Amex pay your pay

AMEX launches new credit card feature “Pay Your Way”

19 September 2016

AMEX launches new credit card feature “Pay Your Way”

American Express has announced an Australian first for a credit card issuer and a global first for AMEX with the launch of Pay Your Way. This new feature allows AMEX Card Members to spread payments for large purchases wherever American Express is accepted, into smaller monthly instalments, with a 0% interest rate and no monthly account keeping fees.AMEX Pay you way

Austin Huntsdale of American Express, said: “Two-thirds of Australian credit card holders use their card to pay for large purchases because of the security and convenience it offers. With Pay Your Way, customers have the additional comfort of 0% instalments so they have greater control over their repayments.”

Pay Your Way was developed in response to consumers looking for greater control over their spending and finances.

Huntsdale added, “Expanding our lending options for customers is a global priority for American Express and we’re proud to offer a flexible, interest-free instalment option first to our Australian Card Members.”

Pay Your Way represents the latest innovation for American Express as it seeks to take a greater share of the consumer lending market. The Pay your Way launch in Australia is designed to provide key learning for AMEX prior to rolling the product out globally.

Pay Your Way is available for eligible customers with personal American Express Cards issued directly by American Express including the recently launched cards AMEX Explorer and AMEX Essential cards. Customers can enroll for the facility by calling the number on the back of their AMEX card.

Eligible AMEX Card Members can enrol into the program by following 3 steps:

  1. Select a minimum purchase amount of $300, $500 or $1,000
  2. Select a repayment term of 3, 6 or 12 months
  3. Start shopping! For the next 6 months, purchases equal to or above the chosen purchase amount will be automatically converted into instalment plans.

Customers can make purchases on a plan up to 85% of their credit limit. An establishment fee applies to each plan created, calculated at 2% of the purchase price for 3 month plans, 3% for 6 month plans, and 4% for 12 month plans. If circumstances change, customers can simply un-enrol from the Pay Your Way program or cancel their instalment plans at any time without penalty.

Here’s an example of how the instalment plan works

A $600 purchase on a 6 month plan would incur an $18 establishment fee for monthly payments of $103. With 0% p.a. the total cost is just $618. At the end of the 6 month term, the entire purchase is paid off.

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