Credit Cards Vs BNPL Cards: Know The Difference

Samayra Credit Guide Podcast Show

When it comes to leveraging plastic, it is often said that the most delightful experience is a ‘light touch’ experience i.e. an ecosystem which enables cards to be accessed and transactions to be settled with minimal hurdles and maximum ease. Credit cards and buy now pay later (BNPL) cards are being offered on the aforementioned foundation, as these cards are now introducing a regimen of seamless journeys, be it online or offline.

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What Is Buy Now, Pay Later?

Buy now, pay later is a type of short-term financing. BNPL plans often charge no interest and no fees, with the exception of late fees for missed payments. These point-of-sale installment loans are offered by a number of companies.

How do credit cards differ?

Traditional credit cards might have evolved into ‘Pay-later’ schemes, but today’s millennial customers hold back their usage due to low transparency, high fees, and high-interest rates. So, they aren’t ideal for those without credit histories.

Buy Now, Pay Later vs. Credit Cards: Which Is Better?

Buy now, pay later plans and credit cards are both options to consider when making purchases online or in stores. But each has some advantages and disadvantages.