
Buy Now Pay Later versus credit cards: Which one is right for me?
The buzz around buying now and paying later is loud right now: according to Mozo’s research, 5.8 million Australians had a Buy Now Pay Later (BNPL) account in 2020.
The buzz around buying now and paying later is loud right now: according to Mozo’s research, 5.8 million Australians had a Buy Now Pay Later (BNPL) account in 2020.
Buy Now Pay Later (BNPL) services allow users to purchase a product or service at a shop or online and pay it back in interest free instalments. In addition to a form of payment, BNPL can also be used as a money management and budgeting tool.
Read MoreIn recent years we have seen sharp growth in the use of payment apps and online shopping via smart phones.
Read MoreWhile Aussie spending hit all-time highs, more shoppers have been turning to Buy Now Pay Later (BNPL) services to spread the cost of purchases.
Read MoreLooking to spread the cost of your Christmas shopping this year? Buy Now Pay Later (BNPL) could be your answer. In fact, if used correctly, BNPL can be a way to reduce how much you spend upfront and allows you to budget as you pay off the rest of what you owe in regular instalments. And there are plenty of platforms to choose from. Whether it’s Afterpay, Zip, Klarna or Humm (to mention a few), there are a whole bunch of retailers that allow you to use these types of services to buy Christmas gifts now and pay for them later. It’s important to note though, these platforms aren’t completely cost-free. The truth is, some come with a monthly fee attached to them and often charge late payment costs if you miss or delay an instalment.
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