As if it continuing to pay off a student loan years after graduating isn’t bad enough, imagine making payments on Super Bowl tickets long after your team lost.
That’s exactly what StubHub is allowing customers to do for the upcoming game between the Chiefs and the 49ers. The online ticket service on Tuesday announced it’s partnered with the financial technology company Affirm Incorporated to float loans for football fans who can’t afford the ridiculously high prices attached to Super Bowl tickets.
After getting approved, customers can select their tickets — which range from $99 to $7,000 each — and then select a payment plan: three, six or 12 months. Depending on the plan and the buyer’s credit history, interest on the loan will be anywhere from 10 to 30 percent, StubHub officials say. That means a $7,100 Super Bowl ticket paid over six months with a 20 percent interest rate would end up costing $420 more.
Looking for Super Bowl tickets, but don’t have the $6,800 cash right now? StubHub will let you buy them on a payment plan https://t.co/LXclUM8A14
— Bloomberg (@business) January 21, 2020
From Bloomberg, “Looking for Super Bowl tickets, but don’t have the $7,100 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.” Don’t do it.