What Makes BNPL Services Better Than Credit Cards

LazyPay

With the rise of credit cards and their acceptance as a form of payment in almost every sector, the buying habits of Indians have changed drastically. With a growing population and its increasing purchasing power, Indians have started to spend more and more on making their purchases. The credit card has become the most popular way to pay for goods and services. However, buying things on credit is not always a good idea. If you don't pay off your credit card balance every month, interest will accrue and you will end up paying much more than what you would have paid if you had bought your item outright. On the other hand, if you don't make the minimum repayments on your credit card balance, you will end up paying much more than if you had bought your item outright. Another factor you have to contend with in the case of credit cards is the problematic application and approval process, making it difficult for many to get a credit card in the country. In fact, according to a report published by GlobalData, only 5 out of every 100 people in India currently own a credit card.

This is where the BNPL (Buy now Pay later) services become your best friends. It's not just about getting a better deal than paying outright; it's about getting the financial freedom that comes from being able to pay for things when you can. It's about being able to pay as much as you can rather than being restricted to a certain financial bracket. The Buy now Pay later apps like LazyPay can help you achieve that. Here's why these services are better than credit cards in India.

No Credit Check Before Approval

One of the most attractive features of BNPL services is that you aren't required to get a credit report before you can sign up for an account. This means you don't have to worry about your credit history or how it might affect your ability to buy.

Interest-free Financing

When you are able to buy a product or service on a BNPL (Buy now Pay later) service, interest-free financing is given to you. This means that the total amount you have to pay will be much less than what you would have paid if you had bought your item outright.

Earn As You Pay Facility

The BNPL (Buy now Pay later) services through digital cards like LazyCard by LazyPay offer users a chance to earn as they pay. This is done via cashback offers. WIth the LazyCard, users get a flat Rs. 500 cashback on their first transaction. In addition to this, they also get the chance to earn up to 5% cashback on every transaction after that. This is a great way to save on your purchase.

You Can Build Good Credit And Build A Financial Stable Ground

Every time you pay your bills for BNPL services like LazyPay on time, it reflects well on your credit score. building and maintaining your credit score is an important factor in financial planning, as it paves the road ahead for when you apply for loans. So whether you are looking to buy a home, further your educational aspirations, open a business or just need extra cash on hand for personal events, establishing your creditworthiness is crucial. And this can easily be done by repaying your BNPL providers in a regular fashion.

High credit limit

Typically, credit cards start with a limit of Rs. 50,000 or Rs. 1,00,000. However, with BNPL services like the LazyCard, you start with a credit limit of Rs. 5,00,000. And if you are a regular user who pays their dues in time, your credit limit will increase. This opens the floor to big-ticket purchases you may need, like going on an international vacation, paying for college tuition, or buying high-end home appliances.

Conclusion

Credit cards are a great way to manage your spending and for consumers to build their credit. But BNPL Services offer more benefits than this, including interest-free financing, a high credit limit, no credit check before approval, and quick processing and activation. To apply for BNPL services at LLazyPay, visit their website, or download the LazyPay app today!