Afterpay, you must have heard this name earlier multiple times. That’s normal because it’s a heating and trending facility available for consumers nowadays. Let’s explore this more and find out How To Use Afterpay altogether.
Afterpay is a digitally paying or shopping company recently launched. This brand provides credits and funds to buy anything you want anytime, without being afraid of your insufficient bank balance. This brand pays for your purchase.
Afterpay provides you the time of six weeks to pay for your desired items that you wanted for so long but couldn’t buy. Afterpay allows you to make a purchase of a minimum margin set by the retailers from wherever you will buy, and a part of the whole amount on the spot and pay the remaining later.
Afterpay has helped many families to purchase or own things that they have dreamt of. To know how to use Afterpay to make those things your own.
What Is Afterpay?
Afterpay avails you with the facility of buying anything you desire instantly and paying for it during the period of six weeks in installments. It lets you Buy Now and Pay Later anything you want immediately and pay in six weeks.
Afterpay is a mode of credit for its consumers, so you should not overcommit financially and should be careful about it. There are few balances and checks in contrast to credit cards, and Afterpay gives you the responsibility to ensure that the product which you’re planning to buy is within your budget.
However, Afterpay has upgraded its terms and conditions much from the last time. But it’s still a matter to be concerned about that this BNPL facility is risky for insecure and low-income people.
If you are or intend to use it in the future, then here are few things that you should ponder over :-
- Link a debit card to Afterpay instead of credit card.
- Create a budget if you don’t have already.
- Keep check on pay dates. Set reminders if needed.
- In case of facing issues while paying installments, reach out to the customer service team quickly.
How Afterpay Works?
It acts as an intermediate platform is the bridge between customers and retailers. Afterpay funds the reseller’s payment in advance and then the buyer pays back to Afterpay.
During being satisfied with your current purchase make the repayments clear in your mind. During the six weeks you have to clear the debt or the installments. These installments are interesting free though.
However, Afterpay is a free of interest service but it takes fees from the retailers who accept Afterpay as a mode of payment in their stores and late fees from consumers who couldn’t pay up the installments on time.
Also, have a look at How To Fix AfterPay Error Code 400 | 5 Possible Ways To Fix
How To Use Afterpay?
To use Afterpay and enjoy its facilities like the others, you need to know how to use Afterpay! But how? Give us the opportunity to tell you.
Here are the instructions to make use of Afterpay:
1. Sign-Up for Afterpay
In order to avail the facilities of Afterpay, you need to sign-in to their official website or application. You need to be over 18 years to do so and you should be having a debit or credit card on your name from Mastercard or Visa along with being legally eligible to enter into a legal contract. If you fulfill all of the above requirements, then sign up to the app or website using your authentic email address and contact number.
Next, you can visit any Afterpay accessible store and use the app to shop and checkout.
2. Generate Barcode
After signing-in you need to create a barcode making the current fund visible which then will be scanned by the retailer when you will be shopping.
Afterpay use a pre-payment check on your registered card to know whether you have sufficient balance to pay the first installment on the spot or not, if yes, then you have to pay the 25% of the whole amount on the spot and the remaining every week once upto for six weeks. And missed anyone among the six weeks, you’ll be charged $8 extra as your late fee.
3. Checkout and Pay
Pay off via your registered account on the Afterpay Website or via the application. You can fix default payments or you can do that individually on every due date. It is worth noting that Afterpay does not support payments from prepaid cards, bank transfers, or BPay.
Shopping done from Afterpay must be paid in parts or installments once every couple of weeks. Skipping any installment would bring you a late fee of $8. And if you didn’t pay the fee in a week, you’ll be again charged a $7 late fee.
Afterpay launched a limit on late fees back in June 2018. ie: You won’t be charged more than $68 per order. For purchases under $40, the first late fee would be $10. The limit of late fees will be 25% of the item’s price on purchases from $40 to $272. For purchases more than $272, your limit of late fees would be $68.
If you pay every installment on time, there will be extra fees. This is a plus point of Afterpay over credit cards or payday loans for the long terms.
Save Your Credit Card
Although no interest is charged by Afterpay for their service, if you have linked a credit card to Afterpay then you have put up a huge risk of being looted with the interest rate after missing a single installment. This includes the amount of your first down payment and one late fee that you will pay if you miss anyone’s installment.
With interest rates as high as 22% on credit cards could be an add-on of a decent amount to your purchase amount and can lead to debt.
Also, have a look at How To Use Afterpay On Amazon | Can You Buy Now Pay Later On Amazon?
Afterpay was invented in Sydney back in 2015, which allows you to buy everything that you deserve. Afterpay introduces a BNPL facility to its consumers which makes their dream of buying expensive things true instantly, for which they can pay later as installments without interest.
Afterpay became popular in New Zealand and Australia mostly among youngsters. Till the end of December 2019, 9% of the population started using it. Afterpay spread itself into the region of the UK also. A number of retailers are supporting Afterpay because of increased sales in their stores.
Q1. Can One Purchase Gift Cards Via Afterpay?
Ans. Yes. But there are retailers that don’t allow Afterpay to buy gift cards directly from them. Other than them you can buy gift cards from every store that accepts Afterpay.
Q2. Can One Pay Off For Tra Via Afterpay?
Ans. Few airlines and holiday facility services accept Afterpay, so yes. You can surely pay using Afterpay for traveling.