What began for many as a way to pay for concert tickets and vacations is becoming an ordinary tool that Gen Z and millennial shoppers use for food, contact lenses and trash bags.
predictable lower payments on as much as possible just to have more cash around
It doesn’t give you “more cash”. You are borrowing money and interest is definitely baked into it. Credit cards already let you borrow money for a month for free. Plus they have cash back / points and great fraud protection. Plus they help you build your credit score.
You can get a basic credit card for $0 per year with a low limit, even if you have no credit. Don’t ever use “pay later” shit. Why do you think they invented it? It’s better for them, not you.
I mean the one time I used one of these “pay in four payments” kind of things there was no interest added on. It just let me split up the cost easier rather than having to do it all at once and subsist on very little till I get money next.
I bought a fridge with a 3 month scheme when I was broke enough that a new fridge would’ve been the end of that month’s money. Zero interest.
Don’t think I’ll ever finance a pizza over 4 payments like some other comment said though. Unless it’s my last pizza before I decide to stop existing or something.
I think it overall is a bad habit to get into, just like credit cards for some people, but could be a good thing if your very smart about the way you use it. npr did an interesting piece on the origins and motivations of buy now pay later a couple years ago here if anyone wants to learn about it:
https://www.npr.org/2022/05/10/1097885472/buy-now-pay-dearly
It doesn’t give you “more cash”. You are borrowing money and interest is definitely baked into it. Credit cards already let you borrow money for a month for free. Plus they have cash back / points and great fraud protection. Plus they help you build your credit score.
You can get a basic credit card for $0 per year with a low limit, even if you have no credit. Don’t ever use “pay later” shit. Why do you think they invented it? It’s better for them, not you.
I mean the one time I used one of these “pay in four payments” kind of things there was no interest added on. It just let me split up the cost easier rather than having to do it all at once and subsist on very little till I get money next.
I bought a fridge with a 3 month scheme when I was broke enough that a new fridge would’ve been the end of that month’s money. Zero interest.
Don’t think I’ll ever finance a pizza over 4 payments like some other comment said though. Unless it’s my last pizza before I decide to stop existing or something.
I think it overall is a bad habit to get into, just like credit cards for some people, but could be a good thing if your very smart about the way you use it. npr did an interesting piece on the origins and motivations of buy now pay later a couple years ago here if anyone wants to learn about it: https://www.npr.org/2022/05/10/1097885472/buy-now-pay-dearly