You can buy almost anything on Amazon, from fashion to furniture. To help cover the cost of your purchases, you might want to split your payments into multiple payments. Luckily, there are plenty of options, many of which can help you avoid interest rates and high fees.
Does Amazon offer payment plans?
Shoppers might be surprised to learn that Amazon offers payment plans. Installment plans can be offered through Amazon, an Amazon store-branded credit card, or through a third party.
If you want a 0 percent financing option, the Amazon Monthly Payment Plan, 0 percent promotional offer with the Amazon Store Card, or a 0 percent introductory APR credit card are great options.
Amazon Payment Plan Types
Whether your goal is to stretch out your payments for as long as possible or avoid paying interest altogether, there are multiple financing options available from Amazon.
Amazon Monthly Payment
One of the first programs worth considering is Amazon Monthly Payments, if available for the specific product you want to purchase. The Amazon Monthly Payments program allows you to make payments over a four-month period. You can usually determine if the product you want qualifies for a payment plan by looking at the options offered under the price on the product page.
With this program, simply select the monthly payment option at checkout (if offered). Once selected, Amazon will split your payment into five installments. The first payment will be made when your product ships and will include all shipping, handling, and taxes. Then, every 30 days, your account will be charged four equal installments of approximately 20 percent of the purchase price. Plus, there are no interest or fees for using this payment option.
The great thing about this program is that it is not based on your credit score, meaning no credit withdrawal is required. Eligibility is based on your purchasing history on Amazon and the price of the product, and is offered at Amazon’s discretion.
While there are great benefits to using Amazon Monthly Payments, there are some caveats to this program that may not give you the flexibility you need.
- This option is only available for select products and eligibility won’t appear until you search for a specific product.
- You can pay in five installments or pay off the entire amount early, but you can’t stretch out your payments for more than four months.
- You are limited to one product category or Amazon device per monthly payment program – for example, only one electronic device or piece of furniture.
Amazon Credit Card
If you need a little more time to pay for your purchases or the products you want aren’t eligible for Amazon Monthly Payments, the Prime Visa from Chase (formerly the Amazon Prime Rewards Visa Signature Card) or the Amazon Prime Store Card from Synchrony are potential alternatives.
Amazon Equal Pay
If you have an Amazon Store Card or Amazon Visa Credit Card (or open a new account), you may be eligible for Amazon Equal Pay, a plan that offers 0 percent financing and splits your purchases into equal payments over 6 to 24 months, with no interest accruing.
As mentioned above, Amazon Equal Pay is available on both the Synchrony card and the Amazon Prime Visa card, but the terms and conditions vary depending on which card you have. In either case, you won’t be charged interest as long as you pay in full and on time. You’ll be charged the total amount when your item is shipped, but your installments will form part of your monthly minimum payment.
Prime Visa Card
| Number of months | Minimum Purchase Amount |
|---|---|
| 6 | $50 |
| 12 | $250 |
Synchrony Amazon Store Card
| Number of months | Minimum Purchase Amount |
|---|---|
| 6 | $50 |
| 12 | $600 |
| twenty four | For certain purchases |
Amazon Special Loan
Amazon special financing is simply a plan that postpones interest payments, but is useful if you want to pay a larger amount all at once rather than in equal monthly installments. This financing option offers 0 percent APR for 6 to 24 months (depending on the amount of your purchase) and allows you to avoid interest by paying off your account balance before the end of the promotional period. Special financing is typically offered more to Amazon Store cardholders, but Amazon Prime Visa cardholders may also qualify.
You aren’t required to make a minimum monthly payment, but if you don’t pay the full amount by the final due date, you’ll owe interest for the payment period. These cards have high interest rates, so not meeting your payments on time can make your purchases more expensive.
| Number of months | Minimum Purchase Amount |
|---|---|
| 6 | $150 |
| 12 | $600 |
| twenty four | For certain purchases |
Additional Amazon Financing Options
Citi Flex Pay
Thanks to Citi Flex Pay, eligible Citi credit card holders can use Amazon Pay at checkout to pay off part of their Amazon purchase in installments at 0 percent APR or a low interest rate, depending on the payment plan. When you spend $50 or more on Amazon, Citi lets you pay in equal monthly installments over a period of 3 to 24 months. To take advantage of this payment plan, simply select your Citi card as your payment method when completing your Amazon purchase with Amazon Pay.
| Monthly payment plan | Minimum purchase amount | Promotional Annual Interest Rate |
|---|---|---|
| 3 months | Over $50 | 0% |
| 6 months | Over $149 | 0% |
| 12 months | Over $300 | 0% |
| 18, 24, or 48 months | Over $600 | Disclosed at check-out |
AMEX’s “Pay It, Plan It”
Like Citi, American Express cardholders have flexible payment plans. The American Express Pay It, Plan It program lets you pay for purchases over $100 in installments. There’s a monthly fee, but no interest.
After making a purchase with your eligible American Express credit card, simply log into your Amex account and select the purchase you want covered with Plan It. One interesting benefit of using this program is that it can be used on up to 10 purchases at a time (totaling more than $100).
Credit cards offering 0% introductory APR offers
Citi and American Express are two examples of issuers that offer flexible payment plans, but another way to pay off over time is to choose a credit card with a 0 percent introductory APR. Many credit cards offer long promotional periods to entice new users. Check out Bankrate’s list of the best 0 percent interest credit cards to find the option that’s right for you.
Buy Now, Pay Later
Amazon Monthly Payments is a buy now, pay later (BNPL) option. However, if your product doesn’t offer it or it doesn’t meet your payment needs, you can choose a third-party BNPL provider. Not all buy now, pay later companies work with Amazon, but here are some you can consider:
Which Amazon Financing option is right for me?
It can be difficult to decide which Amazon financing option is right for you: Should you take advantage of Amazon Monthly Payments, Amazon credit card programs like Equal Pay or Special Financing, apply for a 0 percent introductory APR credit card, or try a third-party buy now, pay later service?
The first thing you need to decide is how long you actually need to pay for your purchase. While the Amazon monthly payment option is convenient, it may not give you as much time to pay off your purchase as an equal payment or special financing option.
On the other hand, if you’re worried about drawing down your hard credit or setting up another credit card in your name (which can be hard to qualify for or pay on time), Amazon Monthly or Buy Now, Pay Later services may be better options.
Whichever option you choose, it’s important to figure out your repayment plan thoroughly up front. You’ll also want to pay close attention to payment due dates, as you may incur late fees and other penalties.
Conclusion
Amazon shoppers may not be aware that there are a number of options available to help you stretch out your payments for a little longer. As long as you know your repayment goals and know when your payments are due, finding the right Amazon payment plan that fits your budget has never been easier.
