For those looking to do some traveling but don’t have the cash right away for airline tickets, CheapAir is offering a new way to pay.
Everyone knows that vacations aren’t cheap, especially due to airline tickets. However, one company out there is providing a new way to help would-be travelers afford to fly to different places around the country.
According to Kathryn Vasel from CNN Money, CheapAir.com has teamed up with Affirm, a company specializing in financial services, to start providing customers with payment plans to cover the cost of airline tickets. The plans come in three, six and 12-month periods for consumers to pick the plan that fits best for them.
Not surprisingly, Affirm and CheapAir will need to check the customer’s credit score after they have signed up for a purchase plan. The credit check won’t affect their credit score, but obviously missing payments will. The interest rate on the payments will range all the way from 10 to 30 percent depending on the customer’s credit score.
“When you want to take a vacation, it’s a lot of money to put up out front and you might not be able to manage it all at once,” CheapAir CEO Jeff Klee told CNN Money. “Spreading it out … makes it become more easy to manage.”
Plenty of consumers will likely just use credit cards instead of payment plans, but Klee feels like their payment plans could be a reasonable alternative.
“Anything that competes with credit cards I think is a good thing,” he said. “This is one more option, and the more options, the better.”
For those thinking about going on vacation, you might at least want to check out CheapAir to see if there are any good deals and affordable payment options.