What is the Difference Between Credit Card and Buy Now Pay Later

A buy now pay later (BNPL) app is a digital credit app that allows you to shop now on credit and pay back later in installments. It works similar to a credit card, but with BNPL, you can repay the used credit later at your convenience. FlexPay is a buy now pay later app that helps to get instant access to credit for all your needs.

Using FlexPay, you can simply make transactions by scanning the QR code at any store, mall, restaurant, offline bill payments, and more. When you have access to our buy now pay later app, there is no hassle for extra money at any time.

Difference Between Credit Card and Buy Now Pay Later

  • Annual fees: On a buy now pay later app, you don’t have to pay an annual maintenance fee or a fixed minimum monthly due. Interest is taken only when you spend the sum as it works like a revolving line of credit. While a credit card imposes an annual fee, hidden charges, late payment fee, etc., making it a costly credit option.
  • Credit check: Before taking a credit card, a strict credit check is done in most cases and based on your credit history, the eligibility criteria is measured. So, if your credit score is not in good shape, getting a credit card can be tough. Albeit still you can use a buy now pay later app as no credit check is done for approving the credit limit. Speaking of FlexPay, just based on your salary and bank statements, you can get approved for a credit limit.
  • Fast credit approval: Compared to a credit card, buy now pay later apps provide easy access to credit. At FlexPay, within a few hours, you can get access to credit. But, approval on a credit card can be slightly tough and time taking because of the lengthy application formalities and verification process.
  • Flexible repayment facility: FlexPay buy now pay later helps you when you need money urgently, and you can repay in flexible payments at your convenience. While in a credit card, a fixed sum is paid back every month or on a regular term.

Considering all the factors, buy now pay later is undeniably a better option compared to using a credit card.

With a monthly salary of Rs. 8,000, you can apply for credit from FlexPay for a credit limit of Rs. 2,00,000 starting from as low as Rs. 4,000. This is suitable for all your small and bigger financial needs without any restriction.

BNPL apps don’t have hidden charges or maintenance fees like on a credit card. So, using this digital credit app is not just smooth but also affordable. At FlexPay, the credit is offered exclusively to salaried professionals and has a flexible payback option. Also, flexible tenure of 3-36 months is given, making it easy to repay with your fixed monthly salary. So, apply now and get access to credit within a few hours.