Amex expands buy now, pay later solutions to more cardholders

• American Express gave more cardholders access to its Pay It Plan It and Pay Over Time tools.
• Providing greater payment flexibility could boost Amex’s payments volume despite the pandemic.

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The firm announced that its Green, Gold, and Platinum cardholders now have access to its Pay It Plan It offering, while Platinum cardholders can start using its Pay Over Time feature, which Green and Gold members could already use.

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 Pay It Plan It allows cardholders to pay off purchases under $100 to lower their monthly balances and spread purchases worth more than $100 over several months for a fixed fee and no interest. Meanwhile, Pay Over Time lets members put a purchase worth over a $100 into a balance that can be paid off later that accrues interest.

Amex continues to adjust its offerings to drive spending during the coronavirus pandemic, which could help it weather the crisis better than other issuers. The pandemic has created financial uncertainty for many consumers, cutting into Amex’s payments volume. But by expanding access to its buy now, pay later (BNPL) solutions, cardholders may be more willing to spend through its cards.

Amex is also one of the few issuers to adjust its rewards to drive spending based on cardholders’ shifting needs: For example, it added perks for streaming and wireless services — and these efforts may help its cards attract more spending that competing cards during the pandemic.

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