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New Payment Options Offer Cardholders The Power To Choose How To Pay

[Wednesday, September 20th, 2017]

When your monthly credit card bill is due, you have a choice: pay just the minimum amount due, or pay the whole balance off. Of course, there is always the choice to pay a different amount, somewhere between the two, but figuring that out can feel like just one more chore. Whether you have a secured credit card, a rewards credit card, or a no-fee credit card, paying your bill each month can feel like a hassle. But a new feature from American Express aims to make paying your credit card bill easier each month by giving cardholders two new payment options: Pay It, and Plan It.

From the American Express mobile app, cardholders will be able to pay off smaller purchases right away, with just a tap of their finger to the screen. They can select larger purchases (over $100) and pay those off on an ongoing basis, paying the balance in monthly installments. Cardmembers can still pay either the minimum due, or the whole amount due on their card each month; this simply gives them one more option for paying off those smaller purchases immediately, so they don’t add up and become overwhelming. Another option for folks who have a tendency to overspend and get into trouble with debt is to use a secured credit card, which requires you to put a deposit down to open the account, and generally has a lower credit limit that is equal to the deposit amount.

A more flexible payment option

American Express’s Kartik Mani explains that the Pay It Plan It feature is designed to give customers more flexible ways to pay their credit card bill. “Pay It was inspired by cardmembers who prefer making multiple payments throughout the month. Now we’ve made it even easier to do this in our app. For larger purchases, we developed Plan it to give cardmembers another way to pay over time with a “no surprises” plan that offers transparent, monthly payments for a fixed fee.”

When logging into their American Express accounts via mobile app, cardmembers will be able to select “Pay It” or “Plan It” by clicking the icon next to a particular purchase. When they tap “Pay It,” the amount will be immediately deducted from their linked payment method, and their balance will be reduced by that amount. When they tap “Plan It,” they will be choosing a monthly payment plan with a fixed fee and no interest. They’ll be able to select from three different option, with terms ranging from three months to two years. The fee for each plan is clearly indicated, so folks know what they’ll be charged up front.

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