Shopping for electronics and appliances often means high price tags that can put a strain on your budget. Who doesn’t want the shiny new laptop, big screen TV, or smart refrigerator they’ve been eyeing up? This is where buy now, pay later services come in handy. They allow you to split purchases into manageable installment payments over time.
One of the most popular of these services is Afterpay – the platform allows online and in-store shoppers to pay in four interest-free installments spaced two weeks apart. With Afterpay’s growing acceptance, more customers wonder – does Best Buy take Afterpay in 2024?
The short answer is no – Best Buy does not directly integrate Afterpay’s specific platform as a payment method. However, read on to learn about the alternative installment payment options that Best Buy makes available to finance large purchases over time without interest.
Over the following sections, we will cover:
- What is Afterpay and how installment payments work
- An overview of Afterpay’s platform and policies
- Why Best Buy does not currently take Afterpay
- Best Buy’s own credit cards and financing plans as alternatives
- Step-by-step instructions for using installment services at checkout
- Tips for responsible and affordable usage of these payment methods
- Answers to commonly asked questions about Best Buy and Afterpay
By the end, you’ll have a complete understanding of how to use installment payment methods to your advantage during Best Buy’s checkout process.
What is Afterpay? A Quick Overview
Afterpay is a popular buy now, pay later app that allows customers to pay for purchases in four equal installments spaced two weeks apart. Shoppers pay the first 25% as a deposit upfront, and the rest is automatically deducted from the provided debit/credit card in the remaining payments.
The premise behind services like Afterpay is that they make larger purchases more affordable by breaking up payments over time. For example, a $1,000 laptop could be paid by depositing $250 at checkout, then $250 every two weeks after that until the order is fulfilled.
Importantly, Afterpay does not charge interest or fees on purchases if the scheduled installment payments are made on time. This makes it an attractive payment method for shoppers wanting to responsibly finance big purchases without taking on expensive credit card debt or interest charges.
Why Can’t You Use Afterpay At Best Buy Locations?
As we touched upon initially, Best Buy does not directly integrate Afterpay as an accepted payment method either online or in stores during checkout as of 2024. So shoppers cannot specifically select the Afterpay platform to finance Best Buy orders at this time.
The retailer does however partner with other services like Affirm and Klarna, which offer similar installment payment plans at 0% interest over time. We’ll explore these alternative options in more detail in the next section.
There are a few possible reasons why Afterpay may not be directly offered yet:
- Best Buy may already have exclusive partnerships in place with competitors like Affirm
- They may be testing performance of other platforms first before adding additional apps
- There could be some backend technical limitations related to fully integrating Afterpay’s systems
Whatever the reason, the door is still open for Best Buy to potentially add direct Afterpay acceptance down the line if there is enough customer demand for the service. But buyers do currently have access to equivalent payment plans from Best Buy’s existing finance partners.
Alternative Installment Payment Options Available at Best Buy
Just because Afterpay itself isn’t natively supported at Best Buy doesn’t mean shoppers can’t still finance larger purchases over time. The electronics giant offers installment plans through their own co-branded credit cards, plus additional apps like Affirm which they are partnered with.
Here is an overview of the flexible payment options you can use to split order amounts into smaller manageable payments over weeks or months during Best Buy’s checkout:
Best Buy Credit Card Financing Offers
Best Buy shoppers who apply and are approved for one of the retailer’s co-branded credit cards have access to exclusive 0% interest financing plans and terms for bigger purchases.
For example, you may qualify for 12 months of financing on orders above $299, 18 months interest-free with minimum purchases of $599, or 24 months dependent on your specific credit limit. Just use your Best Buy credit card as the payment method at checkout to select from available offers.
Making on-time installment payments helps build your overall credit score as well. Those with lower credit at application may need to opt for alternative plans from Affirm or Klarna though if initially denied a Best Buy card.
Progressive Leasing
Best Buy also partners with Progressive Leasing to allow customers to “lease-to-own” items like major appliances, TVs, or furniture over longer-term monthly payment plans spanning up to 12 months generally.
Lease agreements through Progressive Leasing at Best Buy do come with effective APRs driving up total costs however, so compare to 0% interest card or external app offers first if possible. There may be better installment financing options than their leasing program depending on your budget and needs.
Affirm
As mentioned above, Affirm is currently one of Best Buy’s main buy now, pay later platform partners. When checking out on Best Buy’s website or in stores, you’ll see Affirm installment plans listed alongside other payment options.
Based on your credit, you may qualify for 0% APR financing from 3-12 months in term length using Affirm at Best Buy. There are no hidden fees and you can easily manage payment schedules through Affirm’s mobile app as well. It offers a great way to split costs across several months.
Klarna
Along with Affirm, Klarna is another top external installment financing app that Best Buy directly integrates. Klarna also reports payment history to credit bureaus, allowing responsible use to boost your credit score over time.
In most cases, you’ll need to choose Klarna financing specifically at checkout on Best Buy’s website when selecting a payment method. It may take a few extra clicks, but you’ll then be walked through available term length options from Klarna based on the cart total and your approval limit and terms.
Step-By-Step Guide to Using Buy Now, Pay Later Services at Best Buy
Wondering how to actually go through the installment payment selection process when shopping online or in-store? Using Affirm or Klarna during Best Buy’s checkout involves just a few simple steps:
Shopping Online
- Add desired items to your cart on BestBuy.com as usual
- Proceed to checkout when ready and enter shipping/billing info
- Select “Afterpay” or “Affirm” as the payment method (multiple may show as options)
- Enter account credentials if you have existing account, or create a new one
- Review available term length options from 3-18 months depending on offer(s)
- Confirm order after selecting your preferred installment term
In-Store Purchasing
- Take items you want to finance up to a store cashier or checkout kiosk
- When prompted for payment, ask: “Can I use Affirm or Klarna installment payments for this?“
- Cashier will guide you through selecting term lengths offered by financing apps
- Tap linked debit/credit card at reader when required as first installment
- Check emails for payment confirmations and schedule from finance app!
It’s quite straightforward to select installment plans from Best Buy’s payment partners. But you’ll need to ensure you stay on top of scheduled payment due dates after the fact to avoid late fees being applied by Affirm, Klarna, or Best Buy credit services.
Set reminders and use their respective mobile apps to monitor upcoming payments. Most allow early repayments as well if you find yourself able to pay items off quicker.
5 Tips for Using Buy Now, Pay Later Services Responsibly
Installment payments undoubtedly provide more purchase flexibility – but finance apps lend themselves to overspending when used irresponsibly. Here are 5 tips for keeping buy now, pay later usage reasonable and avoiding spiraling into debt:
1. Stick to Your Budget
Determine if you can truly afford an installment plan for a bigger purchase before tapping into credit. Create a budget accounting for existing expenses and financial obligations before pile more on top.
2. Pay On Time
Missing payments results in fees plus credit impacts. Set calendar reminders for installment due dates and repay on time each billing cycle.
3. Pay Off Balances Quickly if Possible
Don’t drag out financing terms longer than necessary. Pay more than minimum amounts to clear balances faster and save on total interest paid if applicable.
4. Use Installment Offers Sparingly
Don’t open multiple installment plans at once across various apps and retailers. Space out bigger purchases and be reasonable.
5. Track Spending Habits
Use expense tracking apps to monitor where money goes. Being aware of spending helps make informed financial decisions when using installment financing responsibly.
The convenience of buy now, pay later apps allows short-term flexibility. But leaning on them too heavily over an extended period by overspending can snowball into long-term financial issues.
Employ the tips above alongside Best Buy’s available 0% interest installment offerings to maintain healthy payment habits while still enjoying larger purchases!
Frequently Asked Questions About Best Buy and Afterpay
Can I use installment payments from Best Buy for both online orders and in-store purchases?
Yes! Financing offers from Best Buy’s credit cards or third-party apps such as Affirm and Klarna work seamlessly for both online checkout and in-store transactions.
Does Best Buy allow financing on sale or clearance items?
Promotional Best Buy items that are on sale or clearance still qualify for their credit card installment offers and external payment partners at 0% interest rates during checkout both online and in stores. However, you cannot use separate gift cards in combination.
What happens if I miss a payment through Affirm, Klarna, or my Best Buy Credit Card?
You’ll face late payment fees from whichever provider you financed a purchase through. Additionally, a missed payment results in penalties from credit bureaus in most cases, negatively impacting your credit score for failing to meet obligations. Avoid late installments!
Is there a minimum purchase amount needed to use installment financing?
Yes – offers generally start at $250+ purchase amounts. But term lengths, dollar amounts required, and other eligibility factors vary between specific Best Buy credit cards and their external financing partners. Check terms closely!
What credit score do I need to qualify for 0% interest installment plans at Best Buy?
Credit requirements differ slightly across Best Buy cards and third-party apps but you’ll generally need a credit score in the “Good” range starting around 660+ for high likelihood of approval odds and subsequent access to 0% interest promotions when using financing. Those with established positive histories fare best!
What should I do if I’m having trouble making scheduled payments?
If falling behind, immediately contact Best Buy card support or whichever app provider you have installment financing through to explain hardship scenarios. Oftentimes, they may offer options like waived fees or alternative payment arrangements. Ask what can be done before further delinquency.
The Bottom Line – Shop Smarter With Installment Payments
At the end of the day – Best Buy may not directly take the Afterpay platform in particular right now. But savvy shoppers in 2024 still have ways through alternative installment plans to split their big tech product purchases across months, rather than paying 100% upfront.
The key is using 0% interest finance options responsibly if going that route. Consider total costs, create a budget for payments, use apps to diligently track spending, and pay on time. Reputable apps like Affirm and Klarna make it simpler and provide more flexibility. Just be wise by not overextending without understanding payments required!
So while Afterpay itself doesn’t function at Best Buy locations currently, you can finance the latest iPhone, big screen TV, gaming laptop and more over reasonable increments using the retailer’s cards or external partnerships instead.
Check back on Best Buy’s website in future as installment offerings continue expanding across platforms and apps. Happy shopping!
