How Can I Finance an Amazon Purchase?
Navigate options for financing your Amazon purchases. Gain insight into managing payments and acquiring items on your terms.
Various financing options can help manage online purchases. Consumers can acquire higher-priced items or spread out the cost of multiple products over time, rather than paying the full amount upfront. These methods offer structured ways to manage online spending.
Amazon-Branded Credit Programs
Amazon offers credit programs directly from Amazon. The Amazon Store Card, issued by Synchrony Bank, is exclusively for purchases on Amazon.com and Amazon-owned businesses like Whole Foods. This card often features special financing promotions, such as deferred interest on eligible purchases above $149. Under deferred interest, no interest is charged if the full promotional balance is paid by the due date. However, if the balance is not paid in full or a payment is late, interest is applied retroactively from the purchase date on the original amount.
Equal Pay offers may also be available for select merchandise, which do not involve deferred interest. For Amazon Prime members, the Amazon Store Card provides 5% back on Amazon purchases when a special financing plan is not chosen. The Amazon Prime Visa Signature Card, issued by Chase, is another option for Prime members, offering 5% back on Amazon and Whole Foods purchases and usable wherever Visa is accepted.
Applying for these cards occurs online through Amazon’s platform. Once approved, using them as a payment method at checkout is straightforward. It is important to review the specific terms of any promotional financing to understand payment requirements and avoid potential interest charges.
Amazon’s Internal Installment Plans
Beyond branded credit cards, Amazon provides its own internal installment program, often referred to as “Pay Monthly” or “Amazon Monthly Payments,” for certain eligible products. This program is a direct offering from Amazon and does not involve a revolving credit line. Eligibility for this plan is based on a customer’s Amazon account history, including an active account for at least one year and a good payment record, rather than a traditional credit check. A valid credit card must be linked to the account, and the customer must reside in the United States.
The “Pay Monthly” option usually appears on the product detail page or during checkout for qualifying items, which are generally new Amazon devices or higher-priced products sold directly by Amazon. Upon selecting this option, an initial payment, which includes taxes and shipping, is due when the product ships. The remaining cost is then divided into four subsequent equal payments, charged automatically every 30 days, completing the plan over approximately 120 days.
There are no interest charges or additional fees for using this internal installment plan, provided all payments are made on time. If a payment is missed, Amazon may attempt to charge other payment methods on file. Failure to make payments could result in account suspension or the deregistration of any associated Amazon devices.
Leveraging Buy Now, Pay Later Services
Buy Now, Pay Later (BNPL) services offer another alternative for financing Amazon purchases, allowing consumers to split costs into smaller, scheduled payments. Companies like Affirm, Klarna, and Afterpay are prominent providers in this space. While Amazon directly integrates with some BNPL services like Affirm at checkout, others, such as Klarna and Afterpay, often require an indirect approach.
For indirect usage, customers typically access the BNPL provider’s mobile application to generate a one-time virtual card. This virtual card functions like a standard credit or debit card and its details are entered during the Amazon checkout process. The BNPL service then pays Amazon upfront, and the consumer repays the BNPL provider according to a predetermined schedule.
The payment structure for BNPL services commonly involves splitting the purchase into four interest-free installments, often due every two weeks over approximately six weeks. However, some providers may offer longer repayment terms, which could include interest charges depending on the specific plan and the customer’s credit profile. It is important to understand the terms, including any potential interest rates that can range from 0% to 30% APR, and fees for missed payments.