A new product called "Plan It" by American Express is available in the UK and enables credit card users to pay off purchases on their statement or a portion of their monthly bill in installments.
A new product called "Plan It" by American Express is available in the UK and enables credit card users to pay off purchases on their statement or a portion of their monthly bill in installments.
Customers with credit cards can choose to place any transaction above £100 or an amount from their most recent statement into an installment plan for 3, 6, or 12 months under the terms of the arrangement. They won't be charged interest on any amount remaining in their installment plan; instead, they will pay a set monthly fee for the privilege.
One can establish installment plans through the American Express App or their user account on the internet. Charges against the plan are automatically included in the monthly "minimum due" payment once they are activated.
"With Plan It, our credit card customers can now pay at their own pace and continue to earn rewards as they do so on everything from a new vacuum cleaner to their next big holiday," states American Express vice president Ricky Bonham. We're excited to be introducing an installment plan with open fees and no hidden costs as a company governed by the FCA.
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