Amex Plan It: What It Is and How to Use It

Amex Plan It is an installment program that allows those with American Express credit cards to turn eligible purchases of at least $100 into monthly payment plans of 3, 6, or 12 months. You can also use those payments to pay down a portion of your most recent monthly statement.

Many credit card issuers now offer installment plans – also known as buy now, pay later (BNPL) – where you can turn larger purchases into smaller monthly payments of varying lengths. These plans are typically easy to get approved for and generally don't charge interest for the duration, but instead charge a fee that approximates the interest you'd otherwise pay.

This article covers all the details of the Amex Plan It program, including eligibility, costs, setup, and more.

Amex Plan It eligibility

Amex Plan It is available for residents of most, but not all, Canadian provinces. It's not available with all American Express cards, either – though anyone with our top-rated Canadian credit card, the American Express Cobalt^® Card, does provide access.

Let's look at the 3 main eligibility criteria: provincial availability, credit card choice, and purchase amounts:

1. Available in 7 provinces and 2 territories

The Amex Plan It program is available to most Canadians, but not to residents of Quebec, Nova Scotia, Nunavut, or PEI.

Here's the list of provinces and territories where cardmembers can use Amex Plan It:

• Ontario
• British Columbia
• Alberta
• Saskatchewan
• Manitoba
• Newfoundland
• New Brunswick
• Yukon
• Northwest Territories

2. Available on select American Express cards

To be eligible for Plan It, your card must be issued by American Express – you cannot access Plan It with Scotiabank Amex cards. Your card must also be a personal credit card, not an Amex charge card.

Here's the full list of personal cards that can access Plan It installment plans:

• American Express Cobalt^® Card
• American Express^® Green Card
• American Express^® Gold Rewards Card
• SimplyCash^® Preferred Card from American Express
• Marriott Bonvoy^® American Express^®* Card
• SimplyCash^® Card from American Express
• American Express Essential^™ Credit Card
• American Express^® Aeroplan^®* Reserve Card

Amex Plan It is also available on the following small business cards:

• Marriott Bonvoy^® Business American Express^® Card
• American Express^® Aeroplan^®* Business Reserve Card

3. Available for new purchases of $100 or more

You can use Amex Plan It for purchases of at least $100, but only after they are posted. Alternatively, you can wait for your statement and then plan to pay a portion of the balance in a lump sum.

There are maximum limits too. You can plan up to 85% of your current statement balance or your credit limit. Amex also places a cap of 90 active or recently completed installment plans.

You cannot pay off balance transfers or cash advances using Amex Plan It.

The bottom line: Installment plans like this are good for any larger purchase where you may want to spread your payments out.

Note: You can create Plan It plans for purchases made in a foreign currency, but your plan will be based on the final conversion amount in Canadian dollars.

What does Plan It cost?

The cost of using Amex Plan It depends on the size of your purchase. Users are charged an installment fee as a percentage, comparable to the interest you'd pay on a regular credit card purchase. The exact fee, though, isn't disclosed until you create your payment plan.

You can easily use the Plan It calculator to estimate your monthly payments.

This is how the costs break down:

• Take the total amount you want to convert into an installment plan and multiply it by the fee percentage – this gives you the monthly fee.
• Take the total amount you want to convert into installments and divide it by the installment plan length – this is your monthly installment payment.
• Add the monthly installment plan amount to the monthly fee for your total monthly payment.

Let's look at a quick example:

Say Clark needs $6,000 for his school tuition. He puts the tuition payment on his card and then uses Plan It to split the transaction into 12 monthly installments.

Clark will pay off his plan in equal installments of $556.40 (0.94% monthly fee calculation).

Note that the monthly fee never changes, regardless of how long your plan is. The longer your plan is, the more you'll pay in total fees.

How to set up an Amex installment plan

You can set up an Amex Plan It installment plan on your mobile device or computer. This feature is automatically available for eligible cardholders, so you don't need to enroll first. Keep in mind, though, that you can only create a plan once the purchase has been posted to your account.

When you're ready to create a payment plan for a specific transaction, follow these steps:

• Log in to your mobile app or online account
• If on a mobile device, click the Plan It icon on eligible transactions
• If using an online account, click "Create a Plan" on the home page
• Review the plan options and click your preference

Amex has created a handy video for doing this on a mobile device:

If you prefer to use a computer, you can follow along with the video on the Amex Plan It landing page to set up your installment plan.

Best American Express cards

The American Express Cobalt Card is the best Amex credit card in Canada, but there are a few other excellent choices to consider. This table shows your top options:

Remember: New Amex card members can use Plan It right away on eligible cards. Once you're approved, you're free to start making purchases and putting them on payment plans.

Canada's best American Express credit card: the American Express Cobalt Card

American Express Cobalt^® Card

5.0 Genius Rating

4.1 (80) User reviews

×9 Award winner

Annual fee

See rates

Learn more

Welcome bonus

$300^◊
15,000 points

Annual rewards
$1,620^◊
Learn more

Apply Now Learn More

American Express Cobalt^® Card

5.0 Genius Rating

4.1 (80) User reviews

9x Award winner

Annual fee

See rates

Learn more

Welcome bonus

$300^◊
15,000 points

Annual rewards
$1,620^◊
Learn more

Credit estimate:

 (660 - 724)

Apply Now Learn More

Instant approval: Yes

Rewards

Details & Eligibility

Genius Rating

User Reviews

Pros & Cons

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Rewards

Details & Eligibility

Genius Rating

User Reviews

Pros & Cons

This card tops our list of the best credit cards thanks to its rewards. You'll earn Amex Membership Rewards at these rates:

• 5 points per $1 spent on eligible groceries and restaurants (up to $2,500 spent per month)
• 3 points per $1 spent on eligible streaming services
• 2 points per $1 spent on eligible gas, transit, and ride share purchases
• 1 point per $1 spent on foreign currency purchases
• 1 point per $1 spent on all other purchases

Redeeming these points offers a lot of flexibility. Here are just a few of the most popular redemption options (terms and conditions apply):

• Use points for purchase (1,000 points = $10)
• Flexible points travel (1,000 points = $10)
• Merchandise and gift cards

This whole package has an annual fee of $191.88, which is charged as $15.99 per month.

FAQ

What is the Plan It option on American Express?

The Plan It option is essentially an installment payment plan for American Express cardholders. Instead of charging a large purchase and paying interest on it for months, the plan charges you smaller amounts over several months, making it easier to repay.

Is Plan It worth it with Amex?

Yes, in the right circumstances, using Plan It can be worth it. For instance, if you need to make a large purchase, it can be worth breaking the charges into smaller payments so you can repay Amex without paying as much interest. This can also protect your credit score.

Does Amex Plan It reduce your credit score?

Amex doesn't do a credit check to set up a Plan It payment plan, so it won't immediately damage your score. But if you charge up to your credit limit and carry a balance, you'll see your score drop. As always, it's important to pay your credit card bill on time and in full each month.

How much is the Plan It fee?

The fee for Amex Plan It depends on the purchase, but you'll pay an installment fee of at least 0.94%. For instance, if you make a $1,000 purchase, you'll pay $9.40 in fees on top of the principal amount.

What term lengths are available with Amex Plan It?

Amex Plan It is available in three installment durations: 3, 6, and 12 months. These terms allow you the time you need to pay off large purchases, and you may be surprised at how much you ultimately save in interest payments.

Is Amex Plan It available to all Amex cardmembers?

There are a few eligibility requirements for Amex cardmembers to use Amex Plan It. You must have an American Express credit card (not a charge card), have a purchase over $100, and live in an eligible province – not Quebec, Nova Scotia, PEI, or Nunavut.

What is the best American Express credit card?

The best American Express card is the American Express Cobalt Card, which offers up to 5 points per $1 spent on purchases. These American Express Membership Rewards points can be redeemed in a variety of ways, for a max value of 2 cents per point.

This post was sponsored by Amex Bank of Canada. The views and opinions expressed in this blog, however, are purely our own. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.