AmEx Plan-it promo, any catches?

[foggy]

I received this in my inbox today, seems like if I put my balance on a 3 month payment plan, it will be fee/interest free. Wondering if anyone else has received the same?

 

[Dr Ralph]

Not received.

 

[NM]

Often with such plans (like balance transfers etc.) the balance on the plan is per the terms (i.e. no interest, no fees etc.) but anything else you spend on the card then no longer qualifies for interest-free days and start accruing interest from the posting date. So be careful, check what happens with other spending and how payments are applied to the "plan" amount verses new charges etc. if you expect to continue using the card during the payment plan period.

 

[foggy]

Often with such plans (like balance transfers etc.) the balance on the plan is per the terms (i.e. no interest, no fees etc.) but anything else you spend on the card then no longer qualifies for interest-free days and start accruing interest from the posting date. So be careful, check what happens with other spending and how payments are applied to the "plan" amount verses new charges etc. if you expect to continue using the card during the payment plan period.

Oh ok, i've never done a balance transfer before..
These are the terms for "plan-it"

Terms and Conditions | Plan It | AMEX AU

American Express Australia Plan It™ terms and conditions. Pay off your Credit Card Balance in equal monthly instalments, with 0% p.a. and a fixed monthly fee.

www.americanexpress.com

I assume based on the below, new spend should be put into "standard balance"? which hopefully means they don't start charging interest from day of spend

3.Once you create an Instalment Plan, your Card Account will have two balances; your Instalment Plan Balance, and your Card Account balance (“Standard Balance”). Any interest accrued on the billed amounts before you move them to an Instalment Plan will be added to your Standard Balance.

 

[Quattro]

Received on my Platinum Reserve. Rarely used expect for Amex offers (currently Sniip). Seems fine to me after reading the terms; although won't use it.

It doesn't act as a BT. It's a credit cards equivalent to afterpay really. Except a hell of a lot more fees if you didn't get sent this offer.

Edit: on your statement it will be broken down. One showing your 'Plan It' portion, and one with your normal balance.

 

[foggy]

Am I the only one getting these promos?

 

[Quattro]

Haven't received one in a while, but have got the same email as yours today.

 

[6rrguy]

I received this offer recently and have just used it. Great at keeping hold of your money a little longer.

 

[asterix]

I used it earlier in the year when I got the same offer. I've put my last two statements through on this offer.