Looking for Super Bowl tickets, but don’t have the $6,800 cash right now? StubHub is partnering with financial technology company Affirm Inc. to let customers buy tickets on a payment plan.
Starting this week, U.S. based customers looking for tickets from $99 to $17,500 will be able to pay those off, with interest, over a period of up to one year. The new partnership between Affirm and the eBay-owned marketplace takes effect this month, and covers most sports and concert tickets.
Payment plans will let customers buy tickets similar to how many Americans buy cars, homes or large appliances — by taking on debt.
Customers looking to buy with Affirm’s financing will be asked to provide five pieces of information and will receive a credit decision within seconds, the two companies said in a statement. Approved buyers will be able to select payment plans that span three, six or 12 months, with annual interest rates ranging from 10% to 30%.
The new option — likely only alluring for big events — comes on the eve of the Super Bowl, one of the most exclusive sports events of the year. Tickets for the Feb. 2 game in Miami between the Kansas City Chiefs and San Francisco 49ers are currently selling on secondary markets for an average of $6,800. At a 20% annual percentage rate over six months — middle-of-the-road terms — a ticket at that price would end up costing about $1,200 a month, for a total additional cost of about $402.
Affirm is paying StubHub an undisclosed upfront fee to launch the partnership. The San Francisco-based company, whose other partners include Adidas AG, Casper Sleep Inc. and Peloton, will keep the interest earned on those ticket payment plans.
EBay in December announced it would sell StubHub to ticket marketplace Viagogo for $4.05 billion in cash. That sale is expected to close in the coming months.