Should You Apply for a Credit Card or Buy Now Pay Later?

The need for credit increases with the increasing spending options in this new digital world. Starbucks, swiggy, zomato, electronic gadgets, and many more, you spend on these items to get your dopamine levels high and face the burden of credit later when it’s time to pay the bills. It doesn’t matter because our salaries can’t cope with our ever-changing spending demands. So, let’s explore what will be better for you: a BNPL account or a credit card.

Apply for a Credit Card or Buy Now Pay Later

BNPL or Credit Card, What to Choose?

For a simple understanding, BNPL or Buy Now Pay Later is a credit option that many shopping applications, like Amazon, Flipkart, etc., provide. You get a specific credit limit to spend on items available in the store. You can purchase any item exceeding your credit limit and pay the amount later, either in whole or in instalments. These e-commerce giants have collaborated with certain banks and fintech firms to offer you such convenient credit services.

Whereas for Credit Cards, this is a whole other market. With a credit card, you have more freedom in comparison to a BNPL account. You are not only limited to a specific e-commerce platform, but you can also spend your credit card limit on any website, offline store, mall, etc. You can return the amount in whole or create instalments by yourself.

Similarities Between BNPL Accounts & Credit Cards

  • A noticeable similarity between a BNPL account and a credit card is that you can choose to convert your monthly bill into EMIs and return the amount in months or even a year. However, not every BNPL service providing NBFC or Bank does not offer an EMI facility.
  • Another common feature between these credit services is that they offer interest-free periods of around a month to repay the bill.

Also read:

Check Free Credit Score on Google Pay Every Month With These Steps

Key Difference Between BNPL Account & Credit Card

Age Restriction

To get your BNPL account, your lender may propose an age restriction. You will have to be way older than your legal age, which is considered 18 years. For Credit Cards, your issuer may allow a 13-year-old teenager to be registered on an adult’s credit card with few signatures.

Ease of Access

A BNPL account is more easily accessible than a credit card. A person aged between 18-24 may get a BNPL account but not approval for a credit card because of the eligibility factors.


If you can’t pay a credit bill in full within the interest-free period, then it will incur extra charges over the interest rate. However, with a BNPL account, this is different. If you even pay a minimum amount without any interest levied. However, if you stretch your bill to months with instalments, you can face applicable interest charges.

Find Your Daily Dose of NEWS and Insights - Follow ViralBake on WhatsApp and Telegram

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

Related Articles

Back to top button

AdBlocker Detected

Please Disable Adblock To Proceed & Used This Website!