Amex, Citi and Chase cardholders can choose to use a BNPL loan to finance their purchases by making the purchase with their credit card and then going to the respective website or online banking app to see if the item is eligible for a loan.
While it might seem like a good idea to use a BNPL loan through your credit card issuer over carrying a balance on your credit card each month, you might not be saving money in the long-run. Consumers who use the BNPL options offered by Amex, Citi and Chase will have to pay fixed monthly fees or a fixed APR.
The fee or APR are equivalent to or less than the APR you would get if you carried a balance on your card, so you could save money by using a BNPL loan. However, you’ll have to compare interest rates or fees on the BNPL loan and your card. For all of the BNPL loans, your installment payment is added to your minimum credit card payment each month.
