Question re payment

[Cruiselover]

Can anyone tell me what the "extend payment with American Express" button does/refers to, when you're trying to make payments?? Also, is it possible to split payments over a couple of credit cards when the whole balance is due???

 

Thanks!

[Matt]

Essentially AmEx will allow you more time to pay off the cruise. This is from AmEx's website:

Extended Payments-How It Works

 

A flexible payment section on your statement

Purchases of $200 or more are automatically itemized in a separate section of your monthly statement. You decide whether you want to pay the charges in full, pay the minimum due or anything in between. Each month, you must pay the minimum due on your Extended Payment Option plus the pay-in-full portion of your bill.

 

Pay finance charges on only a portion of your bill

With the Extended Payment Option, you won’t pay any finance charges on your purchases under $200 as long as you continue to pay them in full.

 

So basically if you know you aren't going to be able to pay the amount in full it will likely save you some money on finance charges. Ordinarily they use they use the "Average Daily Balance" method of calculating the finance charges, which is the sum of your credit card balance each day in the billing cycle divided by the number of days in that billing cycle. With extended payments you only pay on the unpaid balance as opposed to the average daily balance. 

[michelle]

Yes you can pay with more than one credit card when the balance is due- you can also make payments over time
YOU can call in $500 /a month for instance to bring the balance down slowly and not get hit with one big
bill at final payment time.

hope this helps