Citizens Bank partners with Microsoft and Amazon on consumer financing

CITIZENS BANK announced a partnership with software giant Microsoft and online retail giant Amazon to provide no-interest financing for consumers wanting to buy the Xbox All Access program. Shown here is an Xbox One video game console at a Wal-Mart store in Los Angeles / BLOOMBERG NEWS FILE PHOTO/PATRICK T. FALLON
CITIZENS BANK announced a partnership with software giant Microsoft and online retail giant Amazon to provide no-interest financing for consumers wanting to buy the Xbox All Access program. Shown here is an Xbox One video game console at a Wal-Mart store in Los Angeles / BLOOMBERG NEWS FILE PHOTO/PATRICK T. FALLON

PROVIDENCE – Citizens Bank announced a partnership Tuesday with two of America’s corporate giants – Microsoft Corp. and Amazon.com Inc. – in which the Providence-based bank will provide consumer financing for Microsoft’s newly launched Xbox All Access video game console program.

“Xbox All Access represents the first time a lender, manufacturer, and retailer have come together to offer a seamless way for consumers to buy,” said Brendan Coughlin, president of consumer deposits and lending at Citizens, “and we believe that it will be the model for how purchases are made and financed in the future.”

The program features no-interest, 24-month financing from Citizens, along with “a simple and seamless point of sale experience” that will be available through online retailer Amazon.com in the United States.

Microsoft is paying Citizens a fee to provide the interest-free financing.

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Software giant Microsoft’s Xbox All Access is scheduled to launch Nov. 18 in the United States. It offers consumers their choice of various Xbox One S, Xbox One X, or Xbox One S All-Digital Edition console bundles, the bank said.

It can be paired with 24 months of Xbox Game Pass Ultimate, which provides access to more than 100 games and online multiplayer with Xbox Live Gold.

In addition, Xbox All Access participants have the option to upgrade to the next Xbox console, Project Scarlett, set to launch during the 2020 holiday season.

“Consumers want affordable ways to make purchases without taking on additional credit card debt,” Coughlin said. “Xbox All Access bundles hardware, services and software with affordable and predictable financing delivered through Amazon’s online check out process.”

The bank said Xbox All Access is only available for purchase using integrated financing through Citizens One, a program offering student loans, home loans, and other financial services. Benefits to the consumer include no upfront costs, 0% APR [annual percentage rate] for two years, and a savings of more than $100 compared with when the components are purchased separately.

“Customers shopping for Xbox All Access on Amazon.com will have the opportunity to apply for a Citizens One line of credit for Xbox All Access from within the shopping experience,” Citizens said. “Upon approval, the consumer will proceed to checkout, where ‘Citizens One Line of Credit’ is displayed as the payment method.”

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.

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