By Admin 
BNPL vs Credit Card: If you like shopping, then you must also know that in today’s time, shopping can be done even if you do not have money. There are many options for this also. Like BNPL (Buy Now, Pay Later) or credit card. With the help of these two you can shop now and pay later. However, the method, cost and usage of both are different. In such a situation, before using it, it is very important to know which of these two options will be better for you.
What is BNPL?
BNPL means (Buy Now, Pay Later) it means ‘Buy now, pay later’. In this, you can buy any goods or service immediately and pay its price later in one lump sum or in easy installments (EMI). Many BNPL companies do not charge interest on payment within the stipulated time. However, if payment is not made on time, you may have to pay both late fees and interest.
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What is a credit card?
Credit card is a credit facility provided by the bank. Through this, you can spend up to the prescribed limit and make payment after the billing cycle is over. If you repay the entire dues on time, no interest is usually charged. But just paying the minimum due or delaying the payment may result in paying heavy interest.
BNPL vs credit card
Although the work of both of them is same, but the method of their work is different. BNPL is generally used more for small purchases and limited time payments, whereas credit card is considered more beneficial for everyday expenses, online-offline shopping, travel and large payments. The credit card also offers reward points, cashback, airport lounge access and other benefits, which are often not available at BNPL.
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Which of the two is better?
If you ever have to purchase a small amount and you can make the full payment on time, then BNPL can be an easy option. At the same time, if you make digital payments regularly, want to build a good credit history and want to take advantage of rewards, then a credit card can prove to be more beneficial.