Amazon introduces for a few users the possibility to buy a product by paying with a financing. Here's how it works and the rules to follow
After introducing in previous months the possibility to buy some products in installments, now Amazon goes even further by allowing users to buy selected products through CreditLine financing by Cofidis. For the moment, the new mode of operation is still in the testing phase and only available on about twenty products and for users who have added their bank account number to their Amazon account. If everything goes well it could be released for everyone in the coming months.
The financing is limited only to users who have added the current account because the monthly installments are scaled automatically, without the person having to go to the post office or the bank to pay the bill. In order to have access to the financing, the product purchased must cost between 100 and 1500 euros and you can decide to divide the expense into 3, 5, 6, 10, 12, 18 or 24 monthly installments. The approval of the financing must be done by Cofidis and is quite fast.
How to link current account to Amazon account
To take advantage of Cofidis' CreditLine financing on Amazon, you need to link your current account to your account. To do this, you need to access your Amazon account, press on the top right on "Accounts and Lists" and then on "Payment Options". At the bottom you will find "Enter a new bank account" and then on "Add a bank account". At this point you have to enter the BIC/Swift code, IBAN and the name of the account holder.
How to apply for Amazon financing
To pay with financing is quite simple, but you have to follow some precise steps. First of all, you need to find a suitable product: for the moment there are not many of them and they mainly concern Xiaomi, Realme and Redmi smartphones, or accessories from the same manufacturers. To understand if a device can be purchased through financing, you have to find on the product page of Amazon the words "Financing with CreditLine Cofidis: pay now or pay in installments".
At this point you have to put it in the cart and proceed with the payment, selecting as method CreditLine. At the end of the order you will be directed to the Cofidis website where you will have to enter all your personal data to request financing. Usually the procedure for approval is immediate.
Differences between payment in installments and payment with financing
What are the differences between payment in installments and financing? There are mainly two: the duration and the cost.
The installment payment offered by Amazon allows you to at most divide the cost into five monthly installments at no extra cost. On the other hand, the payment with CreditLine financing from Cofidis allows you to defer the purchase in 3, 5, 6, 10, 12, 18 or 24 monthly installments, but paying a commission for each installment. The higher the number of installments, the higher the commission to be paid.