Amazon offers a 0% interest Buy Now, Pay Later deal for Prime Day shoppers through its partnership with Affirm

Amazon announced Thursday that Prime Day shoppers can take advantage of a special Buy Now, Pay Later (BNPL) offer during its two-day sale. Approved Prime members will have the ability to choose from three BNPL plans for purchases of $50 or more. Customers can choose to finance their purchases over three, six, or 12 equal monthly payments at 0% interest.

Amazon partnered with Affirm last year, with Affirm becoming the only BNPL provider for Amazon. The new deal follows the current Affirm promotional 0% APR offer, which began June 28, 2022, and ends July 11, a day before Prime Day begins.

Normally the BNPL plans provided through Affirm carry an APR of 10% to 30%. Which, if you get 20% or 30% when you choose to finance, is a bit high. However, having a 0% APR can be a great way to avoid interest charges. Just be sure you're paying your payments on time, as missing a payment will negatively impact your credit scores.

To opt-in to a BNPL, choose Affirm as your payment option at checkout. Then, you can select which payment plan you'd like to use. Consumers can make their payments online at affirm.com or by using the Affirm app.

Consumers should be aware, however, that using a BNPL plan won't have a positive impact on credit, but it can have negative repercussions. Using a credit card with a 0% intro APR period could be a better option, particularly if the card earns rewards, as it would allow you to pay down a purchase while the balance accrues no interest, build a history of positive payments, and earn rewards.