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Considering a Peleton- 0% with Affirm

2GreenThumbs
Frequent Contributor

Considering a Peleton- 0% with Affirm

I haven't bought anything like this in years, but being locked at home makes me think I need to up my exercise game.  I'm usually a runner, but the knees are slowly going and I've been considering a bike for some time.  

 

Right now Peleton has 0% interest and I'd like to take advantage of it but I don't know how this affects my credit?  I mean, I know they'll report payment history, but is it considered a credit card?  Does it affect my 5/24?  

 

Just wondering if anyone can share any info. Thanks!


Message 1 of 12
11 REPLIES 11
Dumbee
Established Contributor

Re: Considering a Peleton- 0% with Affirm

Some data indicates it could show up as a CFA, which isn't good.

Do you really want a peleton? Could 0% it and get some cash back with a new card, which'll affect your score probably less adversely than Affirm.

https://ficoforums.myfico.com/t5/Credit-Cards/Affirm-0-offer-should-I-take-it/td-p/5310801

Smiley Embarassed
Message 2 of 12
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Considering a Peleton- 0% with Affirm

It shows up as an installment loan







Message 3 of 12
wasCB14
Super Contributor

Re: Considering a Peleton- 0% with Affirm

Is there a waiting list, or do they have inventory? For people with secure jobs, demand must be fairly high for home gym equipment.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 4 of 12
SteelerNYC
Valued Contributor

Re: Considering a Peleton- 0% with Affirm

Look for a new credit card with a sign up bonus AND 0% for however many months, and you might just get a few hundred bucks off of the purchase while you're at it Smiley Wink

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 5 of 12
Janus
Senior Contributor

Re: Considering a Peleton- 0% with Affirm

I lean towards a CC with SUB and 0% as well, just never been a fan of those various payment plan Companies. 






Message 6 of 12
2GreenThumbs
Frequent Contributor

Re: Considering a Peleton- 0% with Affirm

I just saw the responses on here!  Thanks for your input.  I ended up not getting one because my parents offered to buy me a treadmill!


Message 7 of 12
Mystik1
Contributor

Re: Considering a Peleton- 0% with Affirm

What is a CFA in this context?  I have used Affirm extensively in the past.  I have a lot of them paid off now, though.

Message 8 of 12
wasCB14
Super Contributor

Re: Considering a Peleton- 0% with Affirm


@Mystik1 wrote:

What is a CFA in this context?  I have used Affirm extensively in the past.  I have a lot of them paid off now, though.


Consumer Finance Account aka Consumer Finance Loan.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 9 of 12
Mystik1
Contributor

Re: Considering a Peleton- 0% with Affirm

Thanks

Message 10 of 12
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