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Is Buy Now, Pay Later Worth It?

Is Buy Now, Pay Later Worth It?

09/29/2021 | Archive

Updated 02/07/2022

Many online retailers have taken the concept of layaway to the next level with Buy Now, Pay Later (BNPL). You’ve probably come across the option to make payments on your purchase through companies such as Affirm or Afterpay. With the financial industry ever evolving, you need to know if these options are smart, or even safe. Here’s a list of pros and cons for BNPL to be aware of before your next purchase.


  • Convenient, quick and easy checkout
  • Allows you to buy before you have the funds
  • Auto pay is often available directly from your account or Debit Card.
  • Some offer no fees or no interest as a new user.


  • More temptation to splurge on impulse purchases
  • May have high fees or penalties for late payments
  • Can have high fees, even higher than your credit card interest rate
  • Potential negative impact to your credit score as some of the BNPL apps report to credit bureaus*
  • Refunds can be harder to navigate as you will deal with the retailer and the payment company.

We understand it can be tempting to use services like this, especially when seeing low monthly payments. We want you to have the knowledge and tools to make the choice that best suits your budget. Remember, BNPL is not your only option. Consider a rewards-earning Credit Card or a fixed-rate Signature Loan. For the holidays next year, open a Holiday Club to set aside money all year long to make buying gifts easier to fit into your budget.

*Reflects changes made to BNPL procedures in 2022.

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