American Express is making a major change — because of millennials

Can’t pay your American Express AXP, -1.50% bill in full? No problem.

The credit-card company unveiled a new feature called “Pay It Plan It” this week, which it says it designed with millennials in mind. It became available for existing card members on Aug. 30. “Pay It Plan It” will allow consumers to pay for certain purchases of $100 or more in installments.

The plan isn’t necessarily designed to be a better deal for consumers, but it is a way for them to feel more comfortable, knowing in advance how much interest they will pay total, said Kartik Mani, the global head of consumer lending at American Express.

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