topic Re: Possible to pay Affirm with CC? in Credit Cards

Possible to pay Affirm with CC?

jasonbourne84 — Tue, 29 Sep 2020 16:57:06 GMT

Hey all,

DH needs a non-mortgage installment loan and we ~~need~~ want a Peloton. So, we signed him up for 0% financing through Affirm for 12 months.

I'd like to not miss out on points/cashback, but after logging into the account I'm not seeing an option to pay the monthly with a CC. Plastiq probably isn't worth it (and I haven't used them yet anyway), and the only other possibility I can think of is a BT with Discover (but I'm not even sure they would allow that).

Any thoughts/advice?

Re: Possible to pay Affirm with CC?

jasonbourne84 — Tue, 29 Sep 2020 17:07:29 GMT

@K-in-Boston / @Remedios /Mods - wasn't sure if this was the best place for this. It's tangentially related to CCs, but I just wasn't sure. Feel free to move.

Re: Possible to pay Affirm with CC?

Remedios — Tue, 29 Sep 2020 17:13:06 GMT

You will not receive rewards on BT amounts. You pay the fee or interest, depending on which option you chose.

Re: Possible to pay Affirm with CC?

jasonbourne84 — Tue, 29 Sep 2020 17:15:49 GMT

@Remedios wrote:
You will not receive rewards on BT amounts. You pay the fee or interest, depending on which option you chose.

Yeah. That's why I applied for the Wyndham Rewards card (my understanding is that is one where you can earn rewards on BTs), but alas - they said "no thanks."

Re: Possible to pay Affirm with CC?

Remedios — Tue, 29 Sep 2020 17:17:29 GMT

@jasonbourne84 wrote:
@Remedios wrote:
You will not receive rewards on BT amounts. You pay the fee or interest, depending on which option you chose.

Yeah. That's why I applied for the Wyndham Rewards card (my understanding is that is one where you can earn rewards on BTs), but alas - they said "no thanks."

☹️

A question, how old is your Discover card?

Re: Possible to pay Affirm with CC?

jasonbourne84 — Tue, 29 Sep 2020 17:25:30 GMT

@Remedios Like, 11 days.

Re: Possible to pay Affirm with CC?

jasonbourne84 — Tue, 29 Sep 2020 17:29:54 GMT

@Remedios - I should say, one of them is brand new. The other is 13 months

Re: Possible to pay Affirm with CC?

BmoreBull — Tue, 29 Sep 2020 18:06:42 GMT

I'm not sure if affirm reports as an installment loan. From what I can remember reading, affirm reports as a consumer finance account. This may also be kind of a negative on your reports as cfa aren't looked at in a good light. I may be mistaken. Someone else can chime in if they know.

Re: Possible to pay Affirm with CC?

Anonymous — Tue, 29 Sep 2020 18:38:17 GMT

@BmoreBull wrote:
I'm not sure if affirm reports as an installment loan. From what I can remember reading, affirm reports as a consumer finance account. This may also be kind of a negative on your reports as cfa aren't looked at in a good light. I may be mistaken. Someone else can chime in if they know.

Affirm reports on my Experian as an installment loan. And after my initial cc purchase I can no longer use a credit card to pay the Affirm account. FYI

Re: Possible to pay Affirm with CC?

jasonbourne84 — Tue, 29 Sep 2020 18:43:39 GMT

Yeah I looked into how it reports before signing up the DH. It's also 0% and I think we're going to immediately pay it down to like 5%.

Re: Possible to pay Affirm with CC?

K-in-Boston — Tue, 29 Sep 2020 19:58:52 GMT

@jasonbourne84 wrote:
@Remedios wrote:
You will not receive rewards on BT amounts. You pay the fee or interest, depending on which option you chose.

Yeah. That's why I applied for the Wyndham Rewards card (my understanding is that is one where you can earn rewards on BTs), but alas - they said "no thanks."

I've never heard of any rewards credit card earning rewards for balance transfers. That is usually spelled out quite clearly next to no earnings for cash advances, fees, and cash equivalents. If you saw this somewhere, do you mind linking?

Re: Possible to pay Affirm with CC?

Remedios — Tue, 29 Sep 2020 20:02:45 GMT

It never says Consumer Finance Account in that field, or any reporting field.

If it's CFA, it will show as a negative reason code, but visible only if it made it into Top Four

If other 4 reasons are "more important" such as seeking credit, new accounts, high utilization, loan balances etc, you may not see at all, as only 4 are given at any time, but they do affect the score.

Re: Possible to pay Affirm with CC?

jasonbourne84 — Wed, 30 Sep 2020 02:16:09 GMT

@K-in-Boston wrote:
I've never heard of any rewards credit card earning rewards for balance transfers. That is usually spelled out quite clearly next to no earnings for cash advances, fees, and cash equivalents. If you saw this somewhere, do you mind linking?

Sure. I don't know if this is where I initially found it, but here is this: https://www.finder.com/credit-cards-that-let-you-earn-points-on-balance-transfers

Can you earn points on a balance transfer?

Very rarely, yes. Barclays has been known to offer rewards with balance transfers on occasion.

At the time of writing, you can earn rewards on balance transfers made with the Wyndham Rewards® Visa® Card. The first use of the card for a purchase or balance transfer will earn 15,000 points. A similar offer is available for the Carnival® World Mastercard® and other Barclaycard cruise line credit cards.

Re: Possible to pay Affirm with CC?

rostrow416 — Wed, 30 Sep 2020 17:15:27 GMT

Only debit card or bank account payments allowed. Tried this a couple years back.

Re: Possible to pay Affirm with CC?

BmoreBull — Wed, 30 Sep 2020 17:37:29 GMT

@rostrow416 wrote:
Only debit card or bank account payments allowed. Tried this a couple years back.

If they accept debit cards, use a PayPal key. It reads like a debit card from my experience.

Re: Possible to pay Affirm with CC?

WavysMommy — Wed, 30 Sep 2020 19:53:01 GMT

@Anonymous wrote:
@BmoreBull wrote:
I'm not sure if affirm reports as an installment loan. From what I can remember reading, affirm reports as a consumer finance account. This may also be kind of a negative on your reports as cfa aren't looked at in a good light. I may be mistaken. Someone else can chime in if they know.
Affirm reports on my Experian as an installment loan. And after my initial cc purchase I can no longer use a credit card to pay the Affirm account. FYI

Very interesting. My loan shows as an "unsecured" loan on Experian, not as an installment.