Costco is introducing its own “Buy Now, Pay Later” program.
The wholesale retail chain will offer a payment plan option on some online purchases through its payment partner Affirm.
Buy Now, Pay Later programs offer flexibility to customers and let them purchase products by paying for them over a specified time period.
Costco’s Buy Now Pay Later program can be applied to transactions on its website that total between $500 and $17,500, with repayment periods ranging from three to 36 months.
The new Buy Now, Pay Later option will also charge interest, with APR rates between 10% and 36%. A $500 purchase at 20% APR, with payments spread out across 6 months, for example, will cost $88.27 per month and the original $500 item would cost $529.61 overall.
Payments must be made through Affirm’s app or website but customers can also set up automatic payment deductions.
A Buy Now, Pay Later plan can help stretch a large purchase, such as an electronic device or home appliance, across multiple months and paychecks, but there may be penalties for customers. Missing Buy Now, Pay Later payments or paying installments late can hurt one’s credit score.
The 2030’s Costco Bubble
25% of the US is using buy-now-pay-later services to pay for groceries. This is gonna be a huge expanding industry over the next 5 years. Expect the Last Week Tonight episode imminently.
Except Oliver’s “solution” will be regulating interest rates on grocery loans. The guy is controlled opposition
Just go back to his Kid Starver episode whenever you need reminding. He handwaved the rightful criticism of that blairite shithead and didn’t even mention how they sabotaged Corbyn, doing the same lesser evil shit he does back during the Clinton, Biden, and Harris elections.