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I haven't traditionally made use of services like this, but am I correct in that one might be able to make small gains with them, much as is possible with credi
by kitsunesoba 4y ago
I haven't traditionally made use of services like this, but am I correct in that one might be able to make small gains with them, much as is possible with credit cards?
For example if there's a large purchase one needed to make and had the cash on hand for, wouldn't it be smarter to let most of that cash accrue some interest in one of the many 4%+ interest savings accounts now available while making payments on the 0% interest BNPL?
- ericpauley 4y agoIn theory yes, but this is way less beneficial than just using a credit card. The average maturity date on Apple (and others) BNPL is 3 weeks. Credit cards have a minimum payment deadline of 3 weeks from the statement without accruing interest, and on average you'll get another 2 weeks on top of that depending on when in the cycle you made the purchase. So you're getting at least the same average time to accrue interest, plus you're getting credit card rewards of 1-5%.
- lotsofpulp 4y agoNo, you are better off with a simple credit card that gives 2% cash back. This is for people who cannot get approved for a credit card.