New AfterPay Plus Card, $9.99 a month

AustriaBargain on 15/08/2023 - 16:12

So AfterPay finally have a card you can use with Apple Pay and spend anywhere.

https://www.afterpay.com/en-AU/afterpay-plus-card

But it cost $9.99 a month, so instead of rewards or savings it cost money to use. It should reward you for using it, having the potential to save you more than $10 a month if you use it for regukar shopping.

Also it says if you start the subscription and then cancel it, you can’t start another one for 12 months.

It’s a bit of a head scratcher. It doesn’t even give you a physical card.

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Comments

  • hasher22 on 15/08/2023 - 16:46
    +4

    $119.88 p/a for people to get into more debt, this virtual card should be free. Afterpay is already making huge revenue from late fees and merchant fees. My friend has a business and he HATES when people pay via afterpay because he makes so little profit, Afterpay takes 9% plus shopify fees.

    • askbargain on 15/08/2023 - 16:51
      +2

      I love paying with Afterpay because merchants can’t put a surcharge on it haha

      • AustriaBargain on 15/08/2023 - 17:39

        I love building the reward system up. Even though they never have good rewards, levelling up that progress bar is fun.

      • burningrage on 15/08/2023 - 20:49
        +1

        This! No surcharge and levelling up is fun even though I think the Pulse Reward offerings are crap. The mint class is a bit of a brag.

    • FabriceLeb on 15/08/2023 - 16:56

      What's he selling ? dropshipping ?

    • Fredfloresjr on 15/08/2023 - 20:33

      I love paying afterpay for all $10 below transactions. It reminds me I have spent stupidly.

      • AustriaBargain on 16/08/2023 - 09:56

        I love after paying a 90 cent bag of chips, that'll teach stores that don't have a minimum afterpay limit.

    • aidenh37 on 25/10/2023 - 20:41

      Please tell your friend no-one is forcing them to accept Afterpay… Alternatively, they could consider charging more to make up the loss, or require those who wish to use any credit (inc. Afterpay) to have a normal credit card (eg. Afterpay Plus).

  • RichardL on 15/08/2023 - 17:19

    Heritage Bank, a trading name of Heritage and People’s Choice Limited ABN 11 087 651 125 as issuer of, and Mastercard Prepaid Management Services Australia Pty Ltd ABN 47 145 452 044 and Afterpay Limited as service providers to Heritage Bank, in relation to the Afterpay Mastercard Facility.

    The same company that handles those Coles Mastercard Gift Cards

  • bdl on 15/08/2023 - 17:42

    For those that want instant (retail) gratification

  • bemybubble on 15/08/2023 - 18:08
    +5

    Doesn’t zip pay do this for free??

    • AustriaBargain on 15/08/2023 - 18:14
      +1

      Yup. I don’t think Zip has as big market share as Afterpay though. Afterpay probably assume they can charge because people will pay.

    • USER DC on 15/08/2023 - 18:24

      exactly can do so much more with the zip account

  • burningrage on 15/08/2023 - 20:51

    Honest question.

    Currently, we can already use Afterpay virtual card when paying in 4 on certain merchants. So what difference does this make really?

    Like you can now use it at Colesworth/Aldi and pay in 4?

    • AustriaBargain on 15/08/2023 - 21:00

      I guess so. And with Apple and Amazon, though you can already get Coles/Apple/Amazon gift cards with Afterpay.

      • burningrage on 16/08/2023 - 10:13

        Ikr! So I am struggling to see the point of this.

  • Gdsamp on 16/08/2023 - 12:11

    crazy how BNPL is a 'financial technology'

    • AustriaBargain on 16/08/2023 - 13:17

      The banks and other services like Paypal are playing catchup, only just now introducing BNPL services of their own. Afterpay et al. have been eating more and more of their pie. Afterpay now have their own mastercard, what next, afterpay savings accounts? Buy a car through Afterpay?

      • Gdsamp on 16/08/2023 - 13:18
        +1

        struggling to grasp how it is a technology

        it is just payment terms

        • AustriaBargain on 16/08/2023 - 13:24

          Why don’t you consider a virtual mastercard that uses nfc on your smartphone to be technology, seems to use a lot of technology by definition.

        • Manazuru on 25/10/2023 - 11:22

          It's financial marketing technology. Afterpay and it's partners can see where people spend their money.

      • wetsandwich on 16/08/2023 - 13:28
        +1

        Maybe they'll let you afterpay a house, only 360 monthly payments? Nah, that would never catch on..

  • Manazuru on 22/10/2023 - 13:23

    I wonder if this would affect your credit rating if one were to apply? The monthly cost is rather interesting. The BNPL market has very low margins, but it surly wouldn't cost Afterpay roughly $120 a year to provide you with a card? IMHO Afterpay is testing this offering and don't want to offer it for cheaper or free just yet. Test with a small group and go from there I guess.

    • AustriaBargain on 22/10/2023 - 13:33
      +1

      Considering Zip offers a "card" without charging extra, it is a bit confusing. After Pay has more marketshare I think, more people who are loyal to the brand.

  • Manazuru on 25/10/2023 - 11:17

    Interesting. I was invited to apply for the Afterpay Plus card a week ago. However, when I checked the app just before I now need to join a waiting list for the Afterpay Plus card!. Not that I'm going to apply, but I find the whole Afterpay Plus card interesting with it's monthly fee and waiting list to join….

    I wonder if this aligns up with the proposed changes in early 2024 to their new rewards program?

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