Customers need to meet certain eligibility requirements to apply for an instalment account
Amazon customers in the UK will have access to Instalments by Barclays, helping them to finance purchases of £100 or more on amazon.co.uk.
The reusable credit account can be used on millions of products, including those from thousands of SMBs selling on Amazon.
With Instalments by Barclays, customers will be able to pay for their purchases, with financing options available on terms between 3 – 48 months.
Users will select their choice of instalment plan from available term options at Amazon checkout, complete an online application, and in most cases, they’ll receive an immediate response from Barclays letting them know whether they’ve been approved, and setting out their spending limits.
What is more important, all lending is fully regulated by the FCA, and Barclays carries out credit and affordability checks to ensure that the customer is not given access to more credit than they can comfortably afford.
If approved, customers will find their reusable credit account added to their wallet and available at checkout while shopping on Amazon. It allows them to make repeat purchases without needing to reapply, as long as they remain within their overall credit limit and monthly payment limit.
The bank offers this credit account at an APR of 10.9% for online purchases on Amazon, although promotional rates and interest-free financing may be available at times.
There are no account management fees, late fees, statement fees, or other hidden fees.
We’ve reported that Barclays gets Australian banking license.