BPNL and Credit Card look the same but are not, know which option is best at the time of purchase?
Nowadays, the option of BPNL is available on all the websites that provide travel booking, hotel booking, food order, and ride-sharing. This option is mostly used by those people who do not have a credit card.
People are liking the option of BNPL i.e. Buy Now Pay Later nowadays. You will get to see this option on all e-commerce companies. If you are shopping and you do not have money, then you can choose the option of Buy Now Pay Later. It is like a short-term loan. In this, you can pay the amount in a lump sum or through EMI within the stipulated time. You do not need to pay interest if you pay within the stipulated period.
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Nowadays this option is also available on all the websites which provide travel booking, hotel booking, food order, and ride-sharing facilities. The BNPL option is especially for those who do not use a credit card. But suppose you have a credit card as well as the option of BNPL, then which of the two would be better for you to use? Know about it here.
BNPL Vs Credit Card
BNPL and Credit Cards seem similar to a great extent, but still, there is a slight difference between the two. If we talk about equality, then no interest is charged on re-payment till the due date in both. But if we look at the difference between them, the biggest difference is that credit cards can be used with businesses that accept payment modes. But Buy Now Pay Later can be used only during transactions with a partner merchant.
If you take a credit card, then you also have to pay some hidden charges, but this is not the case with BNPL. A credit card can be used outside India also, but cannot use a BNPL card.
You get many types of offers on credit cards, as well as reward points are given for shopping on credit cards, which can be redeemed. But there is nothing like this on BNPL.
Keep This In Mind
In the case of BNPL, non-payment of dues on time can damage your credit score. A bad credit score can make it difficult for you to avail of loans in the future. In such a situation, even if you get a loan in the future, then its interest rates can be very high. Banks don’t give you loans till now. Even if the loan is available, its rate will be very high.
