• Hailee Harris

Have You Tried Afterpay Yet? Here’s What You Need to Know

Imagine that you find a nice and cozy couch for your apartment, and it is on sale! You don't just want it, you need it. You're in the online checkout ready to enter your card number but then you remember rent is due in a week. You think you just lost your dream couch, but perhaps you haven't! Afterpay’s motto is “Shop Now, Pay Later,” allowing you to make those need purchases possible. If you haven’t tried Afterpay yet, here’s the information you need to get shopping.



The Retailers


First off, Afterpay is only available with select retailers. The company was developed in Australia in 2019, so although there is usage in the United States, the partnered companies are limited. On Afterpay’s website, you can shop directly through them by looking at a list of their retailers, such as Kylie Skin, DSW, and Pac Sun. This makes the shopping even easier! You’ll be able to purchase your favorite things, like makeup, clothing, shoes, and furniture.


Interest Free


What is really great about Afterpay is that there is no interest or credit checks. The payment plan is normally split up into four payments. However, you have to make sure you are staying on top of your payments as you would a credit card. There may be no interest charges, but a late payment fee will apply to your Afterpay purchase.


Spending Habits


Afterpay can be a great idea for large purchases, just like any financing plan for a new couch or TV, but be careful with spending and using Afterpay. It is easy to get sucked into the idea of paying ten dollars across 4 payments. It seems like it's less money in the end because you are paying small amounts each time, but getting into the habit of splitting 40 dollars across 4 payments is not a good habit. Being on top of your financing and costs is crucial to your life as a young adult.


The Catch


One of the biggest mysteries with Afterpay is the approval process. Customers have complained that on some occasions they are approved for their Afterpay purchase, and then the next time they are not approved. This can become frustrating when you are trying to purchase something big or important. Other customers have found that debit cards are a must when using Afterpay. Credit card payments are easy to lose track of, especially when you have Afterpay charging it for each of your payments. Sticking to a debit card will allow you to easily keep track of your money and your payments.


Should You Use Afterpay?


While I can only make suggestions, I hope reading through this Afterpay rundown has helped you develop a clearer sense on whether or not you are making the right choice financially with Afterpay. Afterpay may seem like its a nice pay plan, but it is really just like another form of credit card. You make payments, and if you can’t keep up with those payments there are consequences.


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