Last month, Amazon Canada and Affirm announced monthly payments would be launching and this week they went live.
On eligible items, you can now see mention of how much you can pay for the item over a period of months with Affirm, noted underneath pricing. You can see the Affirm line on the Apple Watch Series 7 sale below:
At checkout, you need to change your payment plan to Affirm. Here’s what it shows for the Apple Watch above:
According to Amazon, Affirm rates are between 10-30% APR where available and subject to provincial limitations. The payment amounts do not include taxes and shipping fees. For example, a $200 purchase amount at 30% APR would work out to $21.67 payments for 12 months. Interest would be $60 and processing fees at $0, for a total payment of $260.
Apple uses Affirm with 0% APR (yes, they dropped the ball on another iPhone launch this year) monthly payments and now Amazon is on board too, but with far higher interest rates. These monthly payments allow customers to make purchases for items they otherwise wouldn’t be able to upfront, albeit with interest.
