NEW YORK—With many people under financial pressure during the pandemic, many are turning to what are known as “buy now, pay later” services to make their purchases.
Buy now, pay later services let shoppers set up payment plans with their existing credit card.
Now, American Express has entered this market with Plan It, the company’s new instalment-based program for AMEX cardholders, reported EFTM.com.
The product is simple and costs are transparent.
“You get your AMEX statement, and via their app, you choose a portion of your balance to be paid off over three, six, nine, or twelve months. Over that period of time, you pay no interest on that amount, you do pay a smaller monthly fee,” EFTM said.