You'll need to be at least 18 years old to open an account. You could choose to put all or part of the purchase price of an item on a BNPL account. Suppose you find yourself short of cash while shopping. However, if you are using a credit card with the platform, you will incur interest charged by your credit provider if you don't repay the full credit card account balance on the due date.ĭepending on which BNPL service you are using, there may be other fees charged, such as:Įven though no interest is charged, it can be quite easy to rack up considerable fees when using BNPL services, so carefully check the terms, conditions and fee schedule of each payment service before deciding which one to use. An entirely interest-free finance option, the only costs involved are the cost of the item itself and late fees on any missed instalments if there are insufficient funds in your linked bank account (via your debit card) or not enough credit left on a maxed-out credit card. The BNPL platforms don't charge shoppers any interest, although they do levy a fee from merchants who offer it as a service. Once your account is approved, payment instalments are automatically charged to your debit or credit card. Some payment services will make a 'soft' credit enquiry – a request for your credit history that will not affect your credit score – before opening your account. Customers can link their debit or credit card to their BNPL account, usually with immediate approval in-store or online. How it worksīNPL services offer an intermediary finance service between retailers and their customers. Many of these payment platforms are available at over 20,000 bricks-and-mortar or online stores across Australia (even more internationally, with some BNPL providers), and are accessible on Android and iOS platforms. Through these payment platforms you can take home your item immediately and repay the purchase amount in instalments over several weeks, without paying any interest charges (although there are other fees involved). There are various BNPL options in-store and online. Credit provided by ZipMoney Payments Pty Ltd (ABN 58 164 440 993), Australian Credit Licence Number 441878).īuy Now Pay Later (BNPL) is an increasingly popular retail payment option, becoming ubiquitous among shoppers of all ages. Terms & Conditions apply and are available on application. A one-off establishment fee may apply for new customers. Any balance outstanding at the expiry of the interest free will be charged at the standard annual percentage rate, currently 25.9%. Paying only the minimum monthly repayment amount will generally not repay out the purchase within the interest free period. Minimum repayments start at $40 per month.ĭisclaimer: Available to approved applicants only. Determined according to the credit limit of the account.Customers may apply through a merchant for accounts greater than $5000. 25.9% p.a after your interest-free period expires. The interest-free period is determined by the merchant you shop with. Promotional offers between 6-48 months depending on where you shop. Guaranteed 0% interest for 3 months on all transactions.The better way to pay for life's bigger buys.
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