- CheapAir.com and Affirm team up to offer monthly air fare payments.
- At present the offer is only available for US customers.
CheapAir.com and Affirm have launched a new service which enables US customers to buy plane tickets in monthly instalments.
By booking through both companies, customers can finance airline tickets in three, six or 12-month purchase plans.
The CheapAir site offers the unique payment method at the checkout page by selecting ‘monthly payments’. Customers are then redirected to Affirm where they must input their full name, mobile number, email address, date of birth, and the last four digits of their social security number.
For purchases of $100.00 or more, there are three loan-term options (three, six or 12 months), exactly how much the monthly payment will be under each option is revealed, as well as the interest rate with rates from 10-30% APR based on creditworthiness.
For purchases of less than $100.00, not all loan-term options are available.
CheapAir says that “using our monthly payments option couldn’t be more different than using a credit card. You will never have to pay more than the cost you see at checkout with Affirm. Your interest rate, monthly payment amounts, interest cost, and total cost will be clearly displayed at checkout. There are no other fees (hidden or otherwise) to stress over.”
However, CheapAir.com’s monthly payments option is not a revolving line of credit. Should one decide at a future date to buy with monthly payments again, a new request for credit with Affirm on CheapAir.com must be made.
This service is initially for US customers only, but the innovation could lead to Irish and European sites following suit.
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