Does anyone else feel like these last few weeks of the year are like a race to the finish line?
- There’s year end work which is crazy. Finishing finances, trying to make numbers, quotas, etc.
- Trying to get gifts for all family, especially those must haves!
- Everyone and their dog seem to pop out of the woodwork with a “maybe we should get together for the holidays?” Um-no? Where were you in September…when I had time to get a drink!
Meanwhile you’re supposed to decorate your house in a White Christmas listen-to-Bing-Crosby-and-drink -eggnog kinda way. Which never happens!
Seriously-it’s crazy town!
Not to mention that if you haven’t shopped early/done some budgeting then the stress of looming holiday bills is also imminent! At least American Express has figured a few things out.
They recently launched a new feature on their Credit Cards that allows you to pay off a large sum of $250 or more in installments. The way it work is you set up a minimum purchase threshold on your credit card (from $250-$1,000) and then any purchase above that will automatically be put into an installment plan of three, six or 12 months. That now means if make a large purchase this holiday season (i.e. the Canadian standard of $1,800 over the holiday season) the purchase will automatically be put into a payment plan that you can pay off at low monthly installments, over your chosen time period, for a low installment fee from 2% – 5%.
This works just as well if you happen to come up against an unexpected expense – your pet needs surgery, your car has issues, your basement floods! You can utilize Amex’s Installment plan to set yourself up for payment success without blowing your monthly budget. I know personally, this summer when my dog broke his molars on a bocce ball and we had to run him to the vet for $2,500 this Amex Installment plan certainly would have come in handy.
As far as interest is concerned, considering most credit cards charge in the neighbourhood of 18%+, the fact that this payment plan is available for no interest and only a low installment fee of 2%-5% means at least the stress of the holiday bills (or other unexpected expenses) will not be so looming. Also, as a bonus, by paying it off on your credit card you’re still accumulating the points you know and love!
So if you happen to be in the race to the finish…as I know I am…know that at least American Express Installments Program has you covered.