The news: Affirm announced 0% Days, a three-day promotion running from October 22-24 for eligible Affirm consumers, guaranteeing 0% interest and no late fees for shopping completed through the Affirm app or Affirm Card.

Why this matters: Holiday shopping is around the corner, which comprises 18.1% of full-year retail sales, per our forecast. But US retail holiday shopping growth will slump to the lowest levels since 2008 at 1.2%, leaving $1.359 trillion of holiday shopping spend up for grabs.

With consumers pulling back in light of tariffs and economic uncertainty—47% of gift buyers expected to buy fewer gifts or spend less, per a July 2025 CivicScience poll—merchants need creative ways to get consumers to spend. Affirm’s 0% interest can encourage more guilt-free spending, especially from Gen Zers who plan to shop earlier: 24% of the generational cohort plan to turn out earlier to capture deals before tariffs cause prices to rise, slotting nicely in Affirm’s pre-November 0% Days.

Our take: Affirm’s promotion may get overshadowed by more generous rewards-boosting promotions. PayPal teed up its BNPL shopping pitch to holiday shoppers, offering Pay Monthly installment loans and 5% cash back on all eligible in-store and online purchases.

Affirm’s inability to compete with rewards from either PayPal or card-linked installment plans may stymie its promotion’s success. 

If it can expand its merchant partnerships to offer better cash back at more in-demand retailers, Affirm may be able to win over consumers who may have otherwise chosen another provider for their seasonal shopping.