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Amex adds Pay Over Time to business cards, for payment flexibility

Wednesday 2 September 2020 09:48 CET | News

American Express has announced plans to embed Pay Over Time in their family of Green, Gold, and Platinum Business Cards, to help customers meet their cash flow management needs.

The plan will be rolled out at the start of their November 2020 billing cycle and will apply to both new and existing Card Members. Pay Over Time gives business owners the option to either carry a balance with interest on eligible purchases of USD 100 or more, or to pay the balance in full.

These Cards will continue to have no pre-set spending limit, tailored to each customer, and Card Members can turn the Pay Over Time feature off and back on at their discretion, giving them control of how they want to pay.

The cards company has offered Pay Over Time as an opt-in feature for many years, and they have seen 55% of existing Business Card Members choose this option, with the majority using it to ramp up inventory for busy seasons, or when they are waiting on an incoming payment, or to buy in bulk for a discount. In recent years, Amex customers said that they would like to have this payment flexibility feature available from day one of membership, as it helps them better manage evolving cash flow needs, according to the official press release.

For example, a restaurant business impacted by the COVID-19 crisis could use the Pay Over Time feature on their Business Gold Card to stock up on technology and supplies to meet the growing demand of online and takeout orders.

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Keywords: Amex, American Express, COVID-19 crisis, cards, Platinum Business Cards, cash flow, payments, Pay Over Time, US
Categories: Payments & Commerce | Cards
Countries: United States
This article is part of category

Payments & Commerce