FlexPay is a service that allows you to convert eligible credit card transactions into manageable, fixed monthly payments. It provides a convenient way to spread out the cost of larger purchases over time without incurring interest charges.
How FlexPay Works
FlexPay simplifies the repayment of significant credit card expenditures by converting them into an installment plan. Instead of a revolving balance accruing interest, you'll have predictable, equal monthly payments.
Key features and benefits of FlexPay include:
- Transaction Eligibility: It applies to credit card transactions that are equal to or greater than $100. This makes it suitable for a variety of larger purchases, from electronics to home repairs.
- Fixed Payments: Your chosen transaction is split into fixed, equal monthly payments, making budgeting easier and clearer. You know exactly how much you need to pay each month until the transaction is fully paid off.
- No Interest: One of the primary advantages of FlexPay is that it charges no interest on the split transaction. This can lead to significant savings compared to carrying a balance on a standard credit card, where interest can accrue rapidly.
- Affordable Fixed Fee: Instead of interest, FlexPay charges an affordable, fixed fee for the service. This fee is known upfront, providing transparency on the total cost of converting your transaction into an installment plan.
In essence, FlexPay offers an alternative payment solution for credit card users who wish to pay off specific large purchases in a structured, cost-effective manner, avoiding the complexities and costs associated with traditional credit card interest.
