Apple Pay Gains Support for Citi Monthly Payment Plans

[MacRumors]

Apple Pay now supports Citi Flex Pay, allowing U.S. Citi credit card holders to pay for Apple Pay purchases over time with the Flex Pay option.

Citi Flex Pay is available for Apple Pay purchases over $75. The default payback period is three months, but there are longer payback durations available with a monthly fee. Flex Pay can be used when making purchases on websites or in apps.

To use Citi Flex Pay, an eligible Citi credit card needs to be added to Apple Pay. When making a purchase, select the Citi credit card and then tap on "Pay Later." From there, select a Citi Flex Pay option.

Apple previously had its own buy now, pay later service called Apple Pay Later, but it was discontinued last year. Apple now partners with third-party providers for pay over time options. Apple's other U.S. partners include Affirm, Klarna, and Synchrony.

Article Link: Apple Pay Gains Support for Citi Monthly Payment Plans

 

[mansplains]

Citi Flex Pay seems worse than other BNPL, since the entire purchase amount is counted against your credit limit. This effectively increases your credit utilization. Obviously it would go down as you make your payments, but the payment options themselves aren't as flexible as Affirm and Klarna.

 

[HobeSoundDarryl]

Does it not bug people that the whole credit machine has worked its way down to trying to get people into a monthly payment arrangements on only $75 purchases? I guess next we're making 5 payments to finance $50 purchases and than 3 payments to finance $25 and just keep that going until we're making payments in pocket change to finance $1. How low can that go? 6-7 monthly penny payments to repay a nickel (loan)?

Is it a sign that many are tapped out and maximizing profit in the financing game is increasingly becoming a volume play vs. the big deals for big cuts? Or maybe it's both: harvest big on big deals AND harvest small on big volume of little deals?

Your fathers or theirs would generally only get into payment plan arrangements for relatively large purchases: houses & cars. But in the last 40-50 years, the big payment model has worked its way down to smaller & smaller purchases. Another way to say that is finance entities like banks are working their way into getting a little bite of every transaction... and then attempting to double down their revenue by encouraging relatively micro payments to finance fairly cheap purchases.

I bought a small group of family dinner last week and today I got the offer to spread that bill for one dinner over 6 payments. Maybe that's good? But from a high level viewpoint, I'm not so sure. 10 or 20 years ago, I'd toss a joke of needing "90 days same as cash" to buy dinner at THAT place. And now such terms are actually popping up... for ONE meal.

 

[acgmph]

Does it not bug people that the whole credit machine has worked its way down to trying to get people into a monthly payment arrangements on only $75 purchases? I guess next we're making 5 payments to finance $50 purchases and than 3 payments to finance $25 and just keep that going until we're making payments in pocket change to finance $1. How low can that go? 6-7 monthly penny payments to repay a nickel (loan)?

Is it a sign that many are tapped out and maximizing profit in the financing game is increasingly becoming a volume play vs. the big deals for big cuts? Or maybe it's both: harvest big on big deals AND harvest small on big volume of little deals?

Your fathers or theirs would generally only get into payment plan arrangements for relatively large purchases: houses & cars. But in the last 40-50 years, the big payment model has worked its way down to smaller & smaller purchases. Another way to say that is financier entities like banks are working their way into getting a little bite of every transaction... and then attempting to double down their revenue by encouraging relatively micro payments to finance fairly cheap purchases.

I bought a small group of family dinner last week and today I got the offer to spread that bill for one dinner over 6 payments. Maybe that's good? But from a high level viewpoint, I'm not so sure. 10 or 20 years ago, I'd toss a joke of needing "90 days same as cash" to buy dinner at THAT place. And now such terms are actually popping up... for ONE meal.

New age payday loans. Predatory no matter how you look at it.

 

[subjonas]

New age payday loans. Predatory no matter how you look at it.

What’s the fee on these?

 

[zilchfox]

For the love of… Please, PLEASE, never use these or anything similar (such as Afterpay, etc). If you have to finance your everyday purchases, you need to take a serious look at your financial health.

 

[cjsuk]

For the love of… Please, PLEASE, never use these or anything similar (such as Afterpay, etc). If you have to finance your everyday purchases, you need to take a serious look at your financial health.

This.

Worth noting that credit providers can and do sell debts. Next thing you know you’ve been sold out to a third party who adds fees and interest.

Also Citi. No thanks. Worked with them. Circus clowns.

 

[HMI]

I guess I’ll be there to short the penny credit derivatives.

 

[Bill Av]

Does it not bug people that the whole credit machine has worked its way down to trying to get people into a monthly payment arrangements on only $75 purchases? I guess next we're making 5 payments to finance $50 purchases and than 3 payments to finance $25 and just keep that going until we're making payments in pocket change to finance $1. How low can that go? 6-7 monthly penny payments to repay a nickel (loan)?

Is it a sign that many are tapped out and maximizing profit in the financing game is increasingly becoming a volume play vs. the big deals for big cuts? Or maybe it's both: harvest big on big deals AND harvest small on big volume of little deals?

Your fathers or theirs would generally only get into payment plan arrangements for relatively large purchases: houses & cars. But in the last 40-50 years, the big payment model has worked its way down to smaller & smaller purchases. Another way to say that is financier entities like banks are working their way into getting a little bite of every transaction... and then attempting to double down their revenue by encouraging relatively micro payments to finance fairly cheap purchases.

I bought a small group of family dinner last week and today I got the offer to spread that bill for one dinner over 6 payments. Maybe that's good? But from a high level viewpoint, I'm not so sure. 10 or 20 years ago, I'd toss a joke of needing "90 days same as cash" to buy dinner at THAT place. And now such terms are actually popping up... for ONE meal.

Watch some of Caleb Hammer's videos on YouTube. I can't get through ten minutes of one. It's scary how many people do this sort of thing

 

[mansplains]

I bought a small group of family dinner last week and today I got the offer to spread that bill for one dinner over 6 payments. Maybe that's good? But from a high level viewpoint, I'm not so sure. 10 or 20 years ago, I'd toss a joke of needing "90 days same as cash" to buy dinner at THAT place. And now such terms are actually popping up... for ONE meal.

 

[johnsawyercjs]

Does it not bug people that the whole credit machine has worked its way down to trying to get people into a monthly payment arrangements on only $75 purchases?

During the past year or so, I've been seeing payment plan offers for even smaller purchases in some manufacturer's/retailer's website product listings, and maybe some larger venues like eBay, Amazon, etc. too. Some don't add interest (as long as you pay off the balance on time), but maybe some do--I haven't checked since I haven't been interested in breaking up such small purchases into multiple payments. I think your prediction is essentially right--many sellers will be increasingly offering payment plans on the entire range of purchase prices, all the way down to what would once have been considered absurdly small purchases.

 

[DotCom2]

I'd rather just use my Apple CC and pay in full and get my 3% back.

 

[icwhatudidthere]

During the past year or so, I've been seeing payment plan offers for even smaller purchases in some manufacturer's/retailer's website product listings, and maybe some larger venues like eBay, Amazon, etc. too. Some don't add interest (as long as you pay off the balance on time), but maybe some do--I haven't checked since I haven't been interested in breaking up such small purchases into multiple payments. I think your prediction is essentially right--many sellers will be increasingly offering payment plans on the entire range of purchase prices, all the way down to what would once have been considered absurdly small purchases.

I checked my on my Citi credit card. I had a purchase for $76 that I could pay over 6 months with a monthly plan fee of $0.33 and $2.10 total. $75 is the smallest they allow.

 

[akbarali.ch]

Apple Pay was launched with iPhone 5. Current iPhone is 16 and yet India doesn't have Apple pay yet.

 

[HMI]

Apple Pay was launched with iPhone 5. Current iPhone is 16 and yet India doesn't have Apple pay yet.

It’s not a technical issue. It’s a different banking system with different banking legalities. Perhaps India doesn’t want Apple’s solution in preference of their own.