As warmer months approach, air conditioners will soon be in use to help beat the heat. When an HVAC unit goes down, the replacement cost can hit a budget hard. To cover big ticket items, or even smaller purchases, many online merchants offer payment installment plans known as buy now, pay later (BNPL) offerings – and the trend appears to be here to stay.
Research shows consumers want these more predictable payment options. According to data from PYMNTS.com, 87% of consumers ages 22 to 44 are interested in monthly installment plans.
To meet consumer demand for more predictable payment options, Regions now offers a new tool called Term ItSM. Unlike traditional BNPL offerings that are presented before the purchase is completed, Term It offers Regions credit card customers the option to choose a payment plan to help pay off a purchase that’s already been made.
“We know our customers have several payment methods to choose from, particularly when shopping online, and that they continue to look for flexible financing options,” said Regions’ head of Consumer Lending and Credit Card Products Troy Dennis. “Term It gives customers, particularly millennials who might be buying their first home, starting a family or just ready to take their next step financially, options so they can choose what best fits their budget and needs.”
With Term It, we’re using digital innovation to give our customers self-service options that make banking easier for them.Troy Dennis, head of Consumer Lending and Credit Card Products at Regions Bank
How does Term It work?
Term It is a credit card management tool that helps customers pay with predictability. Regions may extend Term It offers to allow customers to pay off an individual credit card purchase over a fixed time period with a fixed monthly payment, helping customers plan and budget. There are no additional fees for accepting a Term It offer.
Regions makes Term It offers through its Online and Mobile Banking channels – it’s easy and convenient. To check for Term It offers, customers must visit the Term It tab on their Regions credit card account screen. Currently, a customer may have up to five active plans at once. Term It offers are made based on a variety of factors to customers with Regions Life, Cash Rewards, Prestige or Premium credit cards. For this reason, not all customers may receive Term It offers.
What’s so special about Term It?
Term It, which launched in December 2020, is a tool that gives customers options in how they pay off recent credit card purchases. Customers choose to accept a Term It offer (or not), so they can take advantage of offers that help them better manage their finances with predictable payments.
How can Term It help customers budget?
Term It offers empower customers to pay off a Regions credit card purchase with a defined payment plan – customers know exactly how much they will pay each month and for how long. This can help customers set a budget to pay off each purchase placed in a Term It plan.
“With Term It, we’re using digital innovation to give our customers self-service options that make banking easier for them,” said Dennis. “We know customers want flexibility when using credit, and we want them to be responsible when they do use it. By giving them payment options with tools like Term It, we are helping our customers have more control over their finances.”
Find out more about Term It and other tools and resources that can help you better manage your finances at Regions.com.