Buy now pay later offers an incredible alternative when you have to purchase tablet computers. Also, around a quarter of buyers have picked BNPL services for the above reason, i.e., borrowing money without a credit check.
Through the BNPL option, you can have interest-free financing regardless of your previous credit record. Also, it doesn’t affect your credit score because there is no hard credit check required.
Difficulty in Getting Approval for a Credit Card
There are credit cards for bad credit, and not all people get approved. Among these credit cards, some require security deposits or other charges. Tackling these hurdles makes sense that 15% of the buyers chose to buy now pay later laptops when they cannot get the approval for credit cards. Moreover, BNPL services offer an easy method to get approved when purchasing laptops and computers.
Furthermore, the BNPL services have allowed consumers to build credit by completing the payments on time and never charging fees.
If You Don’t Like Using Credit Cards
Credit card companies keep refusing the customers’ applications; therefore, choosing the BNPL opportunity can be fruitful. Nevertheless, it’s not always a good idea to go with BNPL as you don’t like using credit cards which was the case for that 16% of customers.
In addition to that, primarily young consumers have a negative opinion about BNPL credit card services, and as a result, they have discussed some reasons.
Since a credit card is a great tool to boost your credit, you can do it through BNPL services. Although, their payment arrangements get end eventually.
On the other hand, a credit card is something that you want to keep for thousand years. Credit cards help you improve and build a strong payment history. Also, you receive rewards such as travel points and cashback with it. Best credit cards help you to get hundreds of dollars in value annually from the rewards they earn.
My Credit Cards Reached Upper Limits
Unluckily, about 14% of customers had maxed out their credit cards with BNPL. And, maybe that’s the reason customers called it worst.
Hence, you must avoid maxing out credit cards because it harms your credit score. Furthermore, it can lead you to face troubles while paying off the remaining balance. Aside from that, it makes the consequences more horrible when multiple credit cards have reached upper limits. Therefore, you should borrow more money to avoid this problem.
Final Verdict If You Should Use Buy Now, Pay Later
The benefits weigh more than the cons of electing BNPL, and the above reasons are good to consider when buying tablets and computers. But, make sure you must understand other standards and criteria of BNPL services as well. For example, what to buy, how much it will charge you in total, is it easy for you to pay it off later, and other essential points?