There are a lot of things that we want to buy, but we don’t always have the money for it right now. However, the good news is that Amazon has announced a partnership with Affirm where they will soon be offering customers the option to buy now and pay later. This is a model that many companies are starting to adopt, so it’s no surprise that Amazon is doing it as well.
You might say, Amazon has been trialing such a model at its Amazon Go grocery stores, where customers can just grab items off the shelf and walk out and they will be charged later.
With this new Affirm partnership though, Amazon customers will in the future be able to split their bills. So purchases of $50 or more can be split into monthly payments using Affirm. They will be shown the final cost of the purchase at checkout, and this will be the amount that they will pay so that there won’t be any surprises later on.
There will be interest charged since that will be how Affirm makes their money. This amount is expected to vary from 0% up to 30% APR. Customers will also be able to choose between 3 months to 48 months in terms of repayment duration. It gives buyers more options.
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