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GameStop’s new FlexPay program is essentially the store-wide equivalent of Xbox All Access. FlexPay offers three different providers that you can use to get hardware and games through incremental purchases: Klarna, Quadpay, and Progressive Leasing. The latter is a lease-to-own program with fraudulent installments.
I went to a lark Progressive Leasing website and created a quick payment calculator for a $ 499 rental from my local GameStop ($ 499 is the MSRP for the Xbox Series X and PlayStation 5 consoles). The results were absolutely devastating. Assuming you run out of credit, a $ 499 console with Progressive Leasing with 12 month payments would cost a total of $ 1,181.75.
That is over 200% above the actual cash value of the hardware. We’re not sure if this is a mistake … but if not, avoid doing it at all costs.
The three-month option is the most economical, but even that will cost you about $ 100 above MSRP. The final cost for this period is $ 598.80.
Also read: Xbox All Access: is it worth it? Only if you can get the best prices
Prices vary based on creditworthiness. As with Xbox All Access, your balance determines how much you pay each month.
Klarna spreads the full purchase over up to 36 months and has a variable interest rate of 5.99%. There is 0% APR if you pay off the purchase in full within the time frame. How much you pay depends on your balance.
QuadPay also splits the purchase into four payments. Each payment must be 25% of the total cost of the goods. Whether or not you are accepted depends on your balance. Missing a payment could have a negative impact on your balance.
Any of these three options will ping your balance. Note this too.
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