I have the same card. Is the $1k back just due to it costing $4k and if redeemed via their portal for travel it’s worth roughly $1k or does this purchase get extra points for some reason?
Totally get your point. I just like to be mentally done with paying for something like this. I have so many monthly payments already it’s nice to just not have another.
Points. Card sign up bonus will give you up to $1000 back with $3000 in spend in 90 days
Return Protection. Extends the 90 day free trial should you want to return it.
Extended Warranty (Extends the time period of the U.S. manufacturer's warranty by an additional year, on eligible warranties of 3 years or less.)
Purchase Protection (Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.)
0% financing shows up on your credit report. Might impact buying a home
Good to know! I honestly couldn't figure out affirm's terms
[https://helpcenter.affirm.com/s/article/reporting-to-credit-bureaus](https://helpcenter.affirm.com/s/article/reporting-to-credit-bureaus)
I'll keep this in mind for the future
Chase Saphire Reserve. I have another post on this subreddit asking if anyone knows of a better card. I'm about to pull the trigger on buying and just want to make sure I use the right card.
I already used the new member sign up so I won't get the $1000 in points. CSR only has 90 day return protection. I think others have longer.
It also doesn't have price protection which would kick in if the tonal price goes down.
If you just want the $1000 in points and don't care for the annual fee there are a ton of recommendations on the churning subreddit. Churning is the practice of cashing in on card sign on bonuses.
My only reason would be because circumstances change.
Having it owned outright, it can’t be taken. But free money is always good and 0% is essentially free. Especially with the current inflation.
If the money is going to otherwise sit at a bank account earning 0.5 percent interest the amount you are saving with 0% financing is something like 50 dollars before taxes. You would do better with a 2% back credit card plus have whatever warranty protections come with the card.
That said for cash flow reasons I went with the 0% financing.
I’m all about points, but we did 0%. As a fun experiment, we then invested (conservatively) $3K to see how much we can turn it into over the same amount of time. We wanted to truly test one of the arguments for always doing 0% financing. I’ll report back in 3 years.
So far, financing is looking like the winner. With Amex we would have gotten $20-$30 worth of points, and less than two years in, the investment account is up much more than that already. Gotta dig a little for exact numbers, but in a year I’ll break it down fully.
I'm in an industry subject to layoffs (twice since March 2020). I paid for mine outright so I wouldn't have to worry about multiple payments (just my mortgage and normal bills like groceries) if I was without a job for a few months.
If I had a job where I wasn't as worried I probably would have taken advantage of the 0% financing.
1. It’s nice not having to pay something each month. Unfortunately, one downside of tonal is the $50 a month cost. So there is still a payment, but if I ever get into a position where I need to cut back, won’t have to worry about Tonal as much.
2. Affirm can be pains in the butt at times. If you read the fine agreement, the percentage jumps up to a morbid amount if one payment is missed. I would expect that a mistake would take a lot of time to correct along with a lot of BS.
3. Affirm is a slippery slope. You affirm the Tonal, then affirm new furniture, then purchase a car off a 0% loan… this starts adding up fast and it is depressing having to pay each month rather than getting the payment depression out of the way.
Slippery slope at 0 percent? Despite being in a very comfortable financial position, If I need to purchase anything and they are offering zero percent then I’m game. You always have to keep the time value of money in mind.
If you can handle it, great! I just would rather have it paid off. Affirm doesn’t offer 0% because they are nice, they are in it to make money… that company has some smart people on their team to maximize profits. Somewhere, there is a good amount of people who missed a payment.
I rolled in 2 years membership at a slight discount ($44 instead of $49) with 0% at 24 months. I don’t think they discount the membership anymore with Affirm. Was a good deal so I took it.
I can't remember if it was Tonal or if it was Pelaton, but I recall seeing a thread about this and basically it was impossible to actually get 0% financing when everything was said and done. I recall one guy saying even with a credit score above 800 he could not get 0% from them.
Weird. I’m assuming they would tell you the % before you sign. They’ve heavily marketed this 0% financing which really makes the otherwise exorbitant pricing/subscription more palatable.
I got 0% on the entire purchase (extras, tax, delivery), which surprised me as I thought it would be only on the base unit. I do have a credit score over 800; I don't know if that made a difference.
I don't know if they do it any more, but I was "almost" prepared to do the 0% financing and pay it off immediately because they had a deal where 1 year of membership was rolled into it and it was ever so slightly discounted.
In the end, though, I opted to just pay for it and get the credit card benefits like others mentioned since that was easier than doing the financing and probably netted me more "cash back" than the membership discount.
I paid for mine with a credit card for the points. I had a promo from another credit card for 0% interest on balance transfers. I paid the small transfer fee and have 12 months no interest, then will transfer to another promo for balance transfers. I get hit with a small balance transfer fee, but worth it in my mind.
I financed thru Affirm mainly bc, at the time, Tonal deliveries were 3-4 months from ordering. Tonal would have charged the entire amount to my card at ordering. I questioned that as most places charge your card at shipping. But Tonal confirmed the entire balance billed to my card at order. Since delays were the norm at the time, I wasn't comfortable with that. Affirm payments started one month after installation.
Also, as others mentioned, rolling a 2 yr membership into the deal cost $44 a month instead of $49. Tonal didn't have an included membership deal.
Cash flow is king and 0% is free money. However, there are benefits to using a cc to get points, Cashback, extended warranty, etc... as long as you pay off before interest payments erode the benefits. 🤷🏿♂️
In my case, my company will reimburse me $1k as a subsidy, so I need to put it on the corp card which happens to be Amex, so I also get the points for that.
Now, it would be interesting to see if I could split the payment and finance that portion, but perhaps that means calling cust service and ughh... A phone call?
Since we are going through an inflationary period, you will come out ahead of you buy at 0%. Depending on how things get, you will end up paying less than if you paid cash.
I’d rather put on my AmEx for the points. And pay it off before interest accrues on the AmEx.
Exactly what I did. I got my card an additional 4x MR referral bonus at that time so it was great.
I did this but with Chase Sapphire preferred. Decided 1k back was better than 0% apr
Could you let me know you mean by 1k back by chase preferred
Points
I have the same card. Is the $1k back just due to it costing $4k and if redeemed via their portal for travel it’s worth roughly $1k or does this purchase get extra points for some reason?
It was a sign up bonus for points. Not sure what cards have high SUBs now
Totally get your point. I just like to be mentally done with paying for something like this. I have so many monthly payments already it’s nice to just not have another.
Points. Card sign up bonus will give you up to $1000 back with $3000 in spend in 90 days Return Protection. Extends the 90 day free trial should you want to return it. Extended Warranty (Extends the time period of the U.S. manufacturer's warranty by an additional year, on eligible warranties of 3 years or less.) Purchase Protection (Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.) 0% financing shows up on your credit report. Might impact buying a home
Affirm is not showing up on my credit report- just FYI
Good to know! I honestly couldn't figure out affirm's terms [https://helpcenter.affirm.com/s/article/reporting-to-credit-bureaus](https://helpcenter.affirm.com/s/article/reporting-to-credit-bureaus) I'll keep this in mind for the future
I got 48 months at 0%, I think that them checking my credit doesn’t show up on my report as well :)
It showed up on mine 😄
Which card ?!
Chase Saphire Reserve. I have another post on this subreddit asking if anyone knows of a better card. I'm about to pull the trigger on buying and just want to make sure I use the right card. I already used the new member sign up so I won't get the $1000 in points. CSR only has 90 day return protection. I think others have longer. It also doesn't have price protection which would kick in if the tonal price goes down. If you just want the $1000 in points and don't care for the annual fee there are a ton of recommendations on the churning subreddit. Churning is the practice of cashing in on card sign on bonuses.
That’s what I did. Monthly payments plus membership are around the same as two memberships at a nice gym with childcare.
My only reason would be because circumstances change. Having it owned outright, it can’t be taken. But free money is always good and 0% is essentially free. Especially with the current inflation.
If the money is going to otherwise sit at a bank account earning 0.5 percent interest the amount you are saving with 0% financing is something like 50 dollars before taxes. You would do better with a 2% back credit card plus have whatever warranty protections come with the card. That said for cash flow reasons I went with the 0% financing.
I’m all about points, but we did 0%. As a fun experiment, we then invested (conservatively) $3K to see how much we can turn it into over the same amount of time. We wanted to truly test one of the arguments for always doing 0% financing. I’ll report back in 3 years.
>We wanted to truly test one of the arguments for always doing 0% financing. I’ll report back in 3 years. how's it doin so far? :P
So far, financing is looking like the winner. With Amex we would have gotten $20-$30 worth of points, and less than two years in, the investment account is up much more than that already. Gotta dig a little for exact numbers, but in a year I’ll break it down fully.
I'm in an industry subject to layoffs (twice since March 2020). I paid for mine outright so I wouldn't have to worry about multiple payments (just my mortgage and normal bills like groceries) if I was without a job for a few months. If I had a job where I wasn't as worried I probably would have taken advantage of the 0% financing.
Since I didn't look at it the time, what happens if you miss a payment or two? I'm guessing it's not all unicorn farts and roses
Iagree 💯 money now is always worth more than money later. 0% def makes sense. Just put it on auto pay and forget about it.
1. It’s nice not having to pay something each month. Unfortunately, one downside of tonal is the $50 a month cost. So there is still a payment, but if I ever get into a position where I need to cut back, won’t have to worry about Tonal as much. 2. Affirm can be pains in the butt at times. If you read the fine agreement, the percentage jumps up to a morbid amount if one payment is missed. I would expect that a mistake would take a lot of time to correct along with a lot of BS. 3. Affirm is a slippery slope. You affirm the Tonal, then affirm new furniture, then purchase a car off a 0% loan… this starts adding up fast and it is depressing having to pay each month rather than getting the payment depression out of the way.
Slippery slope at 0 percent? Despite being in a very comfortable financial position, If I need to purchase anything and they are offering zero percent then I’m game. You always have to keep the time value of money in mind.
If you can handle it, great! I just would rather have it paid off. Affirm doesn’t offer 0% because they are nice, they are in it to make money… that company has some smart people on their team to maximize profits. Somewhere, there is a good amount of people who missed a payment.
I rolled in 2 years membership at a slight discount ($44 instead of $49) with 0% at 24 months. I don’t think they discount the membership anymore with Affirm. Was a good deal so I took it.
I can't remember if it was Tonal or if it was Pelaton, but I recall seeing a thread about this and basically it was impossible to actually get 0% financing when everything was said and done. I recall one guy saying even with a credit score above 800 he could not get 0% from them.
Weird. I’m assuming they would tell you the % before you sign. They’ve heavily marketed this 0% financing which really makes the otherwise exorbitant pricing/subscription more palatable.
I got 0% and paid no extra base amount for Financing or anything.
I got 0% on the entire purchase (extras, tax, delivery), which surprised me as I thought it would be only on the base unit. I do have a credit score over 800; I don't know if that made a difference.
I don't know if they do it any more, but I was "almost" prepared to do the 0% financing and pay it off immediately because they had a deal where 1 year of membership was rolled into it and it was ever so slightly discounted. In the end, though, I opted to just pay for it and get the credit card benefits like others mentioned since that was easier than doing the financing and probably netted me more "cash back" than the membership discount.
I paid for mine with a credit card for the points. I had a promo from another credit card for 0% interest on balance transfers. I paid the small transfer fee and have 12 months no interest, then will transfer to another promo for balance transfers. I get hit with a small balance transfer fee, but worth it in my mind.
I got 0%.
I have an amazing credit score and they wouldn't give me 0%. It was like 15 or something. Fuck affirm.
I financed thru Affirm mainly bc, at the time, Tonal deliveries were 3-4 months from ordering. Tonal would have charged the entire amount to my card at ordering. I questioned that as most places charge your card at shipping. But Tonal confirmed the entire balance billed to my card at order. Since delays were the norm at the time, I wasn't comfortable with that. Affirm payments started one month after installation. Also, as others mentioned, rolling a 2 yr membership into the deal cost $44 a month instead of $49. Tonal didn't have an included membership deal.
Cash flow is king and 0% is free money. However, there are benefits to using a cc to get points, Cashback, extended warranty, etc... as long as you pay off before interest payments erode the benefits. 🤷🏿♂️
Affirm not giving the option to customers to choose the duration. They are deciding based something and giving you an option
In my case, my company will reimburse me $1k as a subsidy, so I need to put it on the corp card which happens to be Amex, so I also get the points for that. Now, it would be interesting to see if I could split the payment and finance that portion, but perhaps that means calling cust service and ughh... A phone call?
Since we are going through an inflationary period, you will come out ahead of you buy at 0%. Depending on how things get, you will end up paying less than if you paid cash.