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While credit cards are still a popular method of payment, "buy now, pay later" plans gain popularity among shoppers. American Express decided to add this feature to its credit cards as an alternative payment option, so now select cardholders can use Pay It Plan It® features to pay bills or purchases.
Pay It allows eligible American Express cardholders to pay for small purchases (under $100) throughout the month in the American Express® App. This payment option is good for paying off specific purchases and lowering the card balance.
Plan It allows cardholders to split up large purchases (of $100 and more) over time with a fixed monthly fee and no interest. The plan duration options can be up to 24 months and vary based on the purchase amount, account credit history and cardholder's creditworthiness.
American Express credit cards that are now eligible for Pay It Plan It plans are American Express® Green Card, American Express® Gold Card, and The Platinum Card® from American Express, in addition to previously eligible credit cards.
Business cardmembers also have a similar option called Pay Over Time. The feature lets eligible cardholders buy and pay later for purchases of $100 and more. But instead of fixed no interest fees, interest will be accrued beginning on the date of purchase.