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Amazon teams up with Barclays to offer instalment payments

UK customers can now apply for a reusable credit account from Barclays that lets them divide the cost of eligible purchase

Retail giant Amazon recently announced that it has teamed up with Barclays that will provide the UK customers with an option to apply for a reuseable credit account from Barclays which lets them divide the cost of the eligible purchase, according to media reports. Additionally, customers can pay for additional purchases through installments without needing to reapply, as long as they stay within their spending limits. The monthly instalment payments are also auto-debited, thereby providing shoppers with a simple and convenient way to pay on time.

Products worth more than £100 can be purchased through this and reuseable credit can be used for millions of products, including those from thousands of small and medium businesses selling on Amazon. First time users will select their choice of instalment plan from available term options at Amazon checkout, complete an online application, and in most cases, they will receive an immediate response from Barclays letting them know whether they’ve been approved, and what their spending limit is.

All the lending will be fully regulated by the FCA and Barclays carries out robust credit and affordability checks to make sure that the customer is not given access to more credit than they can comfortably afford. Once approved, the reuseable credit account will be added to their wallet and will be available at checkout while shopping on Amazon, thereby allowing them to make repeat purchases without needing to apply again, as long as they remain within the overall credit limit and monthly payment limit.

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