Credit Cards and Buy Now Pay Later: Who will get the benefit from choosing both, know

By Anuj Kumar -
Credit Cards and Buy Now Pay Later: Who will get the benefit from choosing both, know

Everything you buy with a credit card has to be paid within 45-50 days. BNPL gives a grace period of 5 to 10 additional days, if the bill is not paid on time, then a late fee of about Rs 250 to 300 is to be paid. (Photo credit: Fox Business)

Online festive sales like Flipkart Big Billion Days and Amazon Great Indian Festival are starting. This is good news for many people as they wait for such a sale to make a big purchase. These online platforms have offered discounts and cashback with various banks, credit card companies, and digital payment wallets. Even though credit card has always been one of the popular options among the people, the Buy Now Pay Later (BNPL) service has also gained popularity in recent years. Which of these two options should you choose is a little bit thoughtful.

A credit card is instant access to cash, in addition to a free credit period depending on the credit card company. Therefore credit cards are widely popular, especially among urban people. However, not all people are eligible for a credit card. A person must have a good credit score to be eligible for a credit card.

Everything you buy with a credit card has to be paid within 45-50 days. Usually, BNPLs give a grace period of 5 to 10 additional days after the bill is made, even after this, if the bill is not paid on time, then a late fee of around Rs 250 to 300 is to be paid.

Credit Card vs Buy Now Pay Later (BNPL)

1. Eligibility Eligibility Criteria

To get a credit card, you need to fulfill certain eligibility criteria which include your income, credit history, credit score, etc. On the other hand, BNPL does not require users to share their card or bank details. Furthermore, it does not disclose any financial information.

2. Free

Often seen credit cards include an annual fee plus a combined fee. In the case of BNPL service, it is free of charge with no usage. Borrowers only have to pay their outstanding bills, a penalty is imposed for failing to do so.

3. Ease of use

No bank account details are disclosed in BNPL, making it a safe and swift alternative to payment. Borrowers are also not required to share OTPs.

4. Reduced Fees

There is no pressure on hidden charges or maintenance fees.

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