NAB enters the buy now pay later world

Someone using a BNPL payment platform on their phone to buy now pay later
Source: Getty

Chances are, you've used a Buy Now Pay Later platform. Whether it was Afterpay, Zip Pay, Paypal Pay in 4, or another BNPL provider, Aussies love the ability to split their payments and pay back their purchases over time.

The latest institution to launch their BNPL option the National Australia Bank. They join other big 4 banking providers buy now pay later options, joining Commonwealth Bank and ANZ (amongst other providers).

Buy Now Pay Later has become an extremely popular payment option for Australians, particularly millennials, so it isn’t surprising that the big banks are now getting in on the action.

How is NAB’S BNPL scheme different?

The NAB BNPL option is available via their existing Visa credit card system. This means that you will be able to use it wherever Visa is available. This is convenient because with other BNPL platforms of Afterpay and Zip, you need for the store or website to have the BNPL provider as one of their accepted payment options.

In addition to this, NAB does not charge account fees, or late fees and has no set minimum purchase amount.

Are there any restrictions to NAB’s Buy Now Pay Later?

There is a $1000 account limit.

You will also need to pass a repayment assessment (similar to a credit check) when you apply.

Is there any other criteria to qualify for NAB Now Pay Later?

You will need to be at least 18 years of age to be eligible. You must also have an individual NAB transaction account, and you will need to have the NAB app installed.

How is NAB’s BNPL option different from the NAB StraightUp card?

There are a few differences. If you want a higher account limit than $1,000, the StraightUp card could be a better option as it has $2,000 and $3,000 limit options, however there is a monthly fee attached (while you carry a balance) which is either $15 ($2,000) or $20 ($3,000). The StraightUp card also doesn’t charge foreign transaction fees, so if you want to travel or shop at international stores this could save you money. 

If you’re in the market for a BNPL service that suits your needs, find Mozo's best BNPL services.