Citi Flex Plan offers are made available at Citi's discretion. The payment will also be added to your regular required monthly credit card payment, so you won’t have to worry about making two separate payments. Bankrate’s editorial team writes on behalf of YOU – the reader. Citi Flex Pay is a somewhat simpler option. ADVERTISER DISCLOSURE: Credit Card Insider is an independent, advertising supported website. That’ll increase your monthly payment by $94, bringing your total monthly payment to $109. Read on to learn more, and to see if these financing options could benefit you. DISCLAIMER: All information posted to this site was accurate at the time of its initial publication. On Aug. 3, 2020, Citi announced a collaboration with Amazon that brings a new addition to its Flex Pay program. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. While Flex Pay may be more limited than its competitors, it is expanding, and there is one place where you're likely to receive an invitation to spread out your payments: Amazon. While the minimum payment will go towards your purchase balance, the excess payments you make will only affect the Citi Flex Plan balance. You won’t have to worry about two payments as your Flex Plan payment is added to your regular monthly payment. A Citi Flex Loan is a loan distributed by Citi. Credit Card Insider and CardRatings may receive a commission from card issuers. I actually think it’s one of the best ways to borrow if you need to carry debt right now.”. The Citi Flex Plan is your personalized payment plan: how you pay back the amounts you borrow. The deferred interest on the Amazon store cards is a strong feature where you can defer interest on select purchases. Citi Flex Pay on Amazon gives existing cardmembers who’ve recently shopped on Amazon with an eligible Citi card the option to pay off large purchases with an equal monthly payment plan—no formal application, fees or credit check required. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Advertiser relationships do not affect card evaluations. It’ll affect your credit utilization, potentially having a negative impact on your. In either case, no application fee, hard credit check, or application of any kind is required on your end. Option to slow repayment at lower APR to appear at checkout. Bankrate.com is an independent, advertising-supported publisher and comparison service. Instead, your new loan payment will simply be added to the required credit card payment you have to make each month. A Flex Plan balance will accrue interest, leading to a higher overall cost than if it were paid in full right off the bat. Like most things in the credit world, it’s important to understand all facets of the Citi Flex Plan you choose. So let’s say your credit card has an APR of 16%, and your interest-free grace period is still valid. A Red Ventures company. Balance transfers must be completed within 4 months of account opening. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Advertiser relationships do not affect card ratings or our Best Card Picks. After taking a 0% balance transfer APR offer, your minimum payments will be allocated to that transferred balance due to its 0% interest rate. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers. Any payments you make in excess of the minimum required payment will be put towards your Citi Flex Plan balance because it’ll carry the higher APR. Credit Card Insider receives compensation from some credit card issuers as advertisers. We are an independent, advertising-supported comparison service. It’s important to note however, if you want to pay off the loan ahead of time, you may need to pay whatever credit card balance you’re carrying first. Advertiser relationships do not affect card ratings or our Editor’s Best Card Picks. Credit Card Insider is an independent, advertising supported website. “… More than one-third of active cardmembers made at least one purchase on Amazon in the past year and millions of our cardmembers shop using their ThankYou Points to redeem for purchases through Shop With Points on Amazon,” said the Citi news release. You can see how all that might play out below. It is not the bank advertisers' responsibility to ensure all posts are accurate and/or questions are answered. Do you have a correction, tip, or suggestion for a new post? And, once you’ve cleared your full purchase balance, you can make additional payments in order to bring down your loan balance (or just add that money to your monthly payment). (I got this change on 4 of my Citi cards, not the AAdvantage one. Rather than providing one lump sum, you can choose a single credit card purchase and then pay it down over a set amount of time. Chase provides similar programs: My Chase Plan and My Chase Loan. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. You can read more about these exceptions here. The Citi Flex Loan will be transferred to your bank account in 1-2 business days or mailed to you via check (check should arrive within 10 days). Another thing to be aware of is that using a Citi Flex Loan will increase your credit utilization because it’s using your credit card’s credit limit. Keep an eye on APRs and payoff schedules, and be sure to compare offers to find what might work best for you! Read this for help picking your first card and find out what to expect when you apply. How you receive your funds is up to you. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Chase boosts rewards on groceries for new Freedom and Freedom Unlimited cardmembers, Amex announces “3 for All” limited-time offer for cardmembers who refer a friend, Privacy policy / California privacy policy, 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). If you’re able to pay the loan down sooner rather than later, we recommend you do so. If you have cards from other issuers, you can check out a few different offers. That’s how you can avoid paying interest on your purchases. Read more about it right here. 0% Intro APR for 18 months Citi® Diamond Preferred® Card. Efforts have been made to keep the content up to date and accurate. INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER … 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. Citi offers a line of 0% Intro APR credit cards. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. The Citi Flex Loan offers a lump sum of cash, while the Citi Flex Pay plan lets you choose one credit card purchase to pay down over time. 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%. But, there are times when a Citi Flex Loan may be a cheaper way to either:. For direct deposit, your funds should be available within 1–2 business days. The same holds true for 0% purchase APR offers . Contact us here. Amazon Prime Day: Citi Flex Pay extends to Amazon, new 0% APR offer for eligible Citi cards #CitiFlexPay #PrimeDay #Amazon Liked by Nicole Kulawski Out of change comes new light. If any item in your order is processed as part of a Flex Plan, the item will be charged to your Citi Credit Card when shipped and you will be responsible for paying it off as part of a Flex Plan at the APR and number of payments selected at checkout. Both help finance any large purchases you may have planned. While there are no fees for accepting the loan, the balance will still accrue interest at a fixed APR. Some cards won’t even charge a balance transfer fee to do so. So for example, say you have a regular purchase balance of $5,000 (with an APR of 14.99%), and then you have a Citi Flex Pay purchase that requires you to pay $75 per month (and has an APR of 7.99%). “And the interest rates are considerably lower than most credit cards. Credit Card Insider and CardRatings may receive a commission from card issuers. and its affiliates in the United States and its territories. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. More information on your plan selections can be found under “Citi Flex Plan Summary” in your online Citi account or within the Citi Mobile app. If you wanted to pay your purchase balance in full, you’ll need to pay the remaining $85 in addition to the minimum, for a grand total of $194. For complete details of any products mentioned, visit bank or issuer website. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Equal Pay 0% promotional APR on Purchases of $50 or more for 6 months. Throughout your time as a Citi cardholder, you may be offered either Citi Flex Pay or a Citi Flex Loan, the issuer’s proprietary flexible financing options. Just keep an eye out to see if Citi has reached out. Additionally, you can also now get a 0 percent promotional APR for up to 24 months when you make a purchase on Amazon with an eligible Citi credit card (offer ends Oct. 14, 2020). You can request a personal loan from your preferred bank, for example. Content is not provided or commissioned by any credit card issuers. Learn the difference between networks like Visa and issuing banks like Capital One, which banks are biggest, and more. All Rights Reserved. Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. There are other drawbacks to using either of the Citi Flex Plans too, like impeding payments of balances at 0% rates. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The more of your available credit you use, the bigger the impact it can have on your credit scores. With a fixed APR of 12%, your options would look something like this: You should pick the shortest duration you’re able to afford, saving yourself some money by reducing the amount of overall interest the balance will accrue. This is because the credit card purchase APR is higher than that of your Citi Flex Loan. We have some strategies that can help with that. Rating image, 4.5 … You can also call customer support to see if you have any offers. Just like the Citi Flex Loan, once you get word from Citi, you’ll be able to choose a single credit card purchase and how much time you’d like to pay it down. Read More Read More. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Hat tip to VC. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Thanks Jess96 Card Features: Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Credit Card Insider has not reviewed all available credit card offers in the marketplace. But given the current economic environment, job market and scarcity of zero percent balance transfer offers and low-rate personal loans, you may have no choice but to utilize programs like Citi Flex Pay on Amazon. While the Citi Flex Plans can help if you’re in a bind, you should still take a look at a few different options that could be less expensive. Citi is now offering Citi Flex Pay on Amazon. But you should avoid them otherwise, because you’ll end up paying more than you normally would and could hurt your credit temporarily due to increased utilization. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Both let you choose the duration of payments, and have certain advantages and disadvantages. Which certificate of deposit account is best? For cardmembers utilizing AutoPay, it’s advised you modify your settings to steer clear of accidentally paying off the full balance in lieu of your new, monthly payment plan. Citi Flex Pay on Amazon is a simple method for cardmembers to pay for his or her bigger purchases. Many credit cards come with a 0% APR offer for either balance transfers or purchases (or both). They will select the length of the plan and with no software, no credit score inquiries, no incremental charges and a decrease APR than their card’s customary buy price. The longer the time period you choose, the smaller your payments will be — but the more interest the balance will accrue, and the more you’ll spend in total. Read Less “Six months ago, I would have said why bother with a 7-10 percent interest rate when you could pay 0 percent,” says Ted Rossman, industry analyst at Bankrate. There’s also no hard credit inquiry required, unlike most loan and financing applications. Citi® is offering the Citi® Double Cash Card, which has an Intro APR Period of 18 months on Balance Transfers.Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay. As a reminder, for a purchase to qualify for Citi Flex Pay on Amazon, it must have been made on Amazon.com with an eligible Citi card. Great for: Long balance transfer offer Citi Simplicity® Card - No Late Fees Ever. Citi Flex Pay on Amazon allows you to split your purchase into equal monthly payments over a period of time ranging from three to 48 monthly payments, depending on your purchase size. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. 0% promotional APR on Purchases of $250 or more for 12 months. With this feature, for qualifying purchases of $100 or … That means by taking advantage of one of these offers, you’d end up saving yourself money on interest. But you can still avoid paying interest on purchases. And if you’re struggling with credit card debt and planned on using a Citi Flex Loan to help cover it, you can transfer balances to another card that offers a 0% interest period instead. Eligible cardmembers will see the offer appear at checkout. When you click on any ‘Apply Now’ button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. Not including the new, 24-month 0 percent APR offer, cardmembers have one-to-five equal monthly payment plans to choose from and receive a low APR. 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