Affirm is a popular buy-now-pay-later (BNPL) service that lets you split the cost of your purchase over a set period. It offers a virtual card, also known as the Affirm virtual card that comes with more flexibility letting you split your online or in-store purchases into manageable payments, often with more favorable terms than traditional credit cards.
In this guide, we'll see what the Affirm virtual card is and how to easily get one and start using its flexibility for your shopping needs.
What is the Affirm Virtual Card?
Unlike a physical credit card tied to a revolving line of credit, the Affirm Virtual Card is a single-use, store-specific (or one-time use) card generated through your Affirm account. You choose the retailer you want to shop with, set your desired purchase amount, and get approved for a virtual card with specific financing terms. This virtual card functions just like a regular credit card at checkout, allowing you to spread your payments over a set period.
Benefits of the Affirm Virtual Card
The Affirm virtual card comes with a plethora of benefits, which include:
- Budget-Friendly Breakdowns: Splitting larger purchases into smaller monthly payments can significantly ease the financial burden.
- Potential for Lower Interest Rates: Compared to traditional credit cards, Affirm often offers lower APRs, making it a more cost-effective way to finance purchases.
- Improved Budgeting: Knowing exactly how much you owe and when payments are due allows for better budgeting and avoids credit card statement surprises.
- Enhanced Buying Power: The Affirm Virtual Card can unlock the ability to make larger purchases you might have otherwise put off due to budget constraints.
How to Get an Affirm Virtual Card
If you're looking to get an Affirm virtual card, you might want to consider taking the steps below:
- Create an Affirm Account: If you haven't already, sign up for a free Affirm account. The process is quick and requires basic information.
- Locate the Virtual Card Option: Within your Affirm account (website or app), look for the "Shop" or "Virtual Card" section.
- Choose Your Retailer: Search for the store you want to shop at or choose the option for a one-time-use card.
- Enter Purchase Amount: Indicate the estimated amount of your purchase to receive loan approval.
- Complete ID Verification: Affirm might require a form of ID for a soft credit check.
- Get Approved, Get Your Card: Upon approval, you'll receive your virtual card details, including the card number, expiration date, and CVV code.
Using Your Affirm Virtual Card
Once approved for the Affirm virtual card, using it is very easy.
You can use your Affirm virtual card information just like a regular credit card at checkout, either online or with participating in-store retailers that accept Affirm.
Besides, if you prefer shopping with digital payment apps, you can link your Affirm virtual card to either Apple Pay or Google Pay and use the card as a funding source wherever these digital payment apps are accepted.
You should keep these in mind when looking to use the Affirm virtual card:
- Approval Not Guaranteed: While the process is quick, Affirm still considers your creditworthiness before approving a virtual card.
- 24-Hour Window: You have a limited time (usually 24 hours) to use the virtual card once generated.
Can You Use Affirm Virtual Card On Cash App?
No, you cannot directly use an Affirm virtual card on Cash App. Cash App currently only accepts debit cards linked to your bank account or a Cash App balance for payments.
Here's why it wouldn't work:
- Different Systems: Affirm and Cash App are separate financial platforms. Affirm issues virtual cards that function on the Visa network, while Cash App focuses on peer-to-peer payments and money transfers within its own ecosystem.
- Card Type Mismatch: Cash App currently accepts debit cards, not virtual credit cards like the Affirm virtual card.
Can I Use an Affirm Virtual Card On PayPal?
No, you cannot directly use an Affirm virtual card on PayPal. PayPal, like Cash App, has its own payment system and functionalities, and using virtual credit cards like Affirm's isn't currently supported.
There are two main reasons why it wouldn't work:
- Incompatible Systems: Affirm virtual cards operate on the Visa network, designed for traditional purchases. PayPal, however, functions as a separate payment service for online transactions and money transfers.
- Payment Restrictions: PayPal typically accepts debit cards, credit cards, or your existing PayPal balance for payments. Affirm virtual cards, being single-use and temporary, don't fit these categories.
The Final Word on Affirm Virtual Cards
The Affirm Virtual Card is a powerful tool for budget-conscious shoppers who want to pay for purchases over time. With its ease of use, potential for lower interest rates, and clear financing terms, it offers a compelling alternative to traditional credit cards. However, it's important to remember that any form of financing requires responsible management. Always shop within your means, understand the loan agreement, and prioritize making timely payments to avoid accumulating debt. When used wisely, the Affirm Virtual Card can be a valuable asset in your financial toolkit, helping you spread the cost of those must-have purchases without breaking the bank.