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- Hey, it's Immanuel here,
and today we are looking at a brand new feature
from American Express called Plan It, Plan It that is.
Before we get into the video at full disclosure,
this video is sponsored by American Express,
so thank you for watching.
Now, what exactly is Plan It?
Well, Plan It is a buy now pay later program
by American Express that allows you
to make a monthly fixed payments on a larger purchase.
So for example, you buy something for a thousand dollars,
you can split it in either three, six, nine or 12 months,
depending on your preference
and pay it off with a small fixed fee that you see up front.
So Plan It is already baked
into all the American Express credit cards
with a few exceptions.
So who exactly can access Plan It?
Well, as long as you've got an American Express credit card,
such as the Explorer, Platinum Edge, Qantas Ultimate,
you are good to go.
So all the credit cards have this feature already built in
with a few exceptions.
So the exceptions are the platinum charge cards,
corporate cards, business cards,
and the David Jones issued cards.
So those are generally charged cards,
they are not technically a credit card.
That's why they are not eligible for Plan It.
Now, Plan It has a minimum amount
that you can set up which is $150.
There is no maximum amounts and the cool thing is
that you can choose how long you want
to pay off your purchase for.
So basically you select the amount that you want to pay off.
So let's for example say you want
to set up a plan for $1,000.
That means in three months,
you could do a total monthly repayment of 343.74,
and then the fee that you get charged is $10.40
So upfront you see how much it's gonna cost you.
Better you choose three, six, nine or 12 months.
So why don't we just jump onto my phone
and I'll show you exactly how easy it is
to set up a American Express Plan It, plan
on your mobile app.
All right, so let's have a look and see how easy it is
to set up an American Express Plan It plan.
Now, to do it on your phone,
you do need the American Express app,
which is very handy and convenient,
and then you just select your card.
In my case, I will go for the American Express Explorer.
Once you've done that, click on statements
and then scroll down,
on the bottom you'll see plant installments,
click that button,
and there you can either create a new plan
or you can see your existing plan.
So let's create a new American Express Plan It, plan.
Click on create new plan, enter the amount that you want.
So then we choose an amount, let's do $200, continue.
And then we can either choose three, six or 12 months.
Click continue and then submit and voila, you're done.
You've created a Plan It plan.
Now to manage this, you'll automatically get an email.
This will also show up in your statements
and you can also manage it from the Plan It button
on your app or accounts.
Since you already have an American Express credit card,
Plan It is included.
This means that you don't have to apply
for another line of credit,
or you'd have to go through all the accounts set up
to get this feature, it's already included.
So it means that if you are thinking
about using let's say say Zip or Afterpay,
you won't actually have to go
through the whole account setup procedure,
which may impact your credit score again.
So it's a cool feature that's now included.
And the other thing is,
that with Plan It you can have a much longer term
to pay off whatever amount you want,
whereas with Zip and Afterpay they are generally limited
to a few months.
If at some stage you decide I want to cancel Plan It
and just pay up the whole thing in full that's possible,
so there's no extra charges for that.
If you've already been charged the first monthly fee,
that would be set, so whatever that is, $10.
And then the ones after that will get canceled.
So Plan It is very convenient for those
that want to make a larger purchase
and split up the repayments in fixed amounts
over a set period at a 0% interest fee.
However, there are some charges to set up the Plan It,
as I explained.
Those are very clearly displayed depending on the amount
that you want to set up.
Another handy benefit of American Express of Plan It is
that you can actually use this feature
wherever American Express is accepted.
So if you wanted to make purchases overseas locally,
it doesn't really matter,
as long as the merchant accepts American Express,
you're good to go.
So whereas other buy now pay later schemes,
they might be limited to a small set of stores
and online retailers.
American Express has a much wider base of merchants
that accept the cards.
So this is very nice,
if you're already an American Express member
hence you already got the feature built into your card.
Now, for those who are interested to compare Plan It
to other buy now pay later schemes,
I've linked a article down below.
You can check out the fee structures
and how other schemes set up their monthly repayments
and the limitations.
I hope you've enjoyed this video.
If you did give it a thumbs up.
Let me know what you think of American Express Plan It.
Will you be using it?
And hopefully we'll see you in the next one.
Thanks for watching, see you next time.
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