American Express has launched ‘Plan It’ – a new offering for the UK market that allows credit card holders to pay off purchases on their statement, or a portion of their monthly bill, in instalments.
Under the arrangement, customers with a credit card can select any transaction above £100, or an amount from their most recent statement, to put into an instalment plan for 3, 6 or 12 months. They will be charged a fixed monthly fee for the privilege, but will not be charged interest on any balance in their instalment plan.
Instalment plans can be set up from the American Express App, or via the user’s online account. Once activated, charges against the plan are automatically included in the ‘minimum due’ payment each month.
Ricky Bonham, vice president, American Express, says: “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.”
