U.S. Bank has launched ‘ExtendPay’, a buy now pay later/pay over time program. This is similar to Chase’s ‘My Chase Plan‘, American Express’ ‘Plan it‘ and Barclays ‘Easy Pay‘ program. Cardholders can select purchases over $100+ (up to 50% of your credit card line) and then select the number of monthly installments they would like to pay for the purchase over. Rather than paying interest, you pay a ‘small’ fixed monthly fee (although this is based on your purchase APR).
Was able to set up fee free ExtendPay but waited until after statement posted to meet 1/2 of CL and looks like adjusted plan balance (already have another ExtendPay plan) includes quite a bit more than the ExtendPay plan. I plan to just pay that balance since that is what AutoPay sets up automatically, but just wanted to warn that it might be better to set up plan for charges BEFORE statement is issued.
I might actually just try to pay the extend pay only balance and see what happens. As the autopay amount is basically full balance and makes no sense
I chatted and they said since my new Extend Pay plan exceeds the Plan Adjusted Balance I just have to pay minimum payment to keep account current. Will try and see what happens. Saved screenshots.
Altitude reserve on P1 and P2 showing zero $ fees for 12 months Extendpay. Does anybody know if you can only set it up once? Or can we set up multiple plans before 9/30?
I also have the offer and set one up for a $1000 purchase the other day. I just checked again and it’s allowing me to set up another no-fee plan for another purchase.
I only use my Cash+ card to pay my gas/electric bill and I usually pay multiple months at a time so I don’t forget and already had a large credit balance, but I just charged enough to max out my $2,000 for the quarter since I can just create a 12 month Extendpay for it. Didn’t even push it off until the end of the billing cycle so I can get the 5% back when the statement closes this week.
Just set one up and had 0 fees said it was a promo through 4/30. Don’t know if I ever received an email about this since I have older US Bank cards but this was for a card opened a month ago
I just was able to set up an ExtendPay with no added fees or interest (i.e. just the amount of the charges). I had not gotten an email about it, in fact they emailed me that my recent purchase qualified but did not say that it would be free and showed fees in the body of the mail. Took advantage of the 12-month payment period for ~$1500 in charges. Free is free.
Update — got the email about the promotion today. Subject was “[name], get extra time to pay for larger purchases with a U.S. Bank ExtendPay® Plan”.
I’d forgotten about my posts below where I’d found the same offer last year
Does anyone know if you set up an ExtendPay plan on spend that is supposed to go towards earning a signup bonus (Triple Cash) will it still count? The 0 fee promo is tempting for an 18 month free loan while earning interest on the money….
No email but getting for fees on up to ~$6k
Promotion period is from April 25, 2022, through May 23, 2022. To receive this offer, you must create one (1) ExtendPay Plan by May 23, 2022. The $20 cash back award will be applied to your Cash+ Cash Rewards balance 2-3 billing cycles after the end of the promotion period. The maximum number of cash back awards is one. This offer is not transferable. Your account must remain open, have available credit, and be current (no minimum payment past due) to qualify. This offer may not apply if your credit card has changed to a different type of card within the last 12 weeks or changes before the cash back award is applied. This offer is accurate as of April 25, 2022.
What was the subject line?
Please read, [Name], earn $20 cash back and divide purchase balances into fixed monthly payments with ExtendPay Plan
Yes, I got this as well on a card that I typically just do monthly $1 charges on. Waited for my statement to close and then charged a $100 payment for my Verizon FiOS bill and created an ExtendPay plan as soon as it posted. Fortunately, I had the 5% category set to cell phones, so I will get the rebate on that payment. Cost me $0.31 x 3 to set up the plan.
Sounds like a small fee (only about 3.72% apr, 0.31 x12) I’m curious bc my zero % rate has expired and I’m wondering what the extend pay fee will be for me. Existing extend pays gave me a 0 fee but I started them while I still had the promo rate.
Just tried this on my Cash+ card, and it’s offering me no fees for 3/6/12 month plans.
Update – just got an email offering the $0 fee. It’s obviously targeted by account because my wife also got an email pushing ExtendPay, and it doesn’t say anything about a $0 fee. Fortunately, the card that I use is the one that got the offer. The others just get $1 monthly charges that are written off.
Cool
PayPal has been doing this for years through their PayPal Credit. Everyone else is just catching up. Doesn’t get much love though because Synchrony Bank doesn’t have the best reputation.
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Doubt that’s the reason. People like it when it’s on a credit card that they’ve already gotten rebate for making the purchase on. In my case. I got it on a Cash+ Visa card and my purchases were made in a 5% category. I wouldn’t have gotten anything if I’d used PP Credit.