#POSFinance #BNPL / American Express Expands BNPL Options For Cardholders

Platinum card holders can now join Green and Gold members with Amex’s buy now, pay later (BNPL) option, dubbed Pay Over Time.

The feature allows cardholders to create monthly payment plans with a fixed monthly fee of up to 1.33 percent and no interest, carry a monthly balance with interest or pay their bill in full… In addition to these new payment options, with no preset spending limit, cardholders still have purchasing power that adapts based on purchase, payment and credit history.

Pay It on the Amex mobile app allows users to quickly pay for purchases under $100, throughout the month while Plan It lets members split up larger purchases of $100 or more into equal monthly payments with a fixed fee of up to 1.33 percent and no interest… In this way… card members know upfront how much they’ll pay each month. Card members do not have to apply for a plan, they just click on an eligible purchase in the Amex app, or on their online account and choose to Plan It.

… PYMNTS reported demand is rising for flexible payment options that allow consumers to make large purchases without incurring interest or debt.