In this video, you will learn about buy now, pay later, its process, and its pros and cons.
#buynowpaylater #credit #wallstreetmojo #creditcard #shopping
Chapters:
00:00 – Introduction
00:36 – What is buy now, pay later?
01:12 – Buy now pay later process
02:33 – BNPL vs credit card
03:43 – Pros and cons
05:03 – Conclusion
What is buy now pay later?
BNPL is a payment service that allows consumers to purchase goods and services upfront and pay for them later in installments.
It is a way to spread the cost of your purchases over a more extended period without paying interest or fees upfront.
Many popular retailers, both online and offline, offer BNPL as a payment option at the checkout.
Buy now pay later process
The BNPL process is quite simple. First, you select the BNPL options at checkout and enter your details to set up an account with the provider.
Then, you can choose a repayment plan that works best for you, which will determine how many installments you’ll need to pay and over what period.
After you complete your purchase, you’ll receive your goods or services immediately, and the payments will be automatically deducted from your account at the agreed-upon intervals.
BNPL vs credit card
BNPL and credit cards are ways to finance purchases, but they have some key differences.
With a credit card, you borrow money from a bank and pay interest on that amount until it is paid off.
On the other hand, with BNPL, you are usually not charged any interest or fees as long as you make your payments on time.
Additionally, BNPL tends to have more flexible repayment options than credit cards, with some providers allowing you to pay off your balance in as little as four weeks.
Pros and cons
Like any payment option, BNPL has its pros and cons. On the one hand, it can be a convenient way to spread the cost of purchases over time without paying interest or fees upfront. On the other hand, it can also be helpful if you are on a tight budget and must make purchases but need to pay the total amount upfront.
On the other hand, BNPL can encourage overspending, as it can be easy to forget about future payments and end up with a large debt than anticipated. Additionally, late payments or missed payments can negatively impact your credit score.
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