This is not a false alarm. Costco now allows its members to use the installment payment app Affirm when checking out on its website.
Affirm is one of several loan payment apps steadily gaining popularity among U.S. consumers. The company markets itself as allowing consumers to “pay on their own terms” by splitting a $500-$1,000 purchase into four installments. Shoppers select their terms at checkout, and the entire transaction should be interest-free, as long as they pay as agreed.
Costco's big payment change
This news might shock some loyal Costco shoppers, because the brand is known for a slow-but-steady approach to adding new technologies to its stores.
According to The Street, you’ll now be able to add $500 worth of items to your Costco.com cart and choose Affirm as your method of payment during checkout. You’ll have to fill out a short form and pick a payment plan. Remember that the penalties for not following through on your agreement are steep. You’ll go from interest-free to anywhere between 10% to 36% overnight.
But what wouldn’t you do for two of these inflatable mega water slides? Paid off right in time for the holiday season. Depending on how the installment plan worked out, parents can potentially be in line to secure another Affirm loan to pay off Christmas gifts.
This is one of several changes Costco made recently, including increased gas rewards, a new warehouse tool in the app, and increased promotion of its Costco Next marketplace.
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