The Affirm virtual card offers a convenient way to split purchases into manageable payments. It is purposely designed for making flexible payments at stores that accept it. So if you're looking to get money off your Affirm virtual card, you should know that its design, just like that of most virtual cards makes it difficult (if not impossible) for the card to support cash withdrawals.
The Affirm virtual card is strictly a one-time-use payment card and can't be used for cash withdrawals. In fact, according to Affirm, the card does not currently support ATM withdrawals or allow you to get cash at the register during in-store purchases.
Here are some possible reasons why you can't get cash from an Affirm virtual card:
- Security: Affirm virtual cards are single-use and temporary, intended for specific purchases. Allowing cash withdrawals could pose security risks and potentially lead to misuse.
- Loan Purpose: Affirm focuses on financing specific purchases, not providing general cash advances.
Alternative Solutions to Get Cash from Affirm Virtual Card
While direct cash withdrawal isn't an option, there are some ways to access some of your purchase amount as cash, but with important considerations:
1. Buy a Gift Card
Consider using your virtual card to purchase a gift card from a participating retailer that sells gift cards such as Walmart. This allows some access to cash, but you should always be mindful of fees associated with gift card purchases.
2. Resell the Purchased Item
If the item you financed with the Affirm virtual card is new and sellable, consider reselling it online or through a local marketplace. There's a catch, however. Since you're reselling the item, there's a higher probability that you won't resell it at the purchase price. You need to bring down the price to attract buyers. So be mindful of this before looking to resell your purchased item.
3. Return the Item for Cash Refund
If the store allows returns for cash refunds and you haven't opened or used the item, you could potentially return it and get your money back. Be sure to review the store's return policy before making a purchase to return it for cash.
4. Talk to Affirm
In some special cases, you might be able to contact Affirm directly to discuss your situation. While unlikely, they might offer alternative solutions depending on your specific scenario.
Be Mindful of these:
- Don't Use Third-Party Services: There might be services claiming to convert virtual cards to cash. These services are often unreliable and could involve hidden fees or compromise your financial information. Avoid them altogether.
- Be Mindful of Fees and Interest: If you opt to resell the item or return it for cash, remember that you'll still be responsible for repaying the Affirm loan, including any interest charges.
How to Transfer Money from Affirm to Bank Account
If you have an Affirm savings account and need to withdraw money from it, you can follow these steps to transfer the funds to your bank account:
- Sign in to your account in the Affirm app or at affirm.com.
- Tap or click Money.
- Tap or click Withdraw.
- Enter the amount you want to withdraw.
- Choose the linked bank account you want to transfer money to.
- You will have the option to choose an existing account or link a new account.
- Tap Continue.
- Review your transfer details and tap Submit or click Confirm.
Final Thoughts
The Affirm virtual card is a great tool for financing purchases, but it's not designed for direct cash access. If you need cash from your virtual card, explore alternative solutions like reselling the item or returning it for a cash refund, but be mindful of any associated fees and your ongoing Affirm loan repayment. Remember, responsible credit usage involves using the service for its intended purpose and avoiding methods that could lead to financial strain.