U.S. Bank is joining an ever-growing number of banks offering a Buy Now, Pay Later service to customers. The bank’s ExtendPay allows cardholders to choose a monthly installment plan on select purchases, mirroring similar services from Chase, American Express, and others.
About ExtendPay and Equal Monthly Financing
ExtendPay from U.S. Bank is the latest Buy Now, Pay Later (BNPL) installment service for credit cardholders. The new program allows eligible U.S. Bank credit cardholders to finance select purchases and repay them without interest for a setup fee.
The ExtendPay service is like other payment planning services, such as Chase’s My Chase Plan or Amex’s Plan It. U.S. Bank cardholders select an eligible purchase of $100 or more and pay off that purchase over a set number of months. These planned purchases won’t incur interest but will come with a small monthly surcharge.
Buy Now, Pay Later Growth Continues to Soar
The BNPL marketplace for credit cards is becoming increasingly competitive. Beyond U.S. Bank, Chase, and American Express, Barclays also offers a BNPL service called Easy Pay. Additionally, Visa has plans to roll out a BNPL API for issuers of cards on its payment network, perhaps as a way to fend off challenges by fintech start-ups like Splitit, which already offers an instore BNPL service that works through Apple Pay and Google Pay.
About U.S. Bank
U.S. Bank is a leading bank and credit card issuer, with over 14 million cardholders as of 2021. The bank is currently the 12th largest issuer of credit cards in the country, offering products to those with credit scores ranging from excellent to bad credit or no credit history. The bank features co-branded credit cards with major retailers like Kroger and REI, as well as cards from major travel brands, like Radisson and Korean Air.
Related Article: Capital One Takes On Buy Now, Pay Later Financing
Featured image by U.S. Bank
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