Pay in 4 Interest-Free Instalments with Bankwest Easy Instalments - No Late Fees - Bankwest Credit Card Account Required

43

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waterbottled on 26/08/2021 - 15:32 bankwest.com.au (270 clicks)
Last edited 26/08/2021 - 23:36 by 1 other user

Bankwest has introduced Easy Instalments, which is their BNPL service.
Pay off up to 5 "eligible transactions" between $100 and $10,000 on your Bankwest Credit Card in 4 monthly, interest-free instalments.

No late payment fee if you miss an instalment payment. Instead, you’ll need to make the minimum monthly payment for your credit card (found on your statement) to avoid a late payment fee (i.e. your late credit card payment fee).

For comparison, thanks Dealbot

Afterpay - for each order below $40, a maximum of one $10 late fee may be applied per order. For each order of $40 or above, the total of the late fees that may be applied are capped at 25% of the original order value or $68, whichever is less.
Zip Pay - If you don't pay the minimum payment each month (or the remaining balance if less), a late fee of $5 for Zip Pay and $15 for Zip Money will be charged 21 days after your contractual due date.
Klarna - If your instalment is late, you will only be charged 1 late fee per late instalment, meaning the most you will be charged is $9, $15, $21 or $45 depending on the value of your order.
Latitude Pay - If an automatic payment fails and your payment is still outstanding after 24 hours, you'll be charged a $10 late fee.

More info on their webpage (click through the deal).

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Bankwest

• 

  MBix on 26/08/2021 - 15:43

  +6

  Buy Now Pay Later but with their credit card? Isn't that buy now pay later inception?

  • 

    waterbottled on 26/08/2021 - 15:53

    it's the next level inception

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  Weisman on 26/08/2021 - 15:44

  +2

  seems like more of a PSA than a bargain?

  • 

    waterbottled on 26/08/2021 - 15:47

    +1

    Bargain coz you free up cash flow to buy MORE bargain on ozbargain :D

    nothing different from the 'bargain' Dealbot posted here for PayPal's Pay in 4

    • 

      PainToad on 26/08/2021 - 15:48

      +6

      you free up cash flow

      Fancy way of saying "you go into debt".

      • 

        waterbottled on 26/08/2021 - 15:49

        Cute

        • 

          MBix on 26/08/2021 - 15:51

          +1

          @waterbottled: Sexy

    • 

      Platinumtelecom on 26/08/2021 - 16:29

      Or for the not so financially savvy people, makes you believe you have cash on your account to spend and when comes for payment of the instalments there is no money left on the account.

      BNPL is the quickest way to get people into debts and spending your life playing catch up with payments.

      I only use it when there is promos, otherwise I don’t understand it. If you don’t have the cash in the first place, then you shouldn’t buy it anyways.

      • 

        justtoreply on 26/08/2021 - 16:46

        +2

        Yeah, I don't understand why the banks think they need BNPL services.

        They aren't worth using without a promo. And if that's how people use them then they can only cost the banks.

        The only way the banks can make money is to have people go into debt that they can't get out of. So this says something about banks lending to whom they shouldn't.

        Not that credit cards are any different. Beyond needing one for online purchases, they are equally useless without promos/cheap foreign exchange rates/etc.

        Edit; actually, it's to charge % fees on transactions. And maybe the icing on the cake is making it easy to have people spend their money instead of pay off their mortgage faster.

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  Wilder94 on 26/08/2021 - 16:26

  +2

  No late fees just interest charged..

  This is a terrible idea.

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  truongster on 26/08/2021 - 16:32

  +4

  No interest charged, but charges in interest/late payment on your credit card…. whats the difference?

  • 

    waterbottled on 26/08/2021 - 16:42

    -1

    if you're late in paying an instalment, you dont get charged additional interest for the late payment of that instalment.

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  star-ggg on 26/08/2021 - 17:18

  Are ppl really saving that much using BNPL for it to be worth the effort of keeping tracking of when payments and how many are remaining on multiple items?

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  NuttyGoodness on 26/08/2021 - 17:45

  -1

  You're not paying any less so not a deal

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  coolsteps on 27/08/2021 - 07:34

  What if i link it to zip pay and use it to pay the zip balance that i earned 2% back . Will bank west allow me to do a bnpl on the zip payments?

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  coolsteps on 27/08/2021 - 12:51

  thanks op great offer. just waiting to see if zip payment posts and is eligible or not then hopefully ill get another 4 months interest free. i hope all credit card provides follow suit and offer bnpl option for their credit card customers without charging a fee or doing additional credit checks. its shame amex charge a fee for theirs.