Max Levchin, Affirm co-founder and CEO, joins ‘TechCheck’ to explain what makes Affirm different from other buy now, pay later companies. Affirm reported Q1 FY22 results and shares are marginally higher. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Shares of Affirm, the digital “buy now, pay later” company, soared as high as 30% in after-hours trading Wednesday, after the company said it would expand its partnership with Amazon. The company also beat analyst estimates on revenue in the fiscal first quarter.

Here’s how Affirm did:

Loss per share: $1.13 adjusted per share
Revenue: $269.4 million vs. $248.2 million estimated by analysts
As part of the new agreement with Amazon, Affirm will serve as the sole third-party buy now, pay later option for the e-commerce giant in the U.S. However, credit card companies will still be able to offer buy now, pay later options on Amazon in the future. Amazon will also integrate the platform into its digital wallet in the U.S. Affirm can be used for eligible purchases on Amazon of $50 or more.

Affirm also gave strong guidance for the current quarter, estimating $320 million to $330 million in revenue, versus analyst expectations of $296 million.

The company first announced the partnership in August, a move that sent Affirm shares soaring nearly 47%. Some of the company’s biggest competitors include Afterpay and Klarna. Apple is also reportedly working on an installment plan product in partnership with Goldman Sachs.

Affirm shares closed down more than 15% in regular trading Wednesday.

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Affirm is a great payment option, especially for those of us that like to make payments. I have found that I can use affirm on many sites and it was easy to qualify.

Here’s a link to affirm as well as a link to my warning of NOT using equal pay.

https://www.affirm.com/

Warning Not to use equal pay:

https://www.youtube.com/watch?v=Sil-EIgBr1A

Please note: This is not a credit card, it’s a (payment option) NOT a credit card like some seem to think it is…. Its a very poor payment option you shouldn’t waste your time with…

Update: I called amazon about this issues again and they transferred me to syncbank again and they said that they take out the entire balance and while they have the full balance in their possession, they then start pulling out monthly payments. I told them It’s like buying a brand new car for $40,000 and agreeing to your monthly payments just to have the them bill you the full $40,000 all at once that same day…. The woman said ‘yes I know and I’m sorry’. I told her it wasn’t her fault.

(I edited the below text do to personal info attached)

Please note they pulled the full amount and charged it to my card but said they will now only take the monthly amount even thought they have the full amount already!!! (that makes no sense at all)

Message From Customer Service

Hello,

Just a reminder 🙂

When you choose equal pay for a purchase made using your card, the whole purchase amount is (initially charged) to your account. However, your repayment of the promotional balance will be divided into equal monthly installments. Please see your “minimum amount due” or “Your Account Messages” on your statement for additional details on repayment amounts.
We look forward to seeing you again soon.

We’d appreciate your feedback. Please use the buttons below to vote about your experience today.

Best regards

(I removed his name)