For certain loans, your payments could be reported to Experian, one of the three major credit bureaus. You’ll have to fill out some preliminary financial information before utilizing the monthly payment plan, but it’ll only result in a soft credit check, which means your credit score won’t be impacted.īefore you choose your payment plan, Affirm will show you how long it will take to pay off your balance and how much you’ll owe (if any) in interest. But you’re still likely on the hook for some type of interest charge, which we don’t like. Unlike credit cards, the BNPL interest rate doesn’t compound, making it slightly more affordable than charging a balance on a credit card with a similar APR for the same period of time. Non-Prime members can’t select the no-interest, bi-weekly payment option, but can spread payments out across three to 48 months, with an APR of 10% to 30% (select items may offer 0% financing). Prime members can choose to split up purchases across four bi-weekly, interest-free payments or spread payments out across three to 48 equal monthly payments with an interest rate ranging between 10 and 30% APR. Amazon and Affirm’s buy now, pay later offerĪmazon is partnered with Affirm, a leading BNPL company, to provide a buy now, pay later plan right at checkout for eligible purchases over $50. There are serious risks to all of these options though - so we’ll walk you through what you need to know to select the right payment option. If you live in Connecticut, Illinois, Maryland, Ohio, Washington, DC, or Pennsylvania, you won’t be able to use layaway.īut if you want to finance an Amazon Prime Day order and can’t wait eight weeks for your items, you could consider a Buy Now Pay Later plan, financing with the Prime Visa or another 0% introductory APR credit card. This option also isn’t available for every item or in every state. So if you need an item now, this payment method may not work well for you. But there’s one hang-up to be mindful of - you pay biweekly over eight weeks and receive your order after the last payment is processed.
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First, there are no late fees or interest charges, and secondly, if you change your mind or find you can’t afford to keep making payments, you can get a refund for the full amount paid and cancel your order, with no impact to your credit score. We like Amazon’s layaway option for a few reasons. However, if you’re hoping to avoid overspending and getting into debt, layaway may be your best option.
How you pay for your Prime Day purchase comes down to your financial situation and how soon you can pay off your balance. What’s the best way to finance your Prime Day purchase? We’ll walk you through the best way to avoid debt when financing a charge, then run you through the pros and cons of each payment option. When it comes time to check out, Amazon offers a number of ways to finance your Prime Day order, including a layaway option that can help you avoid debt, enrolling in a buy now, pay later plan, financing it with the Prime Visa* card or using a credit card with a special introductory 0% financing option.
We recommend budgeting for a purchase and paying for it outright or using a credit card to earn rewards and then paying your balance off before the due date - but if you’re considering financing your purchase, you want to weigh your options. It’s a good opportunity to save money on any items you’ve been planning to buy. Prime Day, Amazon’s biggest shopping event of the year, runs from July 11 to July 12. The content on this page is accurate as of the posting date however, some of the offers mentioned may have expired.
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This story is part of Amazon Prime Day, CNET’s guide to everything you need to know and how to find the best deals.
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