Costco has started letting U.S. customers pay for large online purchases with buy now, pay later through a new partnership with Affirm.
The new online payment option for U.S. Costco customers was unveiled by Affirm and the popular warehouse retailer on Wednesday.
With Affirm’s buy now, pay later service, approved Costco members can now “pay over time” for eligible $500 to $17,500 purchases they make on the warehouse retailer’s website, the payment company said.
Costco said on its website that “many” online items qualify for the Affirm buy now, pay later installment plans.
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Members using Affirm’s service to pay are presented with their options for installment plans once they undergo a “quick, real-time eligibility check” during checkout, according to Affirm.
The plans “feature transparent pricing and credit offers,” the company said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 1,010.47 | +18.93 | +1.91% |
They range from three to 36 months, with APR rates between 10%-36% depending on what the customer is purchasing, according to Costco.
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Splitting up large purchases with Affirm’s buy now, pay later service can only be done for purchases on Costco’s website, meaning it is not a payment method that members can use at the retailer’s physical warehouses, Costco’s website indicated.
The retailer had 624 locations in the U.S. and Puerto Rico as of early May, as well as 281 across 13 other countries.
Its physical warehouses typically sell less than 4,000 different types of products at a given time, whereas its e-commerce site offers 9,000 to 10,000 on average.
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