Guide For Those Looking For The Best Credit Card Alternative

24 June,2022 07:22 PM IST |  Mumbai  |  BrandMedia

Credit Cards are one of the most used payment methods in India. Their rise and acceptance have been steady, but now they enjoy a healthy market share and are loved for their utility and convenience. But like any old technology that has reached its final form, Credit Cards have some limitations, which have created a need for alternatives.

Let us first understand credit cards and their limitations and then see how the alternatives being introduced in the market are solving these issues.

Credit Cards: Old Is Gold?

Credit cards have been around for many decades, and their utility has only increased after each innovation in communication technology, the biggest leap being the coming of the Internet. By providing immense purchasing power to individuals, credit cards have been responsible for bringing about positive changes in lifestyle for a lot of people. But they have left out many in the process as well.

A credit card is essentially an instrument that allows you to take instant credit and pay for your purchases. It is generally issued by a bank or a financial institution after they do a credit score check to determine your eligibility and creditworthiness.

Where this process falls short is in providing this purchasing power to everyone. The step of credit score checking might not accurately portray the creditworthiness of an individual presently. This, combined with the high annual fees and hidden charges associated with credit cards, add an element of exclusivity to them, and thus the need for a more universal, easily available credit avenue arises.

The Alternative

The pandemic period has seen the rise of a new scheme called Buy Now Pay Later (BNPL). It retains the essence of a credit card service but eliminates all the downsides while providing significant gains additionally.

While using a BNPL service like LazyPay, you can make a purchase without spending any money from your pocket at that time and pay it back within a set period without any interest. These services also offer cards, physical and digital, that can be used in the same fashion as a credit card.

How Are The Alternatives Better

We can break down the difference between a credit card and a digital BNPL card like LazyCard by LazyPay into five categories:


With the rise of BNPL services, credit cards finally have a worthy alternative that gives everything that a credit card can give while at the same time addressing the limitations that it has. Companies like LazyPay offer the Lazy Card, which is quickly becoming a favourite among Indian consumers.

You can leverage the power of these cards today in easy steps on your smartphone.

Brand Media
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