No Result
View All Result
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
No Result
View All Result
No Result
View All Result
Home Tips and Tricks

Is BNPL Better than Credit Cards?

by Hazel Grace
in Tips and Tricks
0
0
SHARES
42
VIEWS
Share on FacebookShare on Twitter

An online shopping trend known as BNPL, which is based on point-of-sale installment loans, has exploded. Customers can make purchases online and pay them off later in EMIs. Often, these EMIs are free of interest. Approximately 46% of people made at least one purchase via buy now pay later by April 2021, according to reports.

In contrast, credit cards have been around for decades. They have naturally integrated into online eCommerce ecosystems over the years. However, credit cards still mean paperwork, credit scores, authentication, and other hassles.

Some of the key takeaways of BNPL and credit cards are –

  • Shop-now-pay-later allows customers to make online purchases and pay in installments over time.
  • With credit cards, customers can also pay over time, but the minimum payment is required each month.
  • A customer’s financial situation completely determines the pros and cons of the pay-later program.
  • In contrast to credit cards, BNPL does not charge interest until customers finish their payments on time.
  • BNPL usually does not offer cashback or rewards on purchases, unlike credit cards.

The article discusses some of the advantages of this new credit payment system over credit cards.

A Less Strict Eligibility Criteria

In order to apply for a credit card, you must meet certain requirements, such as having a substantial income, a good credit score, and a credit history.

It is, however, easier to apply for BNPL since no hefty paperwork is required. The new credit payment system relies on artificial intelligence and machine learning to determine whether an individual is eligible for credit. As a result, millennials and first-time borrowers are more likely to choose this system than credit cards.

No Usage Costs

There are often usage costs associated with credit cards, such as joining fees or annual fees. However, BNPL doesn’t have such fees. You can register for a pay-later program for free. If you fail to pay the outstanding bill amount by the predetermined due date, you will be charged a late fee. Your only obligation is to pay the outstanding bill amount within the predetermined due dates.

The Convenience of Usage

The BNPL program allows registered customers to complete hassle-free, smooth, and secure transactions without sharing their bank or card details.

Shop-now-pay-later is a cheaper alternative to credit cards

  • Provides convenience by eliminating the need for OTPs when making a purchase.
  • Processes refunds faster than other payment methods.
  • Assuring a close-to-zero failure rate for transactions

Safe and Secure System

According to industry experts, BNPL keeps bank details secure because of the elimination of OTPs. Furthermore, most third-party service providers have top-of-the-line encryption, making the payment system safe from cyber-attacks.

The Conclusion

It has been found that people prefer the buy now pay later financing method in most countries around the world. Especially after the pandemic, the rate of people choosing this payment method increased massively.

Previous Post

Why do customers like BNPL?

Next Post

6 Beginner Golf Tips From Professional Players

Hazel Grace

Hazel Grace

Next Post
6 Beginner Golf Tips From Professional Players

6 Beginner Golf Tips From Professional Players

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Top 10 Swiss Cities for Chauffeur-Driven Car Hire

Top 10 Swiss Cities for Chauffeur-Driven Car Hire

1 day ago
A Guide to Multifamily Security Cameras for Safer, Smarter Multifamily Properties

A Guide to Multifamily Security Cameras for Safer, Smarter Multifamily Properties

4 days ago
Developing Research Skills: A Foundation for Any Career

Developing Research Skills: A Foundation for Any Career

5 days ago
What Should You Look For in a Good-Quality Cleaning Cloth?

What Should You Look For in a Good-Quality Cleaning Cloth?

6 days ago
The Value of In-House Development: Explore the Advantages and Drawbacks of Developing Technology Solutions In-House

The Value of In-House Development: Explore the Advantages and Drawbacks of Developing Technology Solutions In-House

1 week ago
Why KwaZulu-Natal’s South Coast Is the Smart Choice for a Beach Holiday

Why KwaZulu-Natal’s South Coast Is the Smart Choice for a Beach Holiday

1 week ago
Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

4 years ago
How is Technology Helping Real Estate business During Pandemic?

How is Technology Helping Real Estate business During Pandemic?

4 years ago

Get Blogo is a web magazine platform. Our aim is to provide trending information. So that, our readers get benefited from this website. Our team is here to provide the latest news and information on different topics.

Category

  • Animals
  • Apps & Software
  • Automotive
  • Biography
  • Business
  • Celebrity
  • Education and Career
  • Electronic & Gadgets
  • Entertainment
  • Fashion and Beauty
  • Finance
  • Fitness
  • Food and Recipes
  • Gaming
  • Health
  • Home and Garden
  • Instagram
  • Jobs and Services
  • Law
  • Lifestyle
  • Love and Relationship
  • Marketing
  • Miscellaneous
  • News & Politics
  • Nursing
  • Outdoor
  • Parents and Children
  • Politics
  • Real Estate
  • Reddit
  • Social Media
  • Sports
  • Tech
  • Tips and Tricks
  • Travel
  • TV Shows
  • Writing
  • Trending
  • Comments
  • Latest
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

March 7, 2023
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

July 15, 2024
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

0
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

0
Top 10 Swiss Cities for Chauffeur-Driven Car Hire

Top 10 Swiss Cities for Chauffeur-Driven Car Hire

July 11, 2025
A Guide to Multifamily Security Cameras for Safer, Smarter Multifamily Properties

A Guide to Multifamily Security Cameras for Safer, Smarter Multifamily Properties

July 9, 2025
  • About
  • Team
  • Privacy Policy
  • Editorial Policy
  • Terms & Conditions
  • Contact

Copyright © 2025, Get Blogo

No Result
View All Result
  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Get Blogo – Web Magazine
  • Home 4
  • Home 5
  • Privacy Policy
  • Team
  • Terms And Conditions

Copyright © 2025, Get Blogo