![]() Read more: 4 boxes to check before using 'Buy Now, Pay Later'Ī recent report found that 45% of BNPL users found this payment method easier than using a credit card and paying off the lump sum of the bill on a monthly basis. For example, if my total purchase is $500, I can pay $100 a week, for five weeks, without getting any fees tacked on.Ī recent study done by Credit Karma found that 40% of US consumers have used a BNPL service. Not only does it seem like a great way to spread out payments, but you don't have to worry about the hefty interest rates that credit cards often charge you if you can't pay your balance off that month. Sometimes, these payments are interest-free. Instead, you can pay in installments over a set number of weeks or months. What is buy now, pay later?īuy now, pay later (BNPL) lets you buy items without paying the total cost upfront. ![]() When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay. These cards won't be worth it if you're paying interest or late fees. We're focused here on the rewards and perks that come with each card. Because of that behavior, I wondered if I even needed a credit card or if I could just rely on the buy now, pay later (BNPL) services a lot of online retailers offer these days. I no longer carry a balance on my credit card and only spend what I can pay off that month. After making a mess of my finances in my twenties, I have cleaned up my act and my spending habits in my thirties.
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