Amazon Pay has broadened its equal monthly payments program for Prime Visa and Amazon Visa cardholders. This new feature allows users to take advantage of 0% annual percentage rate (APR) financing for six or twelve months on purchases of $50 or more, not just at Amazon but also with thousands of participating online retailers.
This program includes well-known retailers like Lenovo for electronics, as well as kate spade for premium handbags, jewelry, and clothing.
Here’s a breakdown of how it works:
To use the equal monthly payments option outside of Amazon, first ensure your eligible Amazon card is set as your default payment method. At checkout with a participating retailer, simply select the Amazon Pay button and log in with your Amazon account. Amazon Pay will utilize the information saved in your Amazon Wallet, such as your email, shipping address, and payment details, to streamline the checkout process.
When you use this payment option, the total purchase amount is charged immediately to your Prime Visa or Amazon Visa. Your credit card statement will display an interest-free balance due each month, which includes the equal monthly payment amount and any non-promotional balances.
However, by opting for equal monthly payments, you forfeit the opportunity to earn rewards on these transactions. Currently, the Prime Visa and Amazon Visa offer 1% back on purchases made outside of Amazon, Whole Foods, Chase Travel, restaurants, gas stations, and for local transit and commuting.
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