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. The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Citi Flex Pay is a somewhat simpler option. Advertiser relationships do not affect card evaluations. EDITORIAL DISCLOSURE: The editorial content on this site is not provided by the companies whose products are featured. This is almost like their Flex loan thingy except a la Amazon. You can request a personal loan from your preferred bank, for example. It could save you a good deal of money on interest. “It’s certainly better than borrowing from your 401(k), taking out a cash advance or a payday loan,” Rossman says. Our experts have been helping you master your money for over four decades. Citi Flex Pay expanded to Amazon, offers 0% APR in time for Prime Day. Bankrate.com is an independent, advertising-supported publisher and comparison service. Content is not provided or commissioned by any credit card issuers. The going APR seems to be a bit high for long term or extended financing, but an alternative for those who don't want to open up a new account and use their eligible Citi card. A Red Ventures company. You can choose to have them distributed via mail or by direct deposit. 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. Review and select one of Citi's 0% Intro APR credit cards for use on purchases or balance transfers. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. A Citi Flex Loan is a loan distributed by Citi. If you choose by mail, you can expect to see your check in up to ten days. Chase provides similar programs: My Chase Plan and My Chase Loan. A Citi Flex Plan could be a good way to make necessary purchases, if you’re in a pinch and can’t afford to pay in full immediately. 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. how we make money. With this feature, for qualifying purchases of $100 or … DISCLAIMER: All information posted to this site was accurate at the time of its initial publication. 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 … If you use a promotional 0% APR balance transfer or purchase offer, your Citi Flex Plan can make it harder to pay that balance down. Hat tip to VC. In either case, no application fee, hard credit check, or application of any kind is required on your end. Your loan amounts and monthly payments could look something like this: You can choose how much time you’d like to pay your loan back, thus determining your payment amount. 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. Afterwards, it’ll be added to your required monthly credit card payment. So if purchases you make with your credit card carry a higher APR than that of your Flex Loan, you’ll have to pay down your purchase balance before you can apply any extra payments to the loan (the same goes for balances from balance transfers and cash advances). There’s also no hard credit inquiry required, unlike most loan and financing applications. If you have an upcoming large purchase (or a series of purchases) that you can’t afford to pay in full immediately, either one could prove a useful tool. Citibank.com provides information about and access to accounts and financial services provided by Citibank, N.A. The same holds true for 0% purchase APR offers . Update 8/19/20: Citi is now offering some people 0% APR. Citi Flex Plan offers are made available at Citi's discretion. 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. That means by taking advantage of one of these offers, you’d end up saving yourself money on interest. ADVERTISER DISCLOSURE: Credit Card Insider is an independent, advertising supported website. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Back in September I got an offer from Citi giving me 0% APR on purchases through February 27th. 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. Here’s a breakdown of each payment option: It’s important to note shipping and handling and tax are included in the qualifying purchase amount. Just make sure you’re not able to get a lower APR elsewhere. Therefore, this compensation may impact how, where and in what order products appear within listing categories. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. 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%. 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. “And the interest rates are considerably lower than most credit cards. Learn more in our Editorial Guidelines. Just keep using your card the way you are now. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. At first I was excited that it might be a 0% interest deal, but then I realized it was a horrible loan. Citi is now offering Citi Flex Pay on Amazon. Amazon 0% intro APR offers. Looking for an in-depth breakdown of how exactly credit utilization works, and how it affects your credit scores? Some cards won’t even charge a balance transfer fee to do so. We are an independent, advertising-supported comparison service. The responses below are not provided or commissioned by bank advertisers. 0% promotional APR on Purchases of $250 or more for 12 months. New to credit cards? Both let you choose the duration of payments, and have certain advantages and disadvantages. A 0% interest credit card is a card that does not charge interest on purchases for a certain number of months after account opening. On Aug. 3, 2020, Citi announced a collaboration with Amazon that brings a new addition to its Flex Pay program. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. 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. 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. And, the APR prioritization still applies here. You’ll be able to make extra payments on your loan, as long as you knock out any other balances with higher APRs first. (I got this change on 4 of my Citi cards, not the AAdvantage one. The standard variable APR for Citi Flex Plan is 13.49% – 23.49%, based on your creditworthiness. A Citi Flex Plan will present you with two financial paths: a Citi Flex Loan or Citi Flex Pay plan. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. + Show More Terms and Restrictions Apply Contact us here. For American Express cardholders, there are the Pay Over Time and Pay It Plan It® financing programs. As a result, in order to pay off your Citi Flex Plan balance in full, you must make a payment that covers all of the following amounts: the Minimum Payment Due for that billing period, the full amount of any credit card balances with an APR higher than or equal to the APR for your Citi Flex Plan and the remaining balance on your Citi Flex Plan. If you have cards from other issuers, you can check out a few different offers. 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. Citi decides what amount you’re eligible for, and you get to choose your repayment term. INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER … Our goal is to give you the best advice to help you make smart personal finance decisions. For the Citi Flex Loan, you can be approved for a loan up to the amount of your credit limit. Credit Card Insider has not reviewed all available credit card offers in the marketplace. Maybe a Citi Flex Loan could help finance that. Read Less While there are no fees for accepting the loan, the balance will still accrue interest at a fixed APR. Rating image, 4.5 … 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). Eligible cardmembers will see the offer appear at checkout. After taking a 0% balance transfer APR offer, your minimum payments will be allocated to that transferred balance due to its 0% interest rate. make certain purchases or; better manage your credit balances to pay them off more quickly. Learn how it … Our Take We value your trust. The Citi Flex Plan is your personalized payment plan: how you pay back the amounts you borrow. The 0% interest rate would obviously be lower than that of your Citi Flex Plan. So if you have plans to get ahead, you’ll need to pay off any outstanding credit card balances (assuming they carry higher APRs) before you can make additional payments on the Citi Flex Pay balance. The same holds true for 0% purchase APR offers. Each plan will use up your credit card balance, like a typical purchase would. Equal Pay 0% promotional APR on Purchases of $50 or more for 6 months. They’ll present you with your options, either via email or a banner on your account page, and you can choose which plan is best for you. While the minimum payment will go towards your purchase balance, the excess payments you make will only affect the Citi Flex Plan balance. You'll also get an 18-month 0% intro APR … 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. Requires no application, hard credit check, or fee. The standard variable APR for Citi Flex Plan is 13.99% - 23.99%, based on your creditworthiness. For Citi Flex Pay, you can choose a purchase you’ve already made and the duration you’d like to pay it down. You can see how all that might play out below. 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. I actually think it’s one of the best ways to borrow if you need to carry debt right now.”. Explore the features and benefits of each unique card and choose which one fits your lifestyle best. Reasonable efforts are made to maintain accurate information, though all credit card information is presented without warranty. While the minimum payment will go towards your purchase balance, the excess payments you make will only affect the Citi Flex Plan balance. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. 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. 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. 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. As long as I pay the minimum and just pay the entire balance before February 27th, then it shouldn’t affect my credit score and report negatively correct? You won’t have to worry about two payments as your Flex Plan payment is added to your regular monthly payment. For complete details of any products mentioned, visit bank or issuer website. Or perhaps you have a car, but it needs some work done to get back into shape. For direct deposit, your funds should be available within 1–2 business days. 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. Citi Flex Plan offers are made available at Citi's discretion. “But back then, balance transfer offers were abundant. They can hinder more than help if you use them improperly, so you’ll need to weigh your options carefully. To qualify for Citi Flex Pay on Amazon, you must have made a purchase on Amazon using a Citi credit card over the past few months. Card Details [ + - ] The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. We maintain a firewall between our advertisers and our editorial team. Like the Flex Loan, there are no fees associated other than the interest that will accrue at a fixed APR. Citi will occasionally review your credit card account and determine if you’re eligible for its Flex Plans: Citi Flex Loan or Citi Flex Pay. 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. I adjusted the loan term to 60 months to see the change in monthly payment details. The average 0% credit card has a 0% APR for 10.88 months, a $0 annual fee and an 17.65% regular APR. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. These plans could be pretty helpful, if you have a large (and necessary) purchase in your sights that you need to make. 0% promotional APR on Purchases of $500 or more for 18 months. Once you’re notified of your eligibility, you’ll be able to choose the size of your loan and how long you’d like to pay it down. There are no fees associated with Flex Loans or Flex Pay, aside from what interest the balances accrue over time. That way, you can pay off a balance at a lower interest rate for no extra cost, saving yourself some money and not just exchanging one high-interest debt for another. After selecting an equal payment plan, cardmembers have the option to pay with ThankYou Points via Shop with Points at Amazon.com, Amazon gift cards, a credit card or a combination of the three options. Occasionally, Citi will review your credit card account to determine your eligibility for a Citi Flex Plan. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Citi Flex Plan offers are made available at Citi's discretion. For both, you’ll have a fixed APR and get to choose the duration of payments. 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. The Citi Simplicity Card offers a very long 18-month 0% intro APR offer for balance transfers, with the catch that each transfer incurs a 3% fee. Need a car to get to work? Can be helpful if you have a necessary purchase coming up, particularly via Citi Flex Pay. All Rights Reserved. Read this for help picking your first card and find out what to expect when you apply. If you’re looking to utilize a Citi Flex Plan to finance some expenses, you might first consider using a credit card with a 0% APR offer. As lenders have gotten more risk-averse, tapping into an existing card relationship with one of these Citi, Amex or Chase offers could be one of your best ways to lower your interest expense and establish a more predictable payback cycle.”. 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