Although it is zero interest and no fees, financial experts urge caution around BNPL options, saying these payment plans make it easy to overextend yourself.
Apple recently rolled out its hotly anticipated new payment feature, Apple Pay Later.
“There’s no one-size-fits-all approach when it comes to how people manage their finances,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet, in a company press release. “Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”
For example, if you want to make a $500 purchase with Apple Pay Later, you’ll pay $125 at checkout. The next three installments — each $125 — are due every two weeks. Though Apple hasn’t disclosed a minimum credit score requirement, it will conduct a soft credit check as part of the application, which won’t affect your score.
“I think BNPL is very popular because it appeals to basic human nature, which is to get the reward now versus later,” says Erik Nero, a certified financial planner based in Gansevoort, New York. “That’s a dangerous thing to play with, and it can snowball very quickly.” “The velocity of spending just keeps getting faster,” Davis says. “It’s an interesting juxtaposition with these companies. They provide many options for you to spend, but how often are you getting that same opportunity to save?”
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