U.S. Bank Launches ‘ExtendPay’ (Pay Over Time or Buy Now and Pay Later Program)

U.S. Bank has launched ‘ExtendPay’, a buy now pay later/pay over time program. This is similar to Chase’s ‘My Chase Plan‘, American Express’ ‘Plan it‘ and Barclays ‘Easy Pay‘ program. Cardholders can select purchases over $100+ (up to 50% of your credit card line) and then select the number of monthly installments they would like to pay for the purchase over. Rather than paying interest, you pay a ‘small’ fixed monthly fee (although this is based on your purchase APR).

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Franddy Nunez Galicia
Franddy Nunez Galicia

Cool

Preston
Preston

PayPal has been doing this for years through their PayPal Credit. Everyone else is just catching up. Doesn’t get much love though because Synchrony Bank doesn’t have the best reputation.

Bob
Bob

P

Felix
Felix

Pure-play BNPL firms like Affirm are in a ride with every bank offering their own version of it. Heck even Apple is getting into it

Lrdx
Lrdx

Hopefully they’ll do promos with zero fees like AmEx and Chase do.