 TITLE: How Do Pay Over Time Plans Work? CONTENT: What Is Pay Over Time?\n----------------------\nA pay over time plan allows you to finance large purchases (typically at least $100) on your card. In some cases, you may be charged a fixed fee instead of interest on balances. In other cases, you may be charged interest and fees when you carry a balance.\nCredit cards normally charge an interest rate when you carry a balance from one month to the next—about 16% on average as of February 2021, according to the Federal Reserve.\nPay over time plans are available from major card issuers such as American Express and Chase. The Amex options allow you to carry a balance (with interest), while the Chase option offers fixed monthly payments that could help you better manage your budget. END