The Offer
No direct link to offer, sent out via e-mail. Subject line is ‘What could you do with an American Express(R) Personal Loan?’
- American Express is offering some cardholders a $250 statement credit after you apply, are approved and are accepted for a personal loan
The Fine Print
- Valid until 1/31/23
Our Verdict
There is no origination fee and looks like you can repay the loan immediately without any penalty. Hopefully this becomes a public bonus.
Amex is trying to avoid paying the 250 since “The credit would be sent after 16 weeks. However, the loan was paid off and closed before 16 weeks.”
I paid one payment and then paid it off.
Applied/approved 11/23.
Paid off in full on 12/28 without any interest charges after first statement posted.
Received $250 credit on Platinum card on 1/19.
Has the $250 Posted for anyone yet? I applied on 11/16 and already paid it off
My $250 posted yesterday (1/24/23). I opened the loan on 12/2/22 and made one monthly payment. I will be paying it off in full now.
first payment posted on Dec 12th but still not seeing the $250…
Any other data points?
agent said
“If you applied through the link in your email then you will receive the statement credit within 12 – 16 weeks from the date your loan was funded.”
Still no bonus..
P1 12 mo autoapproved
P2 36 mo pending
There is antigaming language, so maybe don’t pay this off right away.
From the loan agreement…
Prepayment.
You may prepay all or part of the Outstanding Loan Balance at any time without penalty. To pay your loan in full, you must pay the Outstanding Loan Balance shown on your current loan invoice by the Payment Due Date shown on that invoice. However, you will still be responsible for paying any additional charges, including additional interest and Fees, that you may have incurred but have not yet been added to your Outstanding Loan Balance. You can avoid paying any interest on your loan if you prepay the Amount Financed in full prior to the Next Invoice Date shown on your first loan invoice.
So should be able to pay that first invoice in full.
How/where to actually pay off this loan?
is it a hard pull?
Got the email. Clicked the link. Preapproved. Took the lowest amount ($3500). Plan to pay off as soon as possible. Gimme dat two-fiddy
Funds hit my checking account today, that was fast. Now just wait on that first invoice, pay it in full, then sit back and wait on that bonus.