American Express has enhanced its solution in the UK via the launch of a new product, ‘Plan It’, which allows its credit card members to pay off purchases from their statements.
Cred card holders will be able to select transactions or an amount from a recent statement, including portions of monthly bills, and pay in installments of three, six or 12 months, with a fixed monthly fee for each plan.
There will not be any interest charged on balances for the remainder of installment plans, however, whilst the offering also includes the chance to earn rewards such as points on purchases.
“We know our Cardmembers value flexibility including in how they pay,” said Ricky Bonham, Vice President, American Express.
“With Plan It, our credit card customers can now pay at their own pace, continuing to earn rewards as they do so on everything from a new vacuum cleaner to their next big holiday.
“As a business regulated by the FCA, we’re also delighted to be launching an installment plan that offers transparent fees and no hidden charges.”
The option to pay in installments has become a popular feature of European payments over recent years, with buy now, pay later (BNPL) services becoming particularly prevalent.
A survey published earlier this month revealed that 50% of UK adults – equating to over 26.4 million people – had used BNPL at some point to pay for goods and services.
