Usbank ExtendPay Services for Borrowing and More

US Bank's ExtendPay service allows you to pay bills and make purchases with your next deposit, rather than needing to pay immediately.

This service is designed to help you manage your finances by extending the payment period for bills and purchases, giving you more time to pay.

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U.S. Bank's ExtendPay offering is a new payment option that allows customers to divide eligible purchases into affordable, fixed monthly payments with no added interest – just a fixed monthly fee.

You can use ExtendPay with your U.S. Bank consumer and business credit card(s). This feature is available for both personal and business cardmembers.

To use ExtendPay, you can select different timeframe options for each plan, which range from three to 24 months. You can set up plans depending on eligible card purchases.

Here's a breakdown of the ExtendPay features:

You can keep the rewards you normally earn on purchases using your cards, and you don’t need an application to get started.

US Bank ExtendPay offers a $1 monthly fee option, which might be a good deal for some customers. This fee is relatively low compared to the interest that would be charged on delayed payments.

The $1 deal is available on certain US Bank cards, including the Cash+, Connect, and Altitude Reserve. However, it's not clear if this offer is targeted or not.

The offer was sent via email to some customers, with subjects like "Please read, 🎉 Make Holiday purchases easier with ExtendPay" or "Please read, pay off your holiday purchases over time with this exclusive offer 💰". These emails have an expiration date of December 27th.

It's worth noting that this $1 promo isn't mentioned in all emails, even if the customer is eligible for it. The "small fee" offer mentioned in another context is actually a different deal, with a fee that's not as small as it sounds.

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The APR (Annual Percentage Rate) for U.S. Bank's ExtendPay is quite varied, depending on the type of transaction.

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For purchases, the introductory APR is 0% for the first 12 billing cycles, which is a great deal for businesses looking to make large purchases without incurring interest charges right away.

The ongoing APR for purchases and balance transfers is between 17.99% and 26.99% variable, which will adjust with the prime rate.

This means that your business will pay a higher interest rate on outstanding balances, but it's still a relatively low rate compared to other forms of payment.

Here's a breakdown of the APR for different types of transactions:

It's worth noting that the penalty APR is 29.99% variable, which will be applied if you have any late payments or exceed your credit limit.

Small business owners are looking for straightforward value propositions that are easy to understand. This is especially true when it comes to borrowing options.

Some businesses want more control over their cash flow, and "buy now, pay later" options can provide that. U.S. Bank's ExtendPay is a great example of this, allowing business owners to spread out payments while still earning rewards on their credit cards.

These types of financing options can give business owners confidence in making larger purchases. By offering more flexibility in payment plans, businesses can manage their expenses more effectively.

Advancements in technology and changing customer preferences will shape the future of SMB borrowing. This includes the displacement of more expensive forms of payment, such as paper checks.

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APR can be a complex topic, but let's break it down simply. The APR on this credit card is 0% for the first 12 billing cycles on purchases.

The ongoing APR is variable and ranges from 17.99% to 26.99%. This means the interest rate will change with the prime rate. You'll never pay less than $1 in interest, even if the APR is 0%.

For balance transfers and purchases, the APR will adjust with the prime rate. If you take out a cash advance, the APR jumps to 31.24%. This is also variable and will change with the prime rate.

There's a penalty APR of 29.99% that will be applied if you don't make six consecutive minimum payments on time and don't exceed your credit limit during that period.

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