![]() Account-keeping fees, or monthly fees, differ for each platform, but generally range from $1-$15 each time a payment is late. These can generally range from $5-$90, depending on the provider, and may scale to the higher side depending on the amount of credit you access. New customers may be stung with an upfront fee when you apply with your chosen BNPL service. ![]() There are a range of fees that a BNPL provider may charge you, including: But just because BNPL is interest-free, does not mean the service is free. Instead, they split up your repayments into smaller segments, typically spread out in fortnightly instalments. One of the main advantages of BNPL is that unlike traditional credit cards, it doesn't come with interest charges on your purchases. However, spending caps are typically in place to help reduce some risk to the customer, ranging from a few hundred dollars to tens of thousands on some BNPL platforms.Īs credit cards fall out of favour due to their high interest rates and hard-to-meet eligibility criteria (particularly for millennials and Gen Z) the popularity of BNPL services have skyrocketed in recent years. What you can buy through a BNPL platform is determined by its participating retailers and can range from smaller items like clothing to big-ticket items like furniture and appliances. ![]() This is because BNPL providers offer a payment system of interest-free instalments, typically spread out over a number of fortnights. They are integrated into retail payment systems across the globe, and can typically be accessed via apps, the platform’s website or simply at retail checkout.īNPL services were created to not only help customers on tight budgets take home something today that they then pay in the future, but also help make repaying a purchase more manageable than using a credit card. Think old-school layby meets the digital world - except you don't have to wait to pay in full to get your purchase. Buy now, pay later (BNPL) services are platforms that allow you to purchase something today that you then pay back in smaller segments.
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