Tuesday, April 23, 2024

Credit Card vs. Buy Now Pay Later: Which Offers Better Benefits for Your Shopping?

Every day, enticing sales tempt us, particularly on e-commerce platforms like Amazon and Flipkart. Amidst these sales, credit card offers and Buy Now Pay Later options often vie for attention, leaving consumers pondering the better choice for their purchases. But which avenue is truly more beneficial? Let’s delve into the comparison.

Similarities between Credit Card and Buy Now Pay Later:

Both offer a grace period for payment. Both have a predetermined credit limit, beyond which you cannot transact. Late payments incur penalties in both cases.

Distinct Advantages:

Credit Card:

  • Earn reward points and possibly cashback on purchases.
  • Typically offers a 30-50 day payment window.
  • May provide no-cost EMI options.

Buy Now Pay Later:

  • Enables payment flexibility by allowing you to split the bill into installments without extra charges.

Choosing Wisely:

For online shopping, prioritize your credit card if available:

  • Benefit from rewards, cashback, and potential no-cost EMI options.
  • Enjoy a longer payment window.
  • However, if your credit card isn’t an option or its limit is exhausted, Buy Now Pay Later can serve as a viable alternative.
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