Third-Party
Good?
Bad?
I have only just started looking into it and need schooling..
Afterpay, Your Thoughts and Experiences
WT on 29/03/2017 - 21:00
Last edited 30/03/2017 - 08:33 by 1 other user
Last edited 30/03/2017 - 08:33 by 1 other user
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monthly
luxury!
In them days, we'd have been glad to be paid at all!
It sounds like a disaster waiting to happen.
I already know people that go into a sort of infantile state with credit cards where they're suddenly 12 again and Daddies paying for everything (except it's them spending on their own credit card) - and these people for the most part are creditworthy individuals that just pay more for everything by getting a loan - which is nuts.
This service opens up that behavior to uncreditworthy people. Ah, what an innovation!
Also le speelcheck reckons uncreditworthy is not a word.
I don't understand how this is much different from using a credit card. Isn't it the same? Buy now and pay later?
a CC is better because you get 55 days interest fee, rather than 4 weeks.
Except my WankBest Qantas card, they reduced not only the FF points per purchase but the interest free component to 44 days..
Not pleased as I'm sure a lot of other customers are thanks to their shifty moves.
These sort of schemes always end up costing you more - even if it means inflated prices to cover the cost to the business.
With the exception of a house, and possibly a car, just don't buy it if you can't afford it.
I use a credit card all the time for purchases. Never paid one cent of interest on it as it has an interest free period and is paid off in full when due. It is for convenice, not as a line of credit.
That's interesting. How do they get paid from this?
they get a commission from the merchants.
I just spent 5 mins looking into it. It appears that you have to log in and send the individual payments. If there was an option to automatic payments it would be worth while
They make $$ off retailers, then if you are late "authorizing" a payment they make $$ off you.
Unless you had a lot of credit cards and used a spreadsheet/calendar to make payments on time and max your 55 days, I dont see a benefit for the majority of consumers. I could see it being easy for one of those extreme coupon people in the US to abuse.
Payments are automatic…just log in when you make a purchase and it sets the rest for you. If a payment fails for any reason it lets you know before it's deemed late so you'd have to be trying pretty hard to cop the late fee.
I've only used it once as a test for a small amount from a coffee retailer, and I think it's good. I'll use it for other things if the retailer offers it. Myer has just signed a two year contract with Afterpay.
If you're disciplined and don't spend more than what you've got, then you can use it to your advantage. Payment is made in equal instalments over two months (4 equal payments over 2 months).
If you offset your mortgage, then it's good as you get to keep your money longer.
If the facility is available, then why not use it?
I've used another company in the field (ZipPay) after being recommended by a friend. The sign up process was surprisingly lax in terms of questions/ID Requirements. (Although, I did sign up with a PayPal account, so perhaps they got everything they needed.)
Afterpay and ZipPay are supported by difference merchants, so browse their clients to ensure the company you want to buy from supports it. (I needed a laptop for uni, and ZipPay was supported at UMart)
I ran through the fine print and didn't see anything alarming. (30 Days to pay full amount, or minimum payments + $5 extra a month til it's payed back.)
The only difference being that Zippay do a credit check, whereas Afterpay do not.
ZipPay its 30 days plus days remaining in current month
So make purchase March 2
the $5 fee kicks in if you have a balance owing on May 31Make a purchase on March 30
The $5 fee kicks in if you have a balance owing on May 31There is also ZipMoney (same company) they offer 3 or 6 months repayments with no fee (usually for larger items such as mattresses etc )
stupid, you still pay the same ammount of money so why not pay in one lump sum…
generally only used by those on low incomes who get paid or live off their pay week by week.
us elites who get paid monthly, its easy to budget for our spending money.