Citi Cardholders Can Now Finance Large Amazon Purchases
Citi is expanding digital lending through a new collaboration with Amazon. It is called Citi Flex Pay on Amazon. Citi cardholders already have the option to redeem points for Amazon purchases. In fact, more than one-third of active cardmembers made at least one purchase on Amazon in the past year and millions of cardmembers shop using their ThankYou Points to redeem for purchases through Shop With Points on Amazon. That is not the best use of points normally but we often see promotion that give you great discounts.
Now Citi and Amazon have come together to offer another convenient, easy financing option at checkout. With Citi Flex Pay on Amazon eligible existing Citi cardmembers who have made a recent purchase on Amazon using their Citi card and have a cart of $100 or more now have the option to seamlessly finance their Amazon purchase at point of sale.
How it Works
Citi Flex Pay on Amazon is an easy way for cardmembers to pay for their larger purchases. They can choose the duration of the plan and with no application, no credit inquiries, no incremental fees and a much lower APR than their card’s standard purchase rate. If you currently earn rewards on purchases on your Citi credit card, you will continue to do so.
Here’s a breakdown of the payment options:
- Purchases of $100 or more: 3 equal monthly payments (6.74 percent APR)
- Purchases of $149 or more: 6 equal monthly payments (6.74 percent APR)
- Purchases of $300 or more: 12 equal monthly payments (6.74 percent APR)
- Purchases of $600 or more: 18 or 24 equal monthly payments (6.74 percent APR)
- Purchases of $1,200 or more: 36 or 48 equal monthly payments (8.74 percent APR)
Shipping and handling and tax are included in the qualifying purchase amount.
Conclusion
Paying over time, even with a lower APR, is not a good idea. Whatever you buy, will end up costing you more. But some people might need to make necessary purchases, especially during this difficult time. So being able to pay over time and save a bit on interest, could be a big help, considering that most people have been relying on Amazon for many of their essential purchases.
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