If you have a Citi credit card and shop on Amazon, you now have a new way to pay, via Citi Flex Pay on Amazon.
With this feature, for qualifying purchases of $100 or more, eligible cardholders can opt for a monthly payment plan instead of purchasing the item outright with their Citi card.
Eligible Citi cardholders who have recently made a qualifying purchase on Amazon will notice a new choice when they go to check out: They will be able to select an option to split their purchase into monthly payments over a period of time ranging from three to 48 months (depending on purchase size) and will be charged an interest rate lower than their card’s standard purchase rate. Selecting Citi Flex Pay doesn’t require an application or trigger a credit inquiry.
The monthly payment will then be included in the minimum amount due each month on the credit card. The total purchase price is also deducted from the available credit on the card.
Citi Flex Pay on Amazon is similar in some ways to other issuers’ installment plans, such as American Express’ Pay It Plan It® and Chase’s My Chase Plan, which allow consumers to make fixed monthly payments over time.
In general, before making a nonessential purchase, it’s a good idea to save up enough money to buy it outright in order to avoid interest and fees entirely. However, sometimes that’s not possible, and that’s when borrowing money — whether through installment loans or on a credit card — can come in handy. Just be sure to understand the interest and fees that you will be charged before signing up so you can avoid costly surprises.