NEW YORK—Citigroup plans to let credit card customers finance big purchases on Amazon.com over longer periods of time.
The deal may spur sales at the e-commerce giant while boosting the bank’s interest-bearing balances, Bloomberg reported.
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.
“It’s meant to give borrowers more options. For Amazon, it’s a way to increase so-called basket size, making sales more profitable. It may also give the retailer another edge on competitors,” Bloomberg said.