By leveraging the capabilities of this new product, credit Cardmembers can opt to place a transaction or an amount from their recent statement into a 3, 6, or 12-month instalment plan. A fixed monthly fee for the instalment plan is charged, clearly displayed during setup, with no interest applied to the balance in the plan. Cardmembers continue to earn rewards, such as Membership Rewards points, on purchases within the plan.
Instalment plans can be arranged via the American Express App or the Cardmember's online account, automatically included in the monthly 'minimum due' payment once established. In the official press release, representatives from American Express highlighted the importance of flexibility in payment options for Cardmembers. They emphasized that with Plan It, credit cardholders can manage payments at their own pace while earning rewards, all with transparent fees and no hidden charges, in compliance with FCA regulations.
It's worth noting that Charge Cards are not eligible for Plan It, and instalment plans require a minimum of GBP 100 and a maximum of 85% of the statement balance.
In 2024, American Express has engaged in various other partnerships and has solidified its presence in locations such as Saudi Arabia. Specifically, in January 2024, American Express Saudi Arabia signed an agreement with travel company Almosafer Business to centralise payments through its Corporate Travel Account.
In February 2024, American Express and Delta Air Lines announced the launch of an upgraded version of Delta SkyMiles American Express Cards. These cards were designed to provide greater value and an improved travel experience to both business owners and consumers. They offered new reward categories, benefits, and features that covered everyday spending, flights, vacation stays, dining at restaurants, rental cars, and rideshares. In addition, the Companion Certificates have also been improved.
In the same month, American Express Middle East announced an agreement with fintech company Ottu, aiming to provide its Card Members with an improved shopping experience. According to the official press release, the collaboration between American Express Middle East and Ottu aimed to offer American Express Card Members a simplified, efficient, and secure online shopping experience when they leverage their cards at the latter’s online merchants.
For more information about American Express, please check out their detailed profile in our dedicated, industry-specific Company Database.
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