COSTCO is making a serious change to how its members will shop, and it will give you access to more items.
The major US retailer is introducing a new plan that will give shoppers more flexibility than ever.
GettyThe major US retailer is introducing a new plan that will give shoppers more flexibility than ever[/caption]In the retail wars, customers yearn for their favorite chains to give them more control over their spending.
A store that gives a shopper control and flexibility can attract more customers, and Costco seems to have done just that.
Yahoo reports that Costco’s new payment plan will allow you pay off your purchases from three to 36 months later.
Repayment terms are available in 3, 6, 12, 18, 24, or 36-month options, but will depend on the purchase amount and your credit score.
Members will be able to choose from monthly payment plans at Costco for purchases ranging from $500 to $17,500.
The Buy Now, Pay Later program comes through its partnership with Affirm, as reported by The US Sun.
This program will allow you to pay for Costco purchases in instalments.
This will put less pressure on you to pay up as soon as you make a big purchase.
Affirm is also partnered with other big names like Walmart, Peloton, Amazon, and Best Buy.
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.”
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It is important to keep in mind that the program does charge you interest on your purchase.
APR rates range from 10% to 36%, depending on how long you spread out your payments and how much you spend.
All payments will also have to be made through the Affirm app or website.
There is an option to set up automatic payment deductions, however.
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This is designed to make the process more seamless, and takes more work out of your hands.
Affirm’s plan features no hidden fees or penalties for late payments, and there are more ways to retain buyer transparency.
Customers can rest easy knowing all the information will be laid out on Costco‘s website when making a purchase.
This should make it easier for shoppers to trust in the system if they have all the information before splashing out the cash.
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