For some time, Affirm has been characterized as a company that gives short or long-term loans to be paid back in specific amounts and installments for shopping purposes, even if you don’t have the money yet.
But giving out loans to be paid back in installments seems insufficient since many people have inquired if and how they can get cash from Affirm’s virtual card.
Would it be possible to get cash from Affirm’s virtual card?
Before considering methods to get cash from Affirm virtual cards, we should point out that it is impossible to withdraw any money from this instrument.
The Affirm virtual card is designed to make online purchases through credit. It works much like any other credit card. The company covers the amount to be paid off, and you are left owing the company money.
Therefore, you can’t get or withdraw cash from Affirm’s virtual card, no matter how much or how little. Within your card account, you will not locate any cash withdrawal options.
The only option available to withdraw cash from Affirm is to have a savings account within the platform. With a savings account, it is possible to take out the money you need as with any other credit service such as this one.
Of course, it is not related to the Affirm virtual card cash withdrawal, but it can help anyone who wishes to have a savings account with Affirm.
How does the Affirm Virtual Card work?
Affirm’s virtual card is different from other credit cards because it can be used only once for retail purchases. Apply for the loan and wait for approval to obtain the virtual card.
The virtual card will be provided with a specific amount, and a single purchase can be made at a single company to spend the full amount of the card or a portion of it.
The card expires 24 hours after it is issued. When the card is issued and unused within 24 hours, it is automatically canceled, and you do not have to pay for it. Likewise, you may cancel the card before 24 hours have elapsed with no fee to be paid.
Once the credit card has been purchased, and the payment has been processed, Affirm provides the user with a schedule specifying all installments to pay off the card debt.
The basic card debt will be the amount spent to purchase and not the amount originally accrued.
In other words, if, for example, you applied for a loan for $500, and out of that $500, you only purchased $200, your debt will be $200 and not $500.
How do I pay with the Affirm Virtual Card?
Once your virtual card is available, you can pay for any order placed at virtually any online store.
Since the virtual card is treated like any other credit card, select the credit card option when making the corresponding payment; in the credit card option, you can choose your Affirm virtual card.
You will probably be asked to enter the 16-digit Affirm virtual card number and your exact billing address or the address registered with the card. You may need to state your name and the card expiration date.
- “Affirm Virtual Card” Help Center Affirm, https://helpcenter.affirm.com/s/article/affirm-virtual-card#:~:text=You%20can%20request%20a%20virtual,like%20a%20standard%20credit%20card, Accessed 29 Sept 2022.