Paying for the things we need in life is not always easy. American Express’ lending products are designed so that finding financial options are simple, easy and convenient for our Card Members. To further support them, we offer flexible financing solutions tailored to our consumers’ unique needs. Plan It® is a Buy Now, Pay Later feature built into consumer Card products that offers our Card Members flexibility in how to pay, allowing them to split up purchases of $100 or more into equal monthly installments with a fixed fee. Our Personal Loans are just that – loans for the things you need—and since Card Members are already within the Amex ecosystem, we can give them Personal Loans decisions within seconds and funds can be sent as fast as one day after they accept the loan1.
These programs stand out not only because they come with the support and customer service of American Express, but they’re also great according to our customers and well-known platforms like J.D. Power. Plan It ranked No. 1 for Customer Satisfaction among Buy Now Pay Later Lenders in the J.D. Power 2024 U.S. Buy Now Pay Later Satisfaction StudySM, and for the second consecutive year we were ranked No. 1 in Customer Satisfaction for Personal Loans in the J.D. Power U.S. Consumer Lending Satisfaction StudySM.
Buy Now, Pay Later
We launched Plan It in 2017 to help Card Members finance large purchases. Unlike major online buy now pay later programs, Plan It is built into our consumer Card products and offers easier management through our website and mobile app.
Katy Emig, VP of Global Lending, helps manage Plan It and sat down with us to answer a few questions about this feature:
How is Plan It different compared to other features we offer and what’s our strategy for it?
Emig: What I love about Plan It is how it complements our other benefits and services and gives Card Members options! Our Card Members will always want different ways to pay for things, whether that’s using Plan It to pay in monthly installments, using Pay Over Time to carry a balance, paying in full, or redeeming Membership Rewards, so our goal is to continue to make Plan It even easier and more relevant for Card Members.
So, how is Amex working to make Plan It easier and more relevant for Card Members?
Emig: We know travel continues to be top of mind for many and in May 2021, we launched Plan It on Amex Travel so Card Members can book now and pay later for flights purchased on AmexTravel.com. Most recently, in partnership with Delta we launched Plan It as a checkout option on Delta.com and the Fly Delta app.
What questions should our Card Members ask themselves before creating a Plan?
Emig: First, understand how much you are paying. Plan It offers a transparent fixed fee up front, so you will know how much you’ll pay each month. Second, understand how long you want each plan to last. We offer up to three plan durations, ranging from 3-24 months, providing more choice and flexibility for payment options. Lastly, remain responsible in your lending behavior. Plan It is already part of your credit limits, so you can be rest assured that you aren’t overextending yourself when creating plans.
Personal Loans
Amex Personal Loans allow us to be there for our Card Members throughout their financial journey and major life milestones: weddings, home repairs, and even emergencies. Card Members can take advantage of fixed interest rates with no hidden fees, a quick online application with a decision in seconds, and funds sent as fast as one day1.
We sat down with Kristen McGinnis, VP of Product Management Lending, to learn more about this lending product and its benefit to Card Members:
What makes Amex products/services best-in-class?
McGinnis: Finances can be daunting and are complicated enough. Consumers are looking for simplicity with fewer accounts and fewer logins. They also want to work with financial services companies that they trust with their money. Our strategy at American Express has always been about listening to our customers and evolving our products and services to meet their needs. Amex Personal Loans are a great example of this. We created this product exclusively for our Card Members so we could meet the financial needs that we couldn’t with a credit card.
What questions should Card Members ask before applying for an Amex Personal Loan?
McGinnis: Card Members should first ask themselves, “Am I eligible for a Personal Loan and how will it impact my credit?” The great thing about Amex Personal Loans is that they don’t require credit checks because they are only available to eligible Card Members who are already pre-approved to apply. Simple! There could be a change in credit score only if the Card Member is approved and accepts the loan. It is also important for customers to understand interest rates, fees, and how long it will take to pay off the loan. All you need to know about our competitive APRs, repayment options, fees and other information are available on our website.
There can be some stigma around personal loans, especially from people concerned about debt. Do you have advice for people who may be considering a loan but are hesitant to take one on?
McGinnis: Personal Loans can offer financial control and flexibility through a straightforward and easy process. The competitive interest rates and fixed monthly payments we offer are a great option for debt consolidation2 making managing a monthly budget more straightforward. Personal Loans can also offer flexibility for those considering a personal loan for things like home improvement projects.
1Amex will send your loan funds to your bank account in as fast as 1 day after you’ve signed your Personal Loan agreement and completed all necessary verification steps. Please note that your bank may take additional time to post your loan funds to your account.
2 American Express Personal Loans can be used to pay down or consolidate credit card balances on cards issued only by eligible U.S. banks; they cannot be used to pay down or consolidate balances on American Express-issued cards.
Source – American Express
