There are a few ways to make Credit and Charge Card repayments. Read on for help understanding what your options are.
What are Card repayments?
When your statement arrives, you will have a choice of repayment options. You can pay off the entire Credit Card bill on, or before, the statement due date – in which case you’ll avoid paying more interest – or you can choose to spread your Credit Card repayments out over time by paying at least the minimum monthly repayment amount. This option will mean you will be paying more interest.
Log into your Account to manage your repayments
Charge Card payments
If you have an American Express Charge Card you are not able to revolve your balance, which means you need to repay the full balance on your statement period.
Pay off your Credit Card bill more efficiently
You have a number of options that will help you effectively manage your Credit Card balance. Use the Amex® mobile app to keep a close eye on your balance. And, of course, paying off your balance in full each month.
However, if paying off your Credit Card bill in full isn’t an option, you can always reduce the amount of interest you’ll have to pay by paying more than the minimum monthly repayment amount.
Remember, the only way to avoid paying interest is to pay off your total Credit Card balance on or before the statement due date.
Automatic Credit Card payment plans
Automatic payment plans are a great way to ensure that you pay your Credit Card bills on time.
If you set up a direct debit to automatically pay a certain amount every month or the full balance, you’ll always have the peace of mind of knowing you’ve made a payment. You can also create SMS or email alerts to remind you that payment is due.
Opening balance
The balance on your Account at the beginning of a particular statement period.
Closing balance
The amount you owe at the end of a particular statement period.
Minimum monthly repayment
The minimum you have to pay each statement period. It is not recommended as a long-term solution because if you make only the minimum monthly repayments, you will pay more interest and it will take you longer to pay off your balance.
Minimum payment due date
The final day by which you have to pay at least the minimum monthly repayment amount to avoid late payment charges.
Credit and Charge Cards Explained
Has talk of interest, annual fees, rates and percentages left you feeling confused?
Our simple Credit and Charge Card Guides are a great place to start.
How Credit Cards and Charge Cards work
Where is American Express accepted
What Credit Card fees am I expected to pay
How to apply for a Credit Card
