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    • Home
    • About Us
    • Guides

      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

      All Guides Icon

      All Guides

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      GuidesTackling DebtWhat you need to know about ‘Buy Now, Pay Later’ plans
      • Introduction 1

        • Lecture1.1
          Summary
      • Deep, Deep Dive 7

        • Lecture2.1
          What is BNPL?
        • Lecture2.2
          How is BNPL different from credit cards?
        • Lecture2.3
          When should you use BNPL instead of a credit card?
        • Lecture2.4
          What do you need to know about BNPL?
        • Lecture2.5
          How can you use BNPL to make the most out of your money?
        • Lecture2.6
          How do you use BNPL?
        • Lecture2.7
          Here’s an example of how to BNPL using Hoolah at an online shopping platform

        How is BNPL different from credit cards?

        Like credit cards, BNPL plans allow you to spread out your payments for things you want to buy. One main difference between BNPL and credit cards is that you don’t need a credit history/specific credit score to be eligible for it. But, you’ll have to meet certain requirements (like age and employment status) before you can sign up for BNPL.

         

        Here are some other differences between BNPL and credit cards:

         

          BNPL Credit cards
        Who decides your credit limit?
        • You sign up for an account with a BNPL provider, who will decide your credit limit
        • You sign up for a credit card with a bank or credit card company, who will decide your credit limit
        How much can you get?
        • Much lower credit limit than credit cards (Some start at RM500)
        • Higher credit limit (up to 2.5 times your monthly salary)
        What is your limit based on?
        • Credit limit is based on your salary or your spending history
        • Credit limit based on your monthly salary
        What is the repayment period?
        • Instalment period from 3 to 6 months
        • Payments can be spread over a year or longer, as long as you keep paying at least the minimum amount for your credit card
        Where can you use it?
        • Currently can only be used on certain online shopping websites or apps and in certain stores
        • Can be used at all online shopping websites or apps
        How long does it take to sign up?
        • Instant sign up process
        • Could take up to 2 weeks to get your application approved.
        Prev What is BNPL?
        Next When should you use BNPL instead of a credit card?

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