Amex launches “buy now, pay later” plan in UK


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Amex customers can opt to pay for big ticket items in monthly payments for a fixed fee.

American Express has launched a scheme akin to buy now, pay later (BNPL) called “Plan It”, which allows its credit card customers to pay off large purchases in instalments for a fee instead of paying interest.

You can select an eligible purchase or amount over £100 to pay off in monthly instalments, and choose a plan duration of either 3, 6 or 12 months.

The instalment amount is then added to your minimum required payment for your credit card bill each month.

Plan It fees

You won’t be charged interest on any balance within the instalment plan, but there’s a fixed fee for using Plan It, which is applied every month that the plan is active. You’ll see the fee options when deciding which length of plan to sign up for.

When Finder checked today, selecting a 3-month plan to pay off £100 in instalments means paying an instalment amount of £33.34 plus a fee of £1.10 each month. This totals £3.30 over the 3-month plan duration.

If you opted to pay off £1,000 in instalments over 3 months, then you’d be charged a fixed fee of £10.70 per month, equating to £32.10 in total.

Who can get Plan It?

Not every Amex customer will be eligible for Plan It. You won’t qualify if you’ve recently withdrawn cash using your Amex credit card, if you’re already enrolled on a financial support programme with Amex, if you don’t have a qualifying purchase or balance above £100, or if you hold a product that isn’t eligible for Plan It, such as a charge card.

Check out our Amex credit card guide to compare its full range of cards.

What happens if you miss an instalment?

If you don’t pay your monthly minimum payment for 2 consecutive statements, Amex will cancel any instalment plans on your account and add the instalment plan balance to your main account balance. This would mean it could start incurring interest.

Do you get the normal credit card protection with Plan It?

Amex has confirmed to Finder that customers who buy an item costing over £100 with Plan It are covered under section 75 of the Consumer Credit Act, just as they would be if they’d paid with a credit card.

This important rule means that if something goes wrong with your purchase – for example, if the shop selling it to you goes bust before you get the item – your credit card company is just as liable for putting things right as the store.

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