The price of Super Bowl tickets has long been out of hand. StubHub claims to be making it easier for fans to get their hands on tickets to the Feb. 2 game between the Kansas City Chiefs and San Francisco 49ers in Miami.
At least in the short term.
StubHub is using Super Bowl LIV to launch a financing plan for purchases between $99 and $17,500. The secondary ticket service has partnered with Affirm Inc. to allow buyers to take out an installment loan with interest rates of between 10 percent and 30 percent APR.
The cheapest ticket on StubHub was $3,695 as of Friday morning. Fans using StubHub’s loan system are able to pay in monthly installments for three, six or 12 months, with set monthly payments and no bonus for paying it off early.
A joint StubHub and Affirm press release said that 78 percent of fans want to attend the Super Bowl, but 76 percent of respondents have never attended to due high costs.
“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,” the release said, noting that 64 percent of consumers want a pay-over-time option for sporting events and 60 percent feel more favorable to companies that offer flexible payment methods.
CBS News reports that two lower-level tickets costing a total of $15,760 could be purchased for $1,536 a month with a 12-month installment loan at 30 percent. However, interest charges would mean an additional $2,676. According to CreditCards.com, credit cards have an average interest rate of about 17 percent.
"It is a huge risk to make any type of discretionary purchase with something that carries a rate of 10% to 30%," Ted Rossman, of CreditCards.com, told CBS MoneyWatch. "It's risky to buy it now and think you are going to pay it later."