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Use Affirm on Amazon: How to buy now and pay later on Prime Day

Affirm is the first Buy Now, Pay Later (BNPL) service available directly through Amazon Pay, and shoppers love it. Last year, his BNPL orders during Cyber ​​Week increased by 85% compared to the previous week, and revenue increased by 88%. And during last year’s Amazon Prime Day, BNPL usage increased by 20% compared to the previous year. With inflation still wreaking havoc, it’s not far-fetched to assume that Affirm usage will continue at high levels on Prime Day in 2024.

You can enjoy Prime Day even more by being able to pay for products in installments. However, before you get serious about using BNPL, there are some factors to consider about Affirm and other BNPL apps, and the general pros and cons of using these tools.

Related item:

Prime Day 2024: When it’s happening and everything we know so far

Why “buy now, pay later” is attractive

Layaway programs were popular with shoppers in the ’90s until they were replaced by credit cards. However, there is an important difference between Layaway and his BPNL. When you place an item on hold, it will be held until payment is made, at which point you can take it home. With BPNL, your item will be shipped immediately, but you will pay for it in installments.

Combined with Amazon’s typically super-fast shipping and Affirm’s lack of late fees, BPNL can make big purchases feel easier.

Affirm’s interest rates typically range from 0 to 30% per annum based on your credit, and payments can be spread over 3 to 48 months. There are different plans available depending on your purchase amount, and the minimum purchase amount to use Affirm is $50. Affirm’s APR calculator can help you estimate how much interest you’ll pay on a particular purchase. For example, if you take out a loan for expensive furniture, the interest could be more than $100.

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When it’s wise to buy now and pay later

BPNL may be a good choice.

  • For large purchases, it may make sense to use a BNPL service. The cost of a big investment, like a new MacBook Pro or a fancy robot vacuum, can be more manageable if you spread it out over time rather than investing it all at once.

  • Your habits will determine whether you can use BNPL services for essentials like groceries. The habit of using installment apps to pay for small daily expenses (like Starbucks) can cause a domino effect of debt, but it may be more effective if you buy things like toilet paper in bulk.

  • If used responsibly, apps like Affirm can also help you adjust payroll timing and monthly expenses that require advance payments, like rent. Note that Affirm’s “soft inquiries” to determine your credit won’t affect your credit score; however, the company doesn’t promise not to report your payment history to credit bureaus. To ensure you always pay on time, we recommend turning on autopay and making sure your payment method doesn’t expire during a payment period.

When should you buy now and pay later?

There are cases where reliance on BPNL should be avoided at all costs.

  • Before purchasing from BPNL, consider whether you would purchase the item if it did not have the option of paying in installments.

  • Don’t grab something just to hit Affirm’s $50 minimum price.

  • Make a wishlist in advance if you need to and hold yourself accountable. When something is on sale, the devil on your shoulder can get louder and say, “I need this too.” Especially when it comes to a big shopping event like Prime Him Day, you don’t want your savings to be wiped out by a serotonin booster you didn’t know existed five minutes ago.

  • Thanks to tools like Affirm, impulse purchases may seem less risky right now. But they can quickly feel unnecessary once the Affirm Grim Reaper comes back for payments every month. Repeated small payments can create a harmful illusion that you are spending less. While that is Technically Even if you spend the first few months accurately (and apparently happily), you’ll end up spending the same amount by the time you pay all the installments.

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