Citi announced that Visa Costco Anywhere cardholders now have access to the Citi Flex Pay Buy Now, Pay Later (BNPL) option.
The new solution proposed by the bank gives the holders of these cards the opportunity to pay for their purchases over time with a fixed fee. Also, in this case, interest accrual is not provided. Another advantage of the financial institution’s offer is that consumers have the opportunity to receive a reward for cash refunds.
As part of the new solution, there are no fees provided if Visa Costco Anywhere cardholders have a three-month Citi Flex Pay payment plan for eligible purchases in a warehouse or on the website Costco.com. Also in the coming months, this advantage will be available to those consumers who have Costco Anywhere Visa Business cards.
Citi Flex Pay cardholders who make a qualifying purchase in the amount of $75 or more at any shopping center using their credit payment mean issued by this financial institution will be able to log into an account registered on the bank’s website and choose a monthly plan for a period of three to 24 months. Then consumers will be able to make payment transactions over time. A special advantage in this case is that the financial institution did not provide for the need to submit applications and pass credit checks within the framework of the mentioned procedures.
The new solution, which is based on the functional offer of BNPL, provides consumers with a guarantee of predictable payments. Also, in this case, users have the opportunity to make purchases anywhere. Other component elements of the new solution are choosing the most convenient monthly payment plan and receiving cashback for transactions. The relevant information is available on the web page dedicated to the Citi Flex Pay With Costco offer. This is an existing benefit, which is why consumers can use it at any time.
Industry studies show that in the United States, citizens positively perceive BNPL offers and note the importance of store cards. According to the results of the surveys, it was found that 64% of respondents made a choice in favor of the mentioned cards due to the fact that various rewards are provided in this case. In addition, the benefit in favor of the buyer in the framework of such solutions is higher compared to traditional commercial procedures. Also, 78% of respondents said that they make larger purchases using the BNPL option.
In another survey in the United States, the main question concerned what solutions consumers intend to use in the context of a situation of purchasing goods worth more than $1,000, more than half of the respondents opted for BNPL. The store card in this case turned out to be a less preferred tool when making purchases.
At the same time, experts note that special corporate means of payment issued by retail establishments are the most acceptable option for their owners when choosing a solution for paying for goods. Statistics show that those who have store cards use these commercial action tools to make 87% of their purchases. At the same time, BNPL remains the preferred solution in case of purchasing expensive products.
As we have reported earlier, Citi Adds New Payment Solutions.