Update 8/19/20: Citi is now offering some people 0% APR. Hat tip to VC
Citi is now offering Citi Flex Pay on Amazon. Citi cardholders that have made a recent purchase on Amazon using a Citi card and have a cart of $100 or more are now eligible for a number of financing options with an APR of 6.74%. Citi has previously offered a similar feature called Citi Flex Plan, that allows users to turn their card into a personal loan but the interest rates were much higher at 16%+.
Obviously 6.74% is still a high interest rate and where ever possible cardholders should be making their credit card payments in full to avoid any interest charges.
I don’t recall seeing an email about this, but I just noticed that I was able to get 0% over 36 months on Flex Pay. It’s on a $5,000 non-Amazon purchase. I may as well take advantage of the free money. Only downside is my credit usage will seem higher, but I got my CL increased, so at least it’s below 50% now.
Background: This charge should not have been charged to this account (Custom Cash). My TA screwed up on the final payment of a cruise. She was supposed to split it across two BofA CCR cards and a different Citi CC card to get me 5% on the entire charge. I only got 1% back on this $5,000 charge since I’d already charged $500 on travel during the billing period (which obviously sucks) The TA is mailing me a check for $200 to cover their error.
Citi flex pay is 1.99% for up to 36 months. No prepayment penalty. If you spent to much for xmas and need an extra coupe months, this is a virtually free way to do that. Just float a big charge for a coiuple months for a small fee.
This is back, this time up to 24 months instead of 48 months. Has anyone used the financing offers and got targeted again?
Subject: 0% Promo APR on eligible purchases at Amazon through 10/31/2020
“Shop at Amazon now and set up a qualifying fixed payment plan at 0% promo APR on eligible purchases…
Don’t miss out on interest-free payment plans
on Amazon until 10/31/2020…
Add $100 or more in eligible purchases to your Amazon cart, then choose a monthly payment plan for up to 24 months at 0% promo APR at checkout. Terms apply*. Hurry – this offer ends 10/31/2020…
The bigger your purchase, the more
William Charles
payment options you’ll have”
i got the 6+% offer a few months ago during ckout, but today, i got an email for a better offer. “Limited time offer – 0% promo APR on eligible purchases on Amazon” i even added $500 worth of amazon gc to the order and was able to spread payments out for 24 months. wonder if they will change that so that gc aren’t allowed
William Charles …actually, after reviewing the email, it can be spread out over 48 months if you spend $1200+….works on visa gc, too.
i too got same offer for 0% APR
+1 0% APR
Another useless feature. If you’re going into debt for $100+ amazon purchases, churning is not for you.
I had a 0% 3 month promo about a month ago. stacked with one TY point for 20% off. That might make things interesting
Would the credit bureaus see this as a term loan?
Don’t think so
But it would show up on your utilization right?
William Charles
AFAIK yes
3 months zero interest using Amazon Prime American Express Business card. And the balance doesn’t report to the credit bureaus.
Can you expand on that? The balance doesn’t report to the credit bureaus if it’s paid off within the 3 months? That’s wild. Is that only on Amazon purchases?
Most business cards are not reported to the credit bureaus regardless what the balance is. It’s for any purchase. But only Amazon purchases get the 3 months free interest or you can select 5% cashback.
Yup. Plenty of “free” money out there. No need to pay 7% APR on consumer spending.