American Express is launching ‘Plan It’ for the UK market. This allows credit cardholders to pay off purchases, or a portion of their balance over time in equal monthly instalments. The facility is on offer to credit cardmembers and so does not extend to charge cardmembers.
Credit cardholders can now select a transaction, or an amount from their most recent statement, to put into an instalment plan for 3, 6 or 12 months. Users will be charged a fixed monthly fee for the instalment plan. American Express says this will be clearly displayed at set up. Customers will not be charged interest on any balance in their instalment plan. Cardmembers still earn rewards such as membership rewards points on any purchase in their plan, as usual.
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Instalment plans can be set up from the American Express app, or in a cardmember’s online account. Once set up, the instalment plan is automatically included in the ‘minimum due’ payment each month.
Ricky Bonham, Vice President, American Express, said: “We know our cardmembers value flexibility including in how they pay. With Plan It, our credit card customers can now pay at their own pace. They continue to earn rewards as they do so on everything from a new vacuum cleaner to their next big holiday. As a business regulated by the FCA, we’re also delighted to be launching an instalment plan that offers transparent fees and no hidden charges.”
There must be a minimum of £100, and a maximum of 85% of the statement balance, in a plan.
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