An airplane approaches Palma de Mallorca Airport
Photo: Abrget47j – CC BY SA 3.0

The Travel Hacker team is stoked to share a new airfare by monthly payment program we recently learned about. Get a bigger bang for your buck by ditching high credit card interest rates. Normally pay cash? Create some flexibility with your finances by using a monthly payment plan instead.

CheapAir.com and Affirm are now offering a monthly payment scheme to travelers. Amidst distrust of banks and high interest rates, some consumers are choosing not to use credit cards. Despite not wanting to use a credit card, they may not want to plop down a full cash payment. Customers now have the opportunity to choose three, six or 12 month payment plans, with no hidden costs.

Application Process

The process is fast and simple. Affirm will run a credit check in order to approve the best payment plan option for you while assigning an interest rate. You will need to enter basic identity and contact information. Finally, you will have an approval (or not) in mere seconds.

The credit check shows up as a soft inquiry instead of a hard inquiry, meaning that it will not affect the customer’s credit score. If this sounds like gibberish to you, check out some basic information about your credit score here.

“Affirm approves applicants who can afford to repay us responsibly, and we make the experience totally transparent by charging simple interest and no penalties or fees — people know up front exactly what they’ll pay,” founder and CEO of Affirm Max Levchin said in a statement to CNNMoney.

The Fine Print

Interest rates range from 10%-30%. Depending on the interest rate on your credit card and how quickly you tend to pay off your card, the monthly payments may save you some money.

Payment plans are only available for tickets that are over $100. There’s currently no limit to the number of plane tickets you can get a payment plan for.

BitCoin — Our Favorite Feature

In order to make cash payment plans an option for the greatest number of people possible, both BitCoin and Western Union payments are accepted in addition to more standard cash pay options. Airfare by monthly payment is meant to be a direct competitor to the credit card industry.

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