NEW YORK—American Express has unveiled a new payment feature for credit cards that’s a bit of a throwback—layaway.
American Express has introduced its new "Plan It" feature, which will give card members the opportunity to pay off large purchases over a fixed period of time, reported Yahoo Finance.
Using the American Express app or on AmericanExpress.com, card members can select any purchase over $100 and choose a payment plan. A fixed monthly fee will be charged instead of accrued interest on the entire bill calculated by the card's annual percentage rate, Yahoo said.
After clicking the "Plan It" icon, members will be presented with three different payment plans. Repayment terms range from three months to 24 months and the fixed fee is presented upfront, Yahoo reported.