Buy Now Pay Later Catalogue Credit Explained
What is Buy Now Pay Later Catalogue Credit?
You may have heard the phrase Buy Now Pay Later on Television adverts or seen it mentioned online or in leaflets for example. Likewise, Sometimes Buy Now Pay Later is abbreviated to BNPL or just Pay Later.
The concept of Buy Now Pay Later is pretty simple, You choose the items you want from your Catalogue and at the checkout you select the Buy Now Pay Later option.
Up to 12 months Interest free Credit
With Buy Now Pay Later you can enjoy a period of up to 12 months when no payments are required. As long as you clear the debt within the Buy Now Pay Later period you will pay no interest.
When Buy Now Pay Later can become expensive
Should you not clear the entire balance in full before the Buy Now Pay Later period expires, You will be charged Interest. This Interest will be back dated to the date of your order and this could potentially make items expensive.
Buy Now Pay Later Catalogues
The Catalogue companies offering Buy Now Pay Later will have their own terms and conditions. Some Catalogues may only offer this type of Credit once they get to know a customer for example.
Buy Now Pay Later credit is subject to status and may range between 3 and 12 months.
bad credit Buy now pay later
Should you have bad credit you should be aware that Buy Now Pay later credit has a more stringent credit criteria than pay monthly credit. This is because the credit is deferred and the interest has not yet been applied.
That’s not to say that people with bad credit can’t get accepted for buy now pay later credit. Argos will offer a Soft Search credit check which will not harm your Credit rating, Other Catalogues offering Buy Now Pay Later which may consider customers with a less than perfect Credit history are Freemans and Look Again, However, they only offer customers who have had an account for 9 months this option.