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Bonus points to enroll in Extended Payment Option [USA]

Bonus points to enroll in Extended Payment Option [USA]

Old Feb 28, 18, 3:48 am
  #436  
 
Join Date: Sep 2007
Posts: 985
Any downside to “Extended Payment Option” to earn 10k MR points?

I’ve had my Amex Platinum card for 1 year now and just got a mailer for enrolling in “Extended Payment Option” for any eligible purchase over $100 and if I do so before the end of March I’ll get 10k membership reward points. Is there any downside to doing this? I get that carrying a balance is never smart with a credit card and the high interest rate but aside from that, any issues I should think about? Will they pull my credit again to figure out what my “extended payment” max amount should be? They mention they’ll review the account and set a limit starting at $10k. Are there any platinum card benefits that I would lose?

I rarely use the Amex other then for flights or hotels for the 5x points IF it makes more sense then my CSR. Other then that I use it for anything that has an Amex offer (cash back etc) and all the perks that come with the card. So I’m not too worried about falling into the trap of credit card interest etc.

So any downsides to this? Or just sweet free 10k points?

Last edited by acarney; Feb 28, 18 at 4:18 am
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Old Feb 28, 18, 4:18 am
  #437  
 
Join Date: Sep 2007
Posts: 985
Dang it! Sorry about that, I searched for “Amex Pay over time” and didn’t find this thread!
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Old Feb 28, 18, 11:40 am
  #438  
 
Join Date: Oct 2017
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not sure how much longer the offer will be around, on my newest mr card i got a snail mail letter saying my card has been enrolled in the pay over time feature....no choice and no mention of points
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Old Feb 28, 18, 12:07 pm
  #439  
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Originally Posted by runningformqm View Post
not sure how much longer the offer will be around, on my newest mr card i got a snail mail letter saying my card has been enrolled in the pay over time feature....no choice and no mention of points
In my experience, this is normal, and doesn't disqualify you from getting the extended payment option offer later. Fun fact: the "pay over time" and "extended payment option" are two different things despite sounding confusingly similar. I get those letters for all my charge cards and just received the 10k enrollment letter offer for a Gold card I opened last July.
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Old Feb 28, 18, 12:22 pm
  #440  
 
Join Date: Dec 2004
Location: Los Angeles California
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is there any downside to this offer? I got this last evening on my Gold card. I have never had a balance in my life and always paid in full.
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Old Feb 28, 18, 12:47 pm
  #441  
 
Join Date: Mar 2011
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Originally Posted by MNSWEEps View Post
is there any downside to this offer? I got this last evening on my Gold card. I have never had a balance in my life and always paid in full.
No downside. Just grab the points. Completely painless.
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Old Feb 28, 18, 8:10 pm
  #442  
 
Join Date: Nov 2013
Location: PHX, SEA
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Offer in mail: 10,000 MR I enroll in Pay over Time

I received a letter in the mail offering the following:

Congratulations! As a value card member since [redacted], we'd like to extend a special invitation to enroll in the Extended Payment Option, a featre that give you greater flexibility to manage your payments your way. There is no fee to enroll and you can earn 10,000 Membership Rewards points upon enrollment.
Here's how it works:
Eligible charges of $100 or more are automatically moved into your Pay Over Time balance.
You choose how much to pay each month: the entire balance, the minimum amount due, or anything in between. Balances may accrue interest charges.
The APR will be a variable rate, currently 19.49%.
I'd sure as heck like 10,000 MR, and never plan on anything less than the minimum amount due. A few questions I'll ask Amex if nobody here knows are:
1) Is this a line of credit that will result in a hard pull to, and/or appear on, my credit report
2) Is it a separate payment system or can I continue to just check "Payment Due" on the page to automatically pay the full balance.
3) Can I unenroll after receiving the 10,000 MR

Anyone else get this offer?
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Old Feb 28, 18, 8:58 pm
  #443  
 
Join Date: Nov 2013
Location: NYC
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I didn't receive it, but my un-enroll? Just configure your payment to pay the entire balance due each month.
That's the same as the current system, isn't it?
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Old Feb 28, 18, 10:42 pm
  #444  
 
Join Date: Nov 2013
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Originally Posted by Gasolin View Post
I didn't receive it, but my un-enroll? Just configure your payment to pay the entire balance due each month.
That's the same as the current system, isn't it?
I guess it's my gut instinct because I don't know what it means to be "automatically moved", Separate bucket? Or just flagged as not part of the balance due?
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Old Mar 1, 18, 12:24 pm
  #445  
 
Join Date: Sep 2007
Posts: 985
Originally Posted by Gig103 View Post
I received a letter in the mail offering the following:



I'd sure as heck like 10,000 MR, and never plan on anything less than the minimum amount due. A few questions I'll ask Amex if nobody here knows are:
1) Is this a line of credit that will result in a hard pull to, and/or appear on, my credit report
2) Is it a separate payment system or can I continue to just check "Payment Due" on the page to automatically pay the full balance.
3) Can I unenroll after receiving the 10,000 MR

Anyone else get this offer?
From what I've seen here, at least a couple people have verified that it DOES NOT result in another credit pull, apparently it's an internal feature with Amex and they just review your personal history with them. In fact, people say it doesn't even affect how it's reported on your credit report.

I just enrolled yesterday and haven't seen it apply to my account yet and haven't used the card yet, but I would pay attention to the payment due and total balance numbers. I suspect if you just check the payment due amount you'll only be paying a portion of the charges that are over $100 and auto selected for the extended payment option, basically like how a credit card might say your balance is $400 but payment due is $27.18 or something. You'll probably want to once a month manually check the account and key in the total balance amount as a payment to make sure you don't carry any balance month to month and pay interest. I'm not sure if there is an auto pay option to select "full balance or not", I rarely use the card as a every day spender.

I'm not certain about the un-enroll option, you might be able to at minimum contact Amex and request the feature to be disabled, but they might revoke your 10k miles, they seem to love to review account and claw back any bonus points that they can.... so if you do try to opt back out, I would do it like 6+ months down the road. Also, if you've previously declined the extended payment option (not the pay over time, they're two different things, ya, confusing) you won't qualify for the bonus points on this. Same with thinking you can bail now and next year get the same offer for another 10k. So it certainly sounds like a one off with no downsides as long as you check your account at least once a month near the end of the billing cycle and can discipline yourself to pay off the total balance so you're not building interest.
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Old Mar 2, 18, 8:36 am
  #446  
 
Join Date: Aug 2015
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How long does it take for these points to post ? I enrolled 2 days ago and do not see them in the Pending Points area ?
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Old Mar 2, 18, 9:33 am
  #447  
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Join Date: Mar 2015
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@dgparent I enrolled Wednesday morning and saw points in my Membership Rewards account Thursday evening. Points were simply deposited and never in a pending state as far as I know. If it helps, I did receive a mailer for the enrollment offer.
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Old Mar 2, 18, 3:11 pm
  #448  
 
Join Date: Sep 2007
Posts: 985
I enrolled sometime Wed as well and noticed the points last night. Just checked with my app and saw my total increase by 10k points, not sure if they pended or anything. My Amex account looks the same but to be honest I haven't used the card at all since Wed :P
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Old Mar 4, 18, 3:49 pm
  #449  
 
Join Date: Feb 2014
Posts: 250
I just enrolled, 10k free points is a no-brainer. Looking over the fine print though, this part stood out:

" If you enroll in the Extended Payment Option, all eligible charges, made by you and any Additional Card Members on your account, will automatically be placed into your Pay Over Time balance. A charge is eligible to be paid over time if it is equal to or more than $100 and is approved by us."

Looks like amounts over $100 will be placed in a separate balance. I guess I'll find out next month what the bill payment page will look like. IIRC, you get 3 options now: 1. payment due, 2. total balance, 3.other amount. Will probably need to select 2 or 3 from now on to pay, unless they add another option that includes the pay over time balance.
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Old Mar 5, 18, 12:13 am
  #450  
 
Join Date: Nov 2013
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Originally Posted by dgparent View Post
How long does it take for these points to post ? I enrolled 2 days ago and do not see them in the Pending Points area ?
My points arrived today, I signed up Thursday evening (possibly Friday morning depending on time zone).

Originally Posted by GiantCow View Post
I just enrolled, 10k free points is a no-brainer. Looking over the fine print though, this part stood out:

" If you enroll in the Extended Payment Option, all eligible charges, made by you and any Additional Card Members on your account, will automatically be placed into your Pay Over Time balance. A charge is eligible to be paid over time if it is equal to or more than $100 and is approved by us."

Looks like amounts over $100 will be placed in a separate balance. I guess I'll find out next month what the bill payment page will look like. IIRC, you get 3 options now: 1. payment due, 2. total balance, 3.other amount. Will probably need to select 2 or 3 from now on to pay, unless they add another option that includes the pay over time balance.
That's the part I was wondering about - what a 'separate balance' means. I couldn't resist 10,000 points so like you I will be keeping an eye out when my statement closes.
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