Amazon UK is making it easier for their customers to purchase big ticket items — and harder for their real world competitors to keep up.
Going forward, Amazon is allowing consumers to pay for goods on installment plans. Consumers who wish to buy now but pay somewhat later can now select Amazon’s Pay Monthly as an option at checkout for orders over £400 (~$589 ) over a series of installments that can stretch over two, three or fours years (depending on order amount). The interest rate on offer is 16.9 percent.
No deposit is required on products, according to Engadget reports, as the initial payments counts as a consumer’s first monthly payment.
The news is not great news for U.K. name brand retailers like John Lewis or Argos — as big box electrical items, furniture and other big ticket items tend to be their purview — and not territory they are likely overly eager to share with Amazon.
Currently, only products sold directly by Amazon are eligible for the Pay Monthly program and consumers must, of course, pass a credit check before being afforded the option.