Pay later cards or credit cards: which carry lower costs?
- In pay later cards, if you are unable to pay back the full amount by the end of three months, you can convert the due amount in equated monthly installments (EMIs) for a longer period
Akin to a credit card, a Buy Now, Pay Later (BNPL) card lets consumers make purchases and pay back over time in several installments. Both the options also offer an interest-free repayment window. But, what’s the need of two different products that serve the same purpose? There are key differences in the fee and rewards structures of the two financing options.
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