The event, called 0% Days, will run from Oct. 22 to 24, giving users of the Affirm app or Affirm Card access to thousands of 0% annual percentage rate (APR) offers from brands, according to a Thursday (Oct. 9) press release. Shoppers can finance purchases across categories such as fashion, fitness, home and travel, with repayment terms of up to 24 months.
“Shoppers are tired of fine print and fake promos,” Vishal Kapoor, senior vice president of product at Affirm, said in the release. “When credit cards say 0%, there can be hidden costs hiding in the shadows—deferred interest, compounding debt, late fees. [This event] is about stripping all of that away.”
Unlike traditional credit cards that may charge deferred or compounding interest, Affirm’s 0% APR offers come with no late fees, hidden charges or interest, making the total repayment equal to the original purchase price, the release said.
The move expands on Affirm’s existing partnerships that already offer select 0% financing year-round. By bundling thousands of interest-free offers into one event, Affirm appears to be positioning itself to capture consumer attention during one of the busiest shopping periods of the year and to further distinguish its installment-based model from traditional revolving credit.
Affirm’s promotion underscores growing competition among buy now, pay later providers seeking to attract budget-conscious consumers ahead of the holiday spending rush. Sezzle, for instance, announced Tuesday (Oct. 7) that it added new merchants in advance of the busy season. PayPal said Monday (Oct. 6) that it is offering a cash back option for the remainder of the year through its pay later program, incentivizing use during the holidays.
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PYMNTS Intelligence research from last year’s holiday season revealed that 52% of shoppers reported being at least somewhat likely to use pay later plans to finance their holiday purchases. Parents with children at home and millennials proved the most likely to use the payment option. Three in 10 consumers said they would use pay later plans more during the holiday season than during the rest of the year, with younger generations being the most likely to increase their usage.
