Update 7/22/20: More people targeted with no fees.
Late last year American Express started testing something called ‘Plan It‘ on some credit cards. The idea behind Plan It is to give you some flexibility to pay off large purchases over a period of time, when you make a qualifying purchase with Plan It you then pay it off in equal monthly payments over a time period chosen by you. Rather than paying interest, you pay a monthly fee instead.
American Express is now offering some ‘Plan It’ offers where you don’t pay that monthly fee. Effectively this gives you an interest free period on those purchases. Think of it as AmEx offers but instead of getting a statement credit, you pay no interest on those purchases instead. For example here is one offer on Hilton purchases:
It seems that the offers are primarily on travel plans. My issue with these types of interest free period offers is that it can cause consumers to spend more than they typically would and when the interest free period ends the interest rates skyrocket. I guess in this case it looks like you’d have the full debt repaid during the interest free period, but there is still the chance of overspending and defaulting. At the end of the day each individual is responsible for making sure that doesn’t happen to them, but I always like to pay my balances in full at the end of each month that way it’s very clear what my current financial position is. Additionally rather than the type of offer above, I’d much prefer a typical AmEx Offer for Hilton that offers straight cash or points back.
Hat tip to FM
Post history:
- Update 4/12/20: More people targeted with no fees.
- Update 12/8/19: Looks like American Express is pushing this hard again.
This may be back again. On my vanilla Plat, I have the following offer:
Enjoy $0 Plan It fee for any new plans you create now through 08/31/22. After 08/31/22, any new plans created will have a fixed monthly fee based on the plan fee in your Cardmember Agreement. Terms Apply.
Seems to be for any purchase, not targeted at specific merchants/categories.
Got this offer on my EDP, but then it randomly disappeared this week even though it had the 8/31/22 verbiage when I first saw it. Not sure what’s going on with that.
Bring this one back from the dead. Just got a targeted email subject “$0 Plan It® Fee offer won’t last long – plan your holiday shopping and more” on my BCE. Looks to be good only through the end of the year. I charge about $20 per month on this card since paying of my LAST plan it promo.
Got this on my BCP, perfect timing as I just purchased a new car and get this, dealership only took Amex for down payments($2k max). I was going to just pay it immediately this week but saw $0 plan it fees are back, might as well spread out payments for no fees/interest.
Looking online my BCP is showing to plan fees through 8/14/20. I have enrolled every possible purchased and selected 12 month plan, zero fees…..
Sounds like part of the introductory 0% APR for the first 18 months.
We have no Plan It fee on $100+ purchases until 8/14 (P1 Hilton Aspire, P1 Hilton Surpass, and P2 Delta Platinum) and no Plan It fee on $300+ purchases at Delta.com until 9/30 (P1 Hilton Aspire and P2 Delta Platinum). I don’t know what the maximum length of the plans are because none of these cards have qualifying purchases. The Aspire card gets used for dining only until we can actually stay at a Hilton. The Delta Platinum card gets used for absolutely nothing.
Related – 0% APR for 6 months (P1 Blue Biz Plus).
did chat with Amex, they said 2 months, they’ll refund late fees and interest. SO basically 2 months float, no strings attached. No questions asked either.
They’re leading the way on this. Other banks are doing their usual douchbaggery…
Two of my cards (both Hilton no AF cards) have zero Plan It fees right now
This is back again. I’m seeing it on some cards but limits me to a total of about $2885+
I tried signing up but it says, “Your plan it amount will be added to your minimum balance due on 5/20/2019.” So, I’m not sure if that means I have to pay the $35 minimum in addition to the plan it amount, which would result in $35 extra charges each month? I’ll have to call them about this.
Yes, minimum payment automatically gets added to the monthly plan amount.
I think that was just talking about the first month, where you already had a minimum payment due separate from the plan. In future months, the minimum payment can be just the plan it amount. (But if you’re also making new non-plan purchases, then the minimum payment would be higher to account for those.)
Weird…..just tried to create another Plan for a recent $2.5K purchase. Now they are showing me only 3, 6, and 12 month plans but not the 24 month plan (in app and in browser).
Same. I guess 24 month was too good to last. I had $9k over 24 month on a old blue cash but had to pay it off early because it tanked my FICO too much for my refi
Has anyone noticed an unusual difference in the plans offered depending on how you access the account, with the terms on the Amex app being much shorter?
On a $1000 charge (Hilton Aspire), I’m offered:
Computer with web browser – 24 months
Phone with Amex app – 3, 6 or 9 months
Phone with web browser – 24 mo