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- Some American Express cardholders are eligible for a limited-time Plan It promotion with no fees.
- Usually, Amex’s Plan It feature allows you to pay off purchases over time for a set monthly fee.
- This promotion waives the monthly fees, but you must set up your plan by December 31, 2021.
- Read Insider’s guide to the best rewards credit cards.
The busiest shopping season of the year is upon us, and Amex is making it easier for some cardholders by waiving fees when they set up a buy now, pay later plan through Plan It.
American Express’ Plan It feature allows cardholders to set up equal monthly installments to pay for large purchases of $100 or more with a set fee. If you’re targeted for this promotion and set up a plan by December 31, 2021, you’ll pay $0 fees for the duration of the plan.
This can be a great way to save on interest and fees if you have large purchases coming up that you want to pay for over time. Here’s how to find out if you’re eligible and how Plan It works.
American Express Plan It promotion
American Express Plan It is a feature offered on many Amex personal cards, including
Usually, you can set up a plan for any purchase over $100 with equal monthly payments spanning anywhere from three to 24 months. You’ll be charged a fixed monthly fee – normally 0.61% to 1.17% of each purchase, according to Amex – and no interest for the duration of the plan.
With this promotion, you won’t have to pay any plan fees. Instead, you’ll just pay an equal installment for your purchase each month until it’s paid off, and the amount depends on the length of plan you choose. To take advantage of the $0 plan fee promotion, you must set up your plan no later than December 31, 2021.
To find out if you qualify, log in to your Amex account online and check the Amex Offers section of your account. Amex says a majority of Platinum, Gold, and Green cardholders, as well as some other Amex and co-branded cardholders, are eligible for the promotion – but some cardholders aren’t eligible because of their creditworthiness, account history, or other factors.
How does Amex Plan It work?
You can create up to 10 active payment plans for purchases of $100 or more at a time, and if you set up a plan through your online account, you can combine up to 10 eligible purchases into a single plan. Using the Amex app, however, you can only select one qualifying purchase for each plan that you create.
Before you create a plan, you can find out what your monthly payments will be by entering your plan amount into Amex’s Plan It calculator (login required).
In the example below, I put in a $2,000 Plan It amount. There are options to pay off the balance in equal installments for 12, 18, or 24 months – all with $0 fees through this promotion.
American Express
To actually set up a plan, click on “Create a Plan” through your Amex card account. A list of qualifying purchases ($100 or more) will appear, and you can select the ones you want to include in the plan with a checkbox.
American Express
Once you’ve selected the purchases you want to include, you’ll be given your plan duration options. Here, I have the option to set up equal payments for 12, 18, or 24 months.
American Express
Once you’ve selected and confirmed your plan, the plan amount will be added to your minimum payment due each month. And after you’ve made all your payments, the plan will be removed from your account.
Other ways to reduce your credit card interest
If you don’t qualify for this promotion or aren’t an Amex cardholder, there are still ways to save on interest as we head into the holiday shopping season.
Some credit cards offer an introductory 0% APR on purchases for a specified time frame, so opening one and using it for your shopping can buy you some time to pay off your balances without accruing interest.
And if you’re already carrying high-interest balances on other credit cards, taking advantage of a 0% APR balance transfer offer can be a good way to save money. Just be sure that, in either case, you have the means and a plan to pay off your balance before the introductory period expires – otherwise you might find yourself with a lot of high-interest debt.
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