American Express has today launched ‘Plan It’ – a new offering for the UK market that allows credit Card members to pay off purchases on their statement, or a portion of their monthly bill, in installments.
Card members with a Credit Card can select a transaction, or an amount from their most recent statement, to put into an installment plan for 3, 6 or 12 months. They will be charged a fixed monthly fee for their installment plan, which will be clearly displayed at set up, however they will not be charged interest on any balance in their installment plan. Card members still earn rewards (e.g. Membership Rewards® points) on any purchase in their plan, as usual.
Installment plans can be set up from the American Express App, or in a Card member’s online account. Once set up, the installment plan is automatically included in the ‘minimum due’ payment each month.
Ricky Bonham, Vice President, American Express, said: “We know our Card members value flexibility including in how they pay. With Plan It, our credit card customers can now pay at their own pace, continuing 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.”
Charge Cards are not eligible. There must be a minimum of £100, and a maximum of 85% of the statement balance, in a plan.
