Unlike traditional credit cards, American Express cards do not have a regular APR or charge interest, as all balances must be paid in full each month. The Gold card does offer cardmembers the flexibility to pay for purchases of $100 or more over time at a set interest rate.
Payment Flexibility and Consequences
Most Amex credit cards allow you to carry a balance from month to month, requiring only a monthly minimum payment to keep your account in good standing. For each following Closing Date that an amount past due remains unpaid, we may charge a fee of the greater of $38 or 2.99% of any past due Pay In Full amounts. Paying late may also result in a penalty APR.
Credit Limit and Payment Policies
Just like with a credit card with a credit limit, American Express can increase or decrease your Pay Over Time allotment at any time. You can find your credit limit in your online American Express account. Not paying your American Express credit card bill in full can lead to serious consequences. American Express is known for having policies and fees that are less forgiving than other credit card companies when cardholders carry a balance.