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Buy Now, Pay Later – 4 things to know before you shop

Have you noticed a new payment option when you check out your purchase? There are now multiple Buy Now, Pay Later (BNPL) platforms for Malaysians to use. BNPL platforms enable you to make purchases by splitting the cost into monthly instalments, usually at 0% interest. Some platforms allow you to delay the payment until the end of the month or the following month. The catch is that you might be charged late payment fees if you don’t make your payments on time. Although BNPL can make it easier for you to afford certain products and services, but it’s also important to ensure you don’t go overboard with your spending. Here are 4 things to know before you shop with a BNPL service:

Payment terms & options

Several BNPL platforms feature the ability to split your cost into multiple payments due every 2 weeks. If you make all the payments on time and in full, you may not pay any fees or interest.

Some companies also offer longer-term loans, which can range from 3 – 36 months. Depending on the service you use, these loans may include interest charges in addition to the purchase price. Do read up on the payment details and terms before using
a BNPL service so you know what to expect.

Late payment fees / penalties

Some BNPL companies charge late payment fees. Others impose penalties for missing a payment or failing to pay completely. Certain BNPL companies may even send the unpaid debt to collections and ban customers from using their service again. Remember to keep track of your payment due dates, as you
would with any type of loan.

The service’s return policy

In certain cases, if you return an item to the merchant where you bought it, you may still have to continue paying your loan until the return is processed. Be sure to check your loan terms documents and the company’s FAQ page to understand the returns policy completely.

Your budget & financial goals

It’s always important to be mindful of your budget and long-term financial goals. Breaking a lump sum into frequent, smaller payments may make certain purchases seem more affordable. Just be careful to not fall into the trap of overspending. When used responsibly, BNPL can be another tool to help you achieve your financial goals.

MyCTOS Score report

Get your latest MyCTOS Score report to know your total outstanding balance for all your credit cards, including the ones you have used for BNPL purchases, so it’s easier to keep track of your spending.
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