Tempted by Buy Now, Pay Later? Don’t get trapped

While Buy Now, Pay Later (BNPL) can be a helpful way to spread payments, it is a type of debt and comes with risks. Did you know there are late fees if you miss a repayment? Be careful you don’t get trapped. That pay later can quickly turn into pain later.

7 tips for using Buy Now, Pay Later

Think about the full cost. Buy Now, Pay Later can be tempting because we think about the upfront payment but we need to look at all the payments in total. What’s the total cost of what you’re buying?
Make only one Buy Now, Pay Later purchase at a time. Try not to be tempted to take out more until the first is paid off.
Use Buy Now, Pay Later to buy larger ticket items only if you have to. Better yet, save up for it instead.
If you must take out more than one of these, list them all and set reminders in your phone when repayments are due.
Make sure to have enough funds in your account when repayments are due, so you don’t get charged late fees.
Don’t miss a payment. Missed or even late payments can mean massive late fees and penalties. And paying late can affect your credit rating too.
Treat it like a debt, because it is. Remember, Buy Now, Pay Later is debt. And debt can be really hard to climb out of, especially if money is already tight. Always think twice before taking on debt.

Learn how to use Buy Now, Pay Later safely

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Get out of debt

We’ve all been there – you see a great sale but don’t quite have enough money saved up so you use BNPL. And then the latest smartphone is being released or you’ve got to buy a present last minute for one of your friends. Why not take out another BNPL for those too? After all, you’ve got the money for the first payment and it’d be great to be able to get it now and pay it off later.

Well, that’s where things can start to go wrong. It can be easy to lose track of what you’ve borrowed, and before you know it, you’re not keeping up with the repayments and those late fees start adding up.

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Tempted by Buy Now, Pay Later? Don’t get trapped

7 tips for using Buy Now, Pay Later

Learn how to use Buy Now, Pay Later safely

Savvy tips from a Buy Now, Pay Later spender

How to use Buy Now, Pay Later

How to use Buy Now, Pay Later without getting trapped

8 money hacks for the silly season

Get out of debt

Tackle your debt

Practise safe debt

Calculate your debt

Tackle your debt

Practise safe debt

Calculate your debt

6 steps to get your money Sorted

Start your emergency fund

Get your KiwiSaver on track

Tackle your debt

Cover your people, money, stuff

Work out your retirement number

Set your goals, then reach them!

Browse guides by...

Life events...

My Money Sorted: Courtney

Hākari. He tohu o te aroha.

Hākari: a symbol of aroha

My Money Sorted: Sabby

Everybody has a scam story… here’s how to make sure you’re the hero

8 ways to hack Christmas when you’re stretching the budget

It’s on! This silly season, try these 8 money hacks

My Money Sorted: Simran

About

Learning

Resources

Even more

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Tempted by Buy Now, Pay Later? Don’t get trapped

7 tips for using Buy Now, Pay Later

Learn how to use Buy Now, Pay Later safely

Savvy tips from a Buy Now, Pay Later spender

How to use Buy Now, Pay Later

How to use Buy Now, Pay Later without getting trapped

8 money hacks for the silly season

Get out of debt

Tackle your debt

Practise safe debt

Calculate your debt

Tackle your debt

Practise safe debt

Calculate your debt