USA HISTORY

Detailed explanation-1: -BNPL (Buy Now, Pay Later) is unsecured consumer credit and an increasingly popular fintech-enabled payment option, most commonly offered on e-commerce platforms. The history of BNPL traces back to the installment plan – a way to pay for large purchases over time by spreading it over a number of smaller payments.

Detailed explanation-2: -Key Takeaways Buy now, pay later plans allow consumers to make purchases and pay for them in several installments. Credit cards also let consumers pay over time, but the only required payment is the monthly minimum due. The pros and cons of BNPL plans and credit cards depends on the consumer’s financial situation.

Detailed explanation-3: -Buy Now Pay Later is an interest bearing option that allows you to delay payments on your purchases for up to 12 months. The delayed payment period starts from the date of order (including pre-ordered items and those not ready for immediate dispatch).

Detailed explanation-4: -Using a Credit Card to Pay Off BNPL Purchases Many buy now, pay later companies let you use a credit card for some or all of your BNPL payments. If the service allows it, you can choose “credit card” in the payment options and enter or scan your card information to set it as your payment method.