JetBlue is adapting to COVID-19 woes by offering installment plans for customers booking flights and vacations. The company announced this week that it is partnering with Marcus by Goldman Sachs to make it easier for travelers to pay off their trips over time.
What will these payment plans look like? MarcusPay is an existing loan option that allows customers to pay off big purchases using a fixed-rate loan that they can pick up at the point of sale. JetBlue is the only airline that MarcusPay is working with to put air travel in reach for more people in 2020.
If you want to finance a JetBlue trip through MarcusPay, your booking options will be slightly limited. The application for a MarcusPay loan can only be completed when you go through jetblue.com or jetbluevacations.com. This option will be available soon via the JetBlue mobile app. You will also have some pricing limits to work with. A JetBlue trip financed through MarcusPay must cost between $750 and $10,000 to qualify.
One positive thing about MarcusPay is that pricing is transparent. You'll be able to view the full price of your loan within minutes of completing your application. You won't be on the hook for any fees or deposits when you finance through MarcusPay. What's more, your trip is actually protected against higher price fluctuations once it's booked. However, the best part just might be that you won't receive your first bill for at least a full month after your trip is booked.
MarcusPay isn't better than financing your trip using things like loyalty points and card rewards. However, it might be a good option if you are looking for a very basic financing option because you need to book a trip in a pinch. MarcusPay can be especially helpful if you do not have time to seek out financing from a traditional lender because this option essentially allows you to be financed during the booking process.