, even become corrupted. The barely-readable fine print makes only one thing clear to consumers: You'll never know exactly what your purchase will really cost you," Levchin wrote.And while Amex will serve as a guide to how Affirm can navigate the public markets, that's not to say established players don't need to update their offerings.
Levchin said Wednesday that credit-card companies like Amex, Citi, and Chase aren't necessarily in danger — but some of their products are. Affirm doesn't charge late fees, and Levchin is one of many in the fintech space that rails against things like deferred interest. Lenders may offer a 0% interest loan, but if it's not paid back within a specific timeframe, the borrower could be charged interest retroactively.
"They shouldn't be offering the products they do," Levchin said. "I think the market is shifting away from them." The banks behind deferred interest credit cards shouldn't be worried about Affirm, Levchin added. But they should worry about consumers opting for other options, like Affirm.Affirm's roadshow was an affirmation of Levchin's mission