Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and Costco Wholesale Corporation (NASDAQ: COST), the world’s third-largest retailer, announced a multi-year partnership naming Affirm as “a pay-over-time provider for Costco.com in the U.S.”
Costco members shopping online can use Affirm at checkout “to pay over time without any late or hidden fees.”
As mentioned in the announcement from Affirm, consumers have so far spent approximately $250 billion stocking up “on everyday essentials and investing in big-ticket items at Costco warehouses and online in fiscal year 2024, which ended on September 1, 2024.”
Now, after going through a frictionless, real-time eligibility check, approved Costco members are able to choose “from Affirm’s personalized monthly payment plans for purchases ranging from $500 to $17,500.”
These plans reportedly feature transparent pricing plans as well as credit offers—”including APR discounts.”
Pat Suh, Affirm’s SVP of Revenue said:
“As summer approaches, we’re seeing more consumers turn to Affirm to prepare for the season ahead—whether it’s outdoor entertaining essentials, like a new barbecue or patio furniture, a storage shed, or a new set of appliances. Costco members in particular know the value of planning ahead and buying in bulk. We’re excited to offer them an alternative to traditional credit, helping them confidently manage their spending on larger purchases without hidden fees.”
As covered, Affirm says that its mission is to deliver “honest financial products that improve lives.”
By building a new kind of payment network—one that is said to be “based on trust, transparency, and putting people first—they empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth.”
Unlike various credit cards and other pay-over-time options, they reportedly claim to “never charge any late or hidden fees. ”
Payment options through Affirm are subject to eligibility, and are provided by certain lending partners.
