Buy now, pay later (BNPL) company Affirm is inviting consumers to join the waitlist for its Affirm Debit+, the first debit card that will enable customers to pay over time, according to a Wednesday (Oct. 27) press release.
The card can be used to buy items upfront and offers customers the option to pay for purchases between $100 and $1,000 in four installments without any fees or interest, according to the Affirm Debit+ website.
Shoppers can use the card in stores or online as they would their traditional debit card. Within 24 hours of purchase, customers can use the companion app to convert the purchase into one that is paid in installments, according to the release.
Affirm Debit+ has no sign-up fees or annual fees, and it links to a customer’s existing bank account. Affirm does not charge late fees, the release stated.
The Affirm Debit+ announcement comes the same day the company announced it is partnering with American Airlines to offer installment payments to eligible travelers to enable them to pay for flights over time.
Read more: Affirm Teams With American Airlines to Bring BNPL Option to Travelers
A PYMNTS survey found that more than 40% of consumers want to use BNPL for higher priced items like travel and home repair. The poll findings also showed that 29 million people in the U.S. have used BNPL for purchases within the last year, and nearly 60% would use those services if offered by third-party companies. In addition, more than 60% of those polled said BNPL is an easier way to manager their spending.
See more: 43% of US Adults Interested In BNPL for ‘Big Ticket’ Travel, Home Repair, Medical Purchases
Last week, Affirm announced a collaborative effort with men’s and women’s clothing brand Theory to offer shoppers interest-free installment payments for sportswear and accessories.
Read more: Affirm Partners With Clothing Label Theory for BNPL Checkout
Shoppers of Theory.com can opt for Affirm at checkout, which provides the option to split any sale over $50 across four bi-weekly payments.
Last month, Affirm debuted its Adaptive Checkout, which allows retailers on its network to give customers more options when it’s time to pay.
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