Latest news with #FlexPay
Miami Herald
09-05-2025
- Business
- Miami Herald
Costco quietly plans to offer a convenient service for customers
There is no doubt that Costco (COST) has rapidly expanded in popularity over the past few years, thanks to its products and deals consistently going viral on social media platforms such as TikTok. Even in the past few months, Costco has seen a significant boost in sales, despite last year's membership price hike and further cracking down on membership card sharing. Don't miss the move: Subscribe to TheStreet's free daily newsletter In its latest earnings report, Costco revealed that its comparable sales in the U.S. increased by 8.3% year-over-year during the second quarter of fiscal year 2025. This contributed to its earning a net income of $1.7 billion, which is 2% higher than what it earned during the same quarter a year ago. Related: Costco makes a major change to a convenient membership perk Despite a boost in sales, Costco Chief Financial Officer Gary Millerchip warned during an earnings call in March that Costco members are becoming more cautious about their spending amid concerns about the economy. "We believe that the member is probably as much focused now on quality, value, and newness as they have been for quite some time," said Millerchip. "They are still showing that willingness to spend, but they're being very choiceful where they're spending their dollars. And we think that's likely to continue and maybe even become more choiceful as the impact of some return of inflation and the potential impact of tariffs could flow through as well." As customers pull back their spending, Costco is planning to lean even more toward a controversial trend that can help it reverse recent shopper behavior. Costco has entered an online partnership with "buy now, pay later" company Affirm to allow its members to pay for items over time, according to a new shareholder letter. This means that Costco members will soon be able to pay for items through a monthly payment plan offered through Affirm. During an earnings call on May 8, Affirm CEO Max Levchin opted to keep the launch date of the new online partnership with Costco under wraps. Related: Costco makes controversial move to avoid high tariff costs "I don't think we are announcing a timeline, but obviously wouldn't talk about it if we didn't think that will be at some point in a reasonable future," said Levchin. Costco already offers a buy now, pay later option called Flex Pay through its partnership with Citi Bank; however, it is currently only available for Costco Anywhere Visa Card members. Through Flex Pay, cardholders are able to split eligible purchases of $75 or more into fixed monthly payments (no interest) of up to 24 months. The move from Costco comes when "buy now, pay later" has grown in popularity, as many consumers battle inflation and higher costs of living. Companies such as Klarna, Paypal Pay, and Afterpay are known for offering this service. Many of these companies have recently partnered with retailers such as Target, Walmart, Amazon, and even DoorDash to offer consumers "buy now, pay later" options. More Retail: AT&T quietly issues stern warning to customersSam's Club makes a big change to a beloved membership perkGameStop announces risky move amid store closures While this service can be convenient for shoppers, it can have major consequences if not used cautiously. A new survey from Bankrate found that 30% of U.S. adults have used at least one "buy now, pay later" service to purchase a product. Also, 49% of the adults who have used the service said that they have encountered at least one issue with it. Roughly 24% said that they spent more money than they should using the service, while 16% said they missed a payment, and 15% said they regretted making the purchase. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Business Wire
28-04-2025
- Business
- Business Wire
Yieldstreet and Upgrade Partner to Expand Access to Consumer Credit Investing
NEW YORK--(BUSINESS WIRE)--Yieldstreet, a leading private markets investing platform, and Upgrade Inc., a fintech company offering affordable and responsible credit products to mainstream consumers, today announced the completion of an agreement to purchase assets through Flex Pay, Upgrade's BNPL financing solution. This partnership enables individual investors to target passive income from exposure to high-quality consumer BNPL loans. The first transaction, which closed in April 2025, includes a pool of travel loans through Flex Pay's strong partnerships with over 750 travel partners, including major airlines, cruise lines, and hotel chains. "Upgrade has established itself as a market leader in a wide range of credit categories, including BNPL travel-related financing, with its robust origination platform," said Ted Yarbrough, President and Chief Investment Officer at Yieldstreet. "We're pleased to complete this transaction which will allow investors to further diversify their portfolios in private markets with exposure to consumer credit." 'Through this collaboration with Upgrade, we're continuing to expand Yieldstreet's private credit offerings with another asset class that provides exposure to a diverse portfolio of consumer obligations capitalizing on strong demand for travel experiences even in the face of the volatility currently being experienced in public markets,' said Fahd Basir, Head of Credit and Opportunistic Investments at Yieldstreet. 'We're excited to partner with Yieldstreet to give more investors access to this rapidly-growing asset class,' said Renaud Laplanche, CEO and Co-founder, Upgrade. 'Flex Pay presents a differentiated opportunity for investors and brings more affordability and flexibility to consumers.' Flex Pay's travel financing services are integrated into checkout pages for major brands including United Airlines (NYSE: UAL), Southwest Airlines (NYSE: LUV), Norwegian Cruise Line (NYSE: NCLH), Carnival Cruise Line (NYSE: CCL), and Wyndham Hotels (NYSE: WH). The platform allows travelers to finance trips with fixed monthly payments, targeting consumers who choose the service for convenience and flexibility as opposed to actively seeking credit. As of April 2025, over $37 billion in loans for more than 6.5 million customers has been originated through Upgrade since its founding, including $6.7 billion in Flex Pay travel financing. Yieldstreet's platform has facilitated over $6 billion in investments to date, providing individual investors with access to asset classes typically available only to institutions. This transaction marks the addition of travel financing to Yieldstreet's growing portfolio of private market opportunities. About Yieldstreet With more than 500,000 members, Yieldstreet is reimagining how wealth is created, helping investors diversify their portfolios with assets spanning real estate, private credit, private equity, art and more. Its award-winning platform offers investments across ten asset classes. For more information, visit About Upgrade Upgrade, Inc. offers affordable and responsible credit, mobile banking and payment products to mainstream consumers. Upgrade has delivered over $37 billion in affordable and responsible credit to customers since its inception in 2017. The company's headquarters are in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California. Upgrade is a financial technology company, not a bank. More information is available at: Loans made through Flex Pay are offered by these lending partners.
Yahoo
31-03-2025
- Business
- Yahoo
Every BT, O2, Vodafone, Sky, Three, TalkTalk, EE, Virgin Media price hike this week
Every BT, O2, Vodafone, Sky, EE, Virgin Media and Three price increase from April 1 has been revealed. Providers now have to tell customers exactly how much their contract will rise by each year in "pounds and pence," instead of linking it to inflation. This rule applies mainly to new customers, so if you're on an older contract, your price hike could still be tied to inflation. Uswitch spokesman Ernest Doku advised people to shop around for better deals. "With millions of households already feeling the financial strain, the upcoming bill hikes in April will only make things harder,' he said. READ MORE: State pensioners being handed 11 freebies in April on top of regular payment READ MORE: 13 million state pensioners warned DWP rule change is now 'inevitable' READ MORE Drivers face £1,000 fines after 800 motorists dragged to court following mistake "While not all price hikes can be avoided, there are still opportunities to save by switching providers. By reviewing your energy, broadband and mobile deals you can lock in better rates and avoid paying more." Customers will see their bill rise by £1.50 a month for mobile Sim-only and Flex Pay airtime, £2 a month for TV, £3 a month for broadband and £4 a month for bundled handset and airtime mobile customers. If you joined or renewed before April 10, 2024, your price will rise by 6.4%. There will be no increases for BT Home Essentials, BT Basic and EE Mobile Basic customers, or landline-only, BT Home Phone Saver and pay-as-you-go customers. From April 1, 2025, the monthly price of mobile plans will go up but the amount you'll pay will depend on your Airtime Plan. Customers on pay-monthly and Sim-only mobile plans will pay an extra £1.80 per month from April, while those on Smartwatch Plans and Data only will pay an extra £0.75p per month. If you have a device-only plan, are on pay-as-you-go, or on O2 Essential then you won't see any price rises. O2 has also warned that out-of-bundle charges will increase by 5% each year starting from April 1 and advised customers to check its Extra Charges guide for current pricing information. If you have Sky broadband and TV, including Stream and Glass, your bill will rise by 6.2% on average. If you joined TalkTalk or renewed your contract on or after August 12, 2024, your bill is rising by £3 a month. If you joined or renewed before August 12, 2024, your bill will rise by 6.2%. Your bill will rise by £1 a month if your data allowance is 4GB or less, or £1.25 a month if your data allowance is between 5GB and 99GB, or £1.50 a month if your data allowance is 100GB or more. Three broadband customers will see their monthly bill rise capped at £2 a month If you joined or upgraded on or after January 9, 2025, your broadband, landline or TV package will rise by £3.50 a month from April. Anyone that signed up to a Vodafone broadband contract, or upgraded, on or after July 2, 2024, will pay a fixed rate of £1 extra per month for 'basic' mobile plans, £1.80 extra per month for other pay-monthly mobile plans, or £3 extra per month for home broadband. If you took out a Vodafone broadband contract, or upgraded, on or before July 1, 2024, then your monthly payments will rise by 6.4% (December's 2.5% Consumer Price Index figure plus 3.9 percentage points). Anyone on Broadband Essentials, Mobile VOXI For Now, or Mobile pay-as-you-go won't face any price rises from April. Vodafone has also warned it is increasing some charges if customers go over their monthly allowances. Out of bundle charges will rise from April by the Consumer Price Index rate in January plus 3.9%.
Yahoo
05-03-2025
- Business
- Yahoo
Expedia Group to Introduce Flex Pay for Cruise Bookings
With Flex Pay, travelers can spread their payments over 3 to 24 months, making it easier than ever to plan and pay for their ideal cruise vacation. SAN FRANCISCO, March 5, 2025 /CNW/ -- Expedia Group (NASDAQ: EXPE), one of the world's leading travel technology companies, has chosen Flex Pay to bring flexible payment options in the US and Canada to travelers booking cruise vacations across five Expedia Group brands including Expedia Cruises, and Through this collaboration, travelers can now use Flex Pay, an innovative Buy Now, Pay Later (BNPL) solution from Upgrade. This payment option, available across over 750 travel and retail brands, allows travelers to finance their cruise experiences in simple, and affordable monthly installments. "We believe travel should be accessible to everyone," said Matthew Eichhorst, President of Expedia Cruises at Expedia Group. "With the introduction of Flex Pay, we're not just offering payment options; we're opening doors to experiences that once may have seemed out of reach. By allowing travelers to spread costs over time, we're making dream cruises more attainable and enabling the exploration of the world on one's own terms." This marks the expansion of a longstanding offering of financing through Flex Pay (formerly Uplift) that enables travelers to enjoy unforgettable cruise adventures while managing their budgets more effectively. Whether exploring the Caribbean, sailing through the Mediterranean, or river cruising in Europe, Expedia Group's extensive cruise offerings cater to every type of traveler, and now they have the opportunity to book now and pay later through Flex Pay. With its bank partners, Flex Pay has taken the leadership position in cruise financing bringing product innovation that makes travel costs more manageable, including no-interest financing that has proven to increase booking volume, conversion, and order value by 15-25%.1 "We are excited that Expedia Group has chosen Flex Pay, the leader in travel BNPL, to power their cruise booking," said Tom Botts, President of Flex Pay. "This partnership builds on the success of our cruise division, which achieved a 23% year-over-year growth in bookings in 2024, driven by both increased volume and order value. With products like no-interest loans and on-board financing, we take pride in helping partners like Expedia Group and their cruise lines expand their reach, attract more customers, and boost revenue." Flex Pay offers greater affordability and flexibility, allowing travelers to book cruises with more than 20 cruise brands available on Expedia Group and turn their dream vacations into reality. Through Flex Pay, travelers can spread their payments over 3 to 24 months, making it easier than ever to plan and pay for their ideal cruise vacation. About Flex PayFlex Pay is a Buy Now, Pay Later solution offered by Upgrade, Inc. Upgrade offers affordable and responsible credit, mobile banking and payment products to mainstream consumers. Upgrade has delivered over $36 billion in affordable and responsible credit to over 6 million customers since its inception in 2017. The company's headquarters are in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California. Loans made through Flex Pay are offered by these lending partners. Upgrade is a financial technology company, not a bank. More information is available at: and About Expedia Group Expedia Group, Inc. brands power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. Expedia Group's three flagship consumer brands include: Expedia®, and Vrbo®. For more information, visit Follow us on X @expediagroup and check out our LinkedIn. © 2025 Expedia, Inc., an Expedia Group company. All rights reserved. Expedia Group and the Expedia Group logo are trademarks of Expedia, Inc. CST: 2029030-50 1Flex Pay analysis spanning 2022-2024 transactions. View original content to download multimedia: SOURCE Upgrade, Inc.; Expedia Group View original content to download multimedia: Sign in to access your portfolio
Yahoo
28-02-2025
- Business
- Yahoo
Gen Z uses BNPL more than credit cards, survey shows
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. A J.D. Power consumer survey found that members of Gen Z were more apt to use buy now, pay later than credit cards in what that firm said was a first-time poll result. The analytics firm surveyed roughly 4,300 U.S. consumers, including roughly 1,000 Gen Z members, about their spending habits for all of 2024, and specifically for the 2024 holiday shopping season. For the holidays, 54% of Gen Z said they used BNPL during that time period, and 50% said they used credit cards. It was the first J.D. Power survey to show that BNPL overtook credit card use among that demographic, a Thursday news release said. The result was not completely unexpected, said Sean Gelles, senior director of payments intelligence for J.D. Power. "These products are meeting a need that is not being met by the existing products in the marketplace," he said. For the full year, 44% of Gen Z said they used buy now, pay later in 2024, compared to 50% who said they used credit cards. Among all consumers surveyed, 32% said they used buy now, pay later in 2024, a 4 percentage points increase compared to 2023, while credit card use among all survey respondents dropped 6 percentage points to 61% in 2024, compared to 2023. It isn't time for traditional financial institutions to start panicking, at least not yet, Gelles said, noting that banks and credit card networks have started to get in on the BNPL game. "You can't really generalize and say Gen Z are using buy now, pay later, more than credit cards," he said. "But you can say that during the holiday shopping season, when you have this big spike in spending, a higher percentage of Gen Zers say they use buy now, pay later at the point of sale than their actual physical credit card." Buy now, pay later companies enjoy high satisfaction rates among consumers, but legacy banks and credit card networks still have generally higher marks, he said. American Express and JPMorgan Chase --- which offer card-based buy now, pay later products --- received the highest marks from consumers surveyed by J.D. Power, Gelles noted. Klarna's BNPL product was the highest rated among buy now, pay later companies, placing it fourth behind Citi Flex Pay, that bank's BNPL offering. "They need to make sure they continue to deliver the best customer experiences," Gelles said of banks and credit card companies Recommended Reading How does Gen Z feel about credit cards? It's complicated. Sign in to access your portfolio
