Future Finance
Citi’s New Credit Card Perk Gives Amazon Edge in Winning Big Orders
Option to slow repayment at lower APR to appear at checkout
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Citigroup Inc. plans to let credit-card customers finance big purchases on Amazon.com over longer periods of time -- a deal that may spur sales at the e-commerce giant while boosting the bank’s interest-bearing balances.
Cardholders who’ve shopped on Amazon in the past 12 months can choose to pay off transactions of at least $100 on a longer schedule and at a lower annual percentage rate, the lender said in an emailed statement. It’s meant to give borrowers more options “given the current environment,” said Anand Selva, head of Citigroup’s U.S. consumer bank.