It’s “easier than ever” to attend the Super Bowl, according to a Stub Hub press release.
It may also be easier than ever to go into debt doing it.
StubHub this week announced a program that allows fans to finance ticket purchases — including Super Bowl tickets — and pay for them over a period of 3, 6 or 12 months.
All at the bargain-basement price of up to 30 percent interest.
Stub Hub, in conjunction with financial firm Affirm, introduced a program this week that allows consumers to use Stub Hub to purchase tickets and during the check-out process elect to finance the purchase through Affirm.
Although ticket buyers can use Affirm for most Stub Hub purchase, the company is rolling out this program as a way to encourage fans who can’t afford Super Bowl tickets to buy them at potentially exorbitant interest rates.
According to financial web site The Balance, the average credit card interest rate as of December was 21.26 percent.
“Just in time for the Super Bowl, consumers can purchase event tickets now and pay over time,” reads a joint press release from Affirm and Stub Hub.
The StubHub-Affirm joint press release makes it sound like paying 30 percent interest is a financially sound idea: “With U.S. credit card debt at an all-time high and many consumers looking to kick off the new year with better financial habits, they’re demanding more transparent financial products that align with their interests.”
According to a CBS News story that examined the Stub Hub program, two lower-level end-zone tickets selling on Stub Hub for $15,760 on a 12-month, 30-percent loan would cost the buyer an additional $2,676 in interest.
The story also said that unlike credit cards, there’s no financial benefit for consumers to pay this sort of loan off early.
Ted Rossman of creditcards.com appeared on CBS MoneyWatch and warned consumers against using this sort of financial plan to pay for tickets makes no financial sense.
"It is a huge risk to make any type of discretionary purchase with something that carries a rate of 10 percent to 30 percent,” Rossman said on the show, according to the CBS News story. "It's risky to buy it now and think you are going to pay it later."
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