November 28, 2022| By Vishal Kapoor, VP of Product at Affirm

Credit cards have traditionally provided a way to pay over time. But revolving lines of credit, while convenient, do not always present the most financially responsible choice. Many credit cards have compound interest and late fees, which all too frequently trap consumers in debt. Today, the average American, paying only the minimum, spends nearly $1,000 annually in interest on revolving credit card debt. In turbulent economic times, the whirlpool of compounding interest only becomes worse.

Enter Affirm – a modern, flexible and transparent way to pay over time. It's built to meet the needs of today by offering personalized payment plans for a wide range of transactions. Whether buying a flight for their next vacation, a couch for their home, or a new pair of shoes, Affirm is the smart choice for consumers who want to be in control of their purchasing power and stretch their dollar.

Eligible consumers can use Affirm to split the total cost of their purchase over biweekly or monthly payment options, online or in-store, at nearly every retailer in the U.S and Canada. Unlike most credit cards, Affirm has never charged a penny in late or hidden fees and will never charge a consumer more than they agree to upfront. This is why millions are using Affirm to pay for their purchases.

Read on to learn more about how Affirm works and how consumers can use it as a payment option today at the places they want to shop.

How does Affirm work?
Shop your favorite stores and choose Affirm if you see it as a payment option at checkout. Next you’ll go through a free, quick application process, which allows us to ensure we know who you are, and lend to you responsibly. If you’re new, you’ll be asked to enter a few simple pieces of information like your name, phone number, and date of birth. If you’ve used Affirm before, you’ll just enter your phone number and you’re off to the races. Don’t worry, applying will not impact your credit score.

If approved, you will see personalized payment options that include your payment schedule, exactly how much you will owe in simple numbers (no math required and no gotchas hidden in the fine print!), and when you’ll be done paying. You can pick from the payment option that works best for your budget – from four bi-weekly interest-free payments to monthly payments, ranging from three to 60 months – and complete the purchase as you normally would.

Monthly payment options can be interest-free or simple interest-bearing, meaning the total amount you owe will never increase. Best of all, if you pay off your loan before the final payment is due, you'll save on any interest that hasn't accrued yet.

What if Affirm isn’t available at checkout?
Affirm’s integrated partners address more than 60% of U.S. retail e-commerce such as Amazon, American Airlines, Expedia, Walmart, Williams Sonoma, Target and more. But if you don’t see Affirm as a payment option or if you want to use Affirm in-store, you can request a one-time use card.

Use our Chrome extension or just open the Affirm app to browse for your favorite store or search for “virtual card” within the Shop tab to get started. Enter the approximate amount of the item you want to purchase – it’s ok if you overestimate, we will only charge you what you owe – and then if approved, choose from your customized payment plans. As always, Affirm puts you in control, so you can pick the option that is best for your budget.

From the app, add the newly created virtual card to your mobile wallet and within 24 hours, pay in-store or enter the card number at merchant checkout online.

How are Affirm payments managed?
After completing each purchase, you can select your preferred payment method, such as your debit card or checking account. You will also have the option to turn on autopay so that you don’t miss a payment.

At anytime, you will be in full control of managing your payments and can do so in the Affirm app or on affirm.com. This includes managing your autopay settings, changing payment methods, and seeing your total outstanding Affirm balance, each current loan, and when your next payments are due. We will also remind you in advance of upcoming payments via email and SMS.