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-   American Express | Membership Rewards (https://www.flyertalk.com/forum/american-express-membership-rewards-410/)
-   -   Bonus points to enroll in Extended Payment Option [USA] (https://www.flyertalk.com/forum/american-express-membership-rewards/778875-bonus-points-enroll-extended-payment-option-usa.html)

lakai Jan 14, 08 4:06 am

Bonus points to enroll in Extended Payment Option [USA]
 
I just got a snailmail offer to get 10,000 points to enroll in extended payment option for business platinum. Anyone get this too ? I know this is targeted but anyone know what the APR is ? It does not say.

takhliq1 Jan 14, 08 8:49 am


Originally Posted by lakai (Post 9064576)
I just got a snailmail offer to get 10,000 points to enroll in extended payment option for business platinum. Anyone get this too ? I know this is targeted but anyone know what the APR is ? It does not say.

Not plat but i have business gold and was offered 1500 for extended payment option. However its interesting that i was offered 5000 for my personal gold few months back.

delmargal Jan 14, 08 10:14 am

I signed up for this back in 2006 and received I believe 5000MR points. The APR is rather high, around 18-19% percent I believe. I've never used it so I'm not certain.

2thdoc Jan 14, 08 10:23 am

same here, I got 5000 MR points for signing up back on 2006 with my business platinum. I believe it's Prime plus 10% for balances that are carried.

lakai Jan 20, 08 12:52 am

Does the balance automaticly start charging interest on the full amount if payment is not made by "due date" ??? I am sometimes a week late which seems to be fine by amex, I was wondering If enrolling in this I have to start paying interest starting due-date for entire amount, not just selected extended payment charges.

boulderlaw Jan 20, 08 8:52 am

promo code or link?

TheCount2 Aug 3, 10 6:35 pm

Bonus Point Offers to Accept Option to Extend Payments
 
I got an offer via email to accept the option to extend payments on my platinum card. I don't plan to use it if I accept, but are there any downsides to accepting the offer?

Bucko Aug 3, 10 7:09 pm

Good question...
 
The only issue I can come up with that *may* be affected is the grace period that AmEx gives on payments. If you have the Extended Payment option, you might be charged interest the immediate day after your bill is due whereas if you do NOT use the Extend Payment option, you might be getting add'l days to pay the bill.

I know the topic of grace periods regarding AmEx charge cards have been discussed numerous times (and quite frankly, I still don't understand how it works), but I don't remember the issue of Extended Payment being brought into the conversation.

Okto Aug 3, 10 10:45 pm


Originally Posted by TheCount2 (Post 14417643)
I got an offer via email to accept the option to extend payments on my platinum card. I don't plan to use it if I accept, but are there any downsides to accepting the offer?

A while ago there seemed to be anecdotal evidence that those that were getting targeted with financial reviews had the pay-over-time feature turned on on their charge card.

I also got the email offer today and even though the 5000 points are tempting, I think I'm going to pass.

TheCount2 Aug 4, 10 6:58 am

I have received this frequently by snail mail over the years.

detony Aug 4, 10 9:00 am

I have also received these offers over the years via snail mail, I have signed up for the extended pay option just for the bonus and often times I had to call in to request the bonus afterwards. Just save the email or any other correspondence including the bonus ID.

romeoguy Aug 6, 10 9:50 am

Is this targeted?

angel.x.martinez Aug 11, 10 9:08 pm

I received a snail mail notice last week but with no mention of a bonus

andrewpartyman Aug 12, 10 12:57 pm

I have had a Centurion account in the past, and now I just have Platinum. I am probably in the top tier of AMEX cardholders (although they never treat me like that, in my opinion--or rather haven't since the late 90s). I spend about 30k/month steadily on the card.

Last spring I called to see if the extended payment option was available. They told me that they were stopping it because of the economy (not in so direct of terms) and that they have had a lot of cardholders who have turned their charge cards (pay in full) to credit cards. It was originally available to me only on travel related purchases over like $300 bucks I think.

That said, having had a relationship with AMEX for years and seeing it all I would be VERY VERY weary of any overtures of theirs to give you extended payment options. First off, AMEX isn't exactly offering low interest rates with any of their credit cards, much less when they are floating your bills for you on a charge card. Secondly, I would imagine this will change your fine print quite a bit. AMEX loves to seize opportunities like this to justify a financial review (look up my old posts, I rather deal with the Gustapo than AMEX when they are doing a financial review), etc.

Having seen it all I wouldn't be surprised if you turn on extended payments, eventually get your 5k MR points (which really aren't a big deal, this shouldn't be your sole reason for doing this), only to have your account frozen because of your "change in behavior" or any other vague term.

BE VERY VERY VERY VERY WEARY of something like this. Since 1981, I have never missed a payment, never have had a returned payment, have had various AMEX cards over the years, was a charter Platinum Card holder, charter Centurion, etc. and behavior like this is totally to be expected by AMEX.

In summary, everything with AMEX these days is a Catch-22:

You are a good enough of a cardholder that they give you extended payment options. One day later, you're a risk because you have extended payment and therefore need to have your account closed, subjected to a financial review, or a "temporary" credit limit imposed. This is typical AMEX.

hotelierLA Aug 12, 10 8:34 pm


Originally Posted by TheCount2 (Post 14417643)
I got an offer via email to accept the option to extend payments on my platinum card. I don't plan to use it if I accept, but are there any downsides to accepting the offer?

I do not know if this continues to be the case, but when I used the feature years ago, all eligible charges were automatically moved to a separate portion of the statement. As a result, the minimum payment due listed on the statement / website was skewed. Just be careful to review the statement carefully so that you are not merely paying the minimum due on charges that were eligible for the sign & travel / extended payment option.


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