While BNPL plans can allow you to pay for purchases in installments without interest, they come with a cost that can easily outweigh any big discounts. Let's take a look at the hidden costs of BNPL, and why you're better off paying upfront for all your Prime Day purchases.
The main draw of these programs is the ability to "pay at your own pace." If you are required to pay a down payment, that is due at the time of the transaction. From there, your first monthly payment is usually due one month after your purchase is processed. Each following payment will be due one month later, on the same day of the month.
You need a separate Affirm account in addition to your Amazon Prime membership. The application process requires basic information, including your name, mobile phone number, date of birth, and the last four digits of your Social Security number. Affirm performs a soft credit check initially, which doesn't impact your credit score, though they may conduct a hard inquiry for some loans.
It makes impulse spending easier
The ease of this sort of financing can make expensive purchases feel more affordable than they actually are. When you can buy a $1,000 tablet for "just $67 per month," it's easy to lose sight of the total cost, as well as your overall financial picture. In turn, this makes it all too easy to overspend on items you might not have purchased otherwise. You're better off taking a breath, stepping away from your shopping cart, and setting alerts to be notified when a product hits a price you can stomach, at a time you can afford it.
You'll have limited purchase protections
When you use a credit card, you get valuable purchase protections like extended warranty coverage, price protection, and the ability to dispute fraudulent charges. BNPL plans generally don't come with these safeguards. This means you're on the hook if something goes wrong with your Prime Day purchase and the retailer doesn't make things right. The smarter move is to only buy what you can afford during a sale, no matter how tempting those deals may seem.
If there's a big-ticket item on sale for Amazon Prime Day but it's still out of your budget, consider these two questions before you turn to BNPL through Affirm:
Will I be able to pay this off within six weeks? When a bigger payment gets broken down into smaller installments, you might find yourself overspending in the long run, because it "feels" like you can afford it. Stay on top of how much you’re actually spending—especially if you're considering multiple BNPL purchases—and how it will impact your overall budget going forward.
Amazon Prime Day FAQs
October Prime Day is a two-day event that starts Oct. 6 and ends on Oct. 7.
What goes on sale on Prime Day?
Is Prime Day once a year?
Prime Day happens every summer. Prime Big Deal Days (or October Prime Day) happens every October. Big Spring Sale happens every spring.
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