently set at 19.24%. Not sure what it is now but I never used it.
Can’t remember if I opted in or not, but when the monthly statement shows up, it lists a statement balance and “minimum payment due.”
Can’t remember if I opted in or not, but when the monthly statement shows up, it lists a statement balance and “minimum payment due.”
Mar 30, 2020, 1:04 pm
#9
FlyerTalk Evangelist
Join Date: Aug 2005
Location: BOS/EAP
Programs: UA 1K, MR LTT, HH Dia, Amex Plat
Posts: 32,038
Mine shows the usual 'No Pre-Set Spending Limit' and no APR. Always paid my balances in full. Would be interesting to know what they would offer though ...
Mar 30, 2020, 1:59 pm
#10
Join Date: Jul 2008
Location: LAS ORD
Programs: AA Pro (mostly B6) OZ♦ (flying BR/UA), BA Silver Hyatt LT, Wynn Black, Cosmo Plat, Mlife Noir
Posts: 5,992
I've periodically gotten the pay over time offer spam from AMEX (most recently last month) and my rate has always been quoted at prime + 14.99%. I guess I really should sign up for it just to nab the 10k MRs.
Mar 30, 2020, 2:14 pm
#11
Join Date: Mar 2015
Location: Ontario, Canada
Programs: Amex Plat, Fairmont Plat
Posts: 16
My normal rate is 16% but have never used pay over time. I see the 11.99% 6 month offer as noted above. Hardly a deal!
always pay in full but would consider Using pay over time if they offered 0% (I know there is a 0% chance they will offer that!) only enrolled because I got 10,000 MR for enrolling.
always pay in full but would consider Using pay over time if they offered 0% (I know there is a 0% chance they will offer that!) only enrolled because I got 10,000 MR for enrolling.
Apr 1, 2020, 5:18 pm
#12
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Ms mia has this offer on Blue Business Plus (credit card):
As a loyal Card Member, you can now enjoy a promotional APR on eligible new purchases on your Blue Business® Plus Credit Card. Say “yes” to a competitive rate and help fund your future business purchases to help free up your bottom line.
Enroll now
Your Exclusive Offer
3.99% APR for 12 Billing Cycles
compared to your current 12.74%
Enrolling has no credit score impact and your promotional APR will apply within 24 hours. After the promotional period, the APR for eligible purchases will return to the standard rate.*
In case you need to carry a balance, why not do so with a lower APR? Enroll your Card today and give yourself the cushion of a promotional APR.
Enroll now
Your Exclusive Offer
3.99% APR for 12 Billing Cycles
compared to your current 12.74%
Enrolling has no credit score impact and your promotional APR will apply within 24 hours. After the promotional period, the APR for eligible purchases will return to the standard rate.*
In case you need to carry a balance, why not do so with a lower APR? Enroll your Card today and give yourself the cushion of a promotional APR.
Last edited by mia; Apr 1, 2020 at 5:28 pm
Apr 2, 2020, 12:30 am
#13
Join Date: Nov 2013
Location: NYC
Programs: OZ Diamond *A Gold / Delta Gold
Posts: 775
I don't understand, I don't recall ever activating that stuff but it says it's active on my card... disappointed, I didn't even get the 10k bonus for that activation. I saw an APR of 18.24%.I never use the feature personally.
Apr 2, 2020, 5:13 am
#14
Join Date: Jan 2010
Location: NYC
Programs: AA Exec Plat, Hilton Diamond, Hyatt Globalist, Bonvoy Platinum
Posts: 151
I received an offer few months back for 0% APR. Gladly took them up on it. Was good for 9 months if I recall. Prior to that it had always been in the high teens as others have reported.
Apr 4, 2020, 11:27 am
#15
Join Date: Mar 2011
Programs: Delta Skymiles
Posts: 1,982
I currently was given a promotion for a low rate, I pay off in full, but when offered it, of course I take it.
I believe it expires soon, but am grateful for now, given the uncertainty, if I need to use it it will be there.
I believe it expires soon, but am grateful for now, given the uncertainty, if I need to use it it will be there.