Costco is rolling out a new way for customers to split up payments on large online purchases through a partnership with Affirm. Announced Wednesday, the new buy now, pay later option is available to U.S. Costco members shopping on the retailer’s website.
With Affirm, approved customers can break up payments for purchases ranging from $500 to $17,500. Once at checkout, shoppers undergo a real-time eligibility check and are shown available installment plans with clear terms and no hidden fees, Affirm said.
Costco noted that “many” items on its website are eligible for the installment plans. However, the new payment method is exclusive to Costco’s online store and not available in physical warehouses.
The retailer currently operates 624 warehouse locations across the U.S. and Puerto Rico, and another 281 internationally.
While the in-store selection averages fewer than 4,000 products, Costco’s e-commerce site typically offers between 9,000 and 10,000 items—making online shopping an ideal fit for the new financing option.