American Express launches new BNPL alternative, Plan It

Ceyda Erem

10 Jul 2020

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If you’re an American Express customer, have we got good news for you! Today, the credit card provider has launched a brand new feature, called ‘Plan It’, an alternative to traditional 'Buy Now, Pay Later' (BNPL) platforms. 

Amex credit card customers can now make purchases ($150 minimum spend) using their card  at any American Express-accepting merchant and pay them off in interest-free instalments of either three, six, nine or twelve months. 

The decision to launch Plan It has come in response to the increasing number of Australians  shifting toward BNPL services as a way to spend. 

Unlike other BNPL services, such as Afterpay or Zip, the added flexibility of longer installment plans means that card holders are able to make larger purchases, such as renovations within the home, future travel plans or a much longed-for family pet. 

The amount you can spend will depend on your card’s credit limit or remaining balance. And if you decide to spend regularly without Plan It, customers can still keep their interest-free days so long as they pay off the closing balance, plus any ongoing monthly installments by the due date. 

Customers looking to set up a Plan It plan can do so either online or within the American Express app. There are a few things customers will need to keep in mind. Once you set up a plan, American Express charge a fixed monthly fee that is added to your minimum monthly payment on your credit card statement.

The fee charged depends on the type of card you own and can range anywhere between 0.42% and 1.04%. If you miss a payment, this will incur a late payment fee. However, as an addition for plans created from now till 30 September 2020, fees will be 0.73% of the plan amount for all products except the Low Rate and Essential credit card (0.42%). 

Thinking about picking up an American Express credit card? Here’s a closer look at some of the available offers below!

Promoted

American Express Platinum Edge Credit Card
  • 3-2-1 point tier system

  • Complimentary insurances for purchases

  • Three contactless payment options

If you like to have a bit more edge with your spending, why not check out the American Express Platinum Edge card? This piece of plastic features a 3-2-1 point tier system, allowing you to earn 3 points per dollar at major supermarkets, 2 points per dollar on overseas spending and 1 point per dollar on everything else. The card also comes with complimentary insurances, such as purchase protection and extended warranty and the ability to pay via Apple Pay, Google Pay and Samsung Pay. Just remember, as this is a platinum card with premium perks, there is a 20.74% purchase rate and $195 annual fee to consider. 

Promoted

American Express Qantas Premium Card
  • 1 Qantas point per dollar on regular spend

  • 30,000 bonus Qantas point offer (spending criteria applies)

  • Complimentary Qantas Wine Premium Membership

While we might not be able to travel now, building your points stash in the meantime could mean a free flight down the road! But to do that, you’re going to need a card that’s all about travel. Introducing the American Express Qantas Premium card! With this nifty card, all your points are redeemed via the Qantas Frequent Flyer program, which offers a 1 Qantas point per dollar earn rate, uncapped. And if you spend $3,000 within the first three months, you’ll earn 30,000 bonus Qantas points! 

Promoted

American Express Explorer® Credit Card
  • 2 membership points per $1 spent

  • 50,000 Membership Rewards bonus points (spending criteria applies)

  • Premium purchase insurances

Earn more bang for your buck with this prestigious plastic, thanks to its 2 membership points per dollar earn rate and 50,000 bonus points offer! All you need to do to earn those bonus points is spend $3,000 within the first three months of approval. There’s also a range of purchase insurances, such as extended warranty and online fraud protection. Just remember, these luxury perks come with a luxurious pricetag to match, like the 20.74% purchase rate and $395 annual fee. 

Want to compare more offers? Head on over to our rewards credit card comparison tool for more options! 

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