https://www.desidime.com/comments/permalink/10527527
Well there is no extra charges or interest unless it's an emi.but for large order amount it will only give option for emi
Is Amazon Paylater worth opening?
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I mean from the offer point of view for bill payments and some shopping. Do we need to pay back only the amount that we utilise or is there some interest or charges added? Are there any AMC charges?
FYI. I do not have any credit card/pay later before.
Is any other pay later option better?
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https://www.desidime.com/comments/permalink/10527585
Amazon pay later is one the best ones in pay later market. If you don’t have a CC yet, you can go for a secured credit card for building your score. If you don’t want to make an fd, only then go for pay laters. The only thing I hate about pay laters is the customer support. If something goes wrong, they don’t have a dedicated support channel like CC for resolving our issue.
https://www.desidime.com/comments/permalink/10527625
Only for initial offers i opened pay later account 3 years ago and closed after 1 year there are only initial offers then some offer come in your account when you not using it 4-5 months interval so not beneficial.
https://www.desidime.com/comments/permalink/10527733
Ok, got it... now they are just offering Rs50 on shopping and lpg as initial offer. Then its definitely not worth it.
https://www.desidime.com/comments/permalink/10527782
BNPL accounts are not good for credit score
Stay away from Pay later services unless you don't have any credit cards. These are shown as Personal loan and try to create negative image of your credit profile.
If someone never had a credit card, is it good option to start credit history with Amazon Pay Later(or any other) although Secured card are much better options
You will receive On/Off Offers at certain intervals (Not regularly) depending upon your usage of your Amazon Pay later Services
Additional Info -
Once you sign up, you’ll receive a credit limit (up to ₹60,000 per year) based on your Aadhaar-OTP KYC process. This credit is provided by Capital Float/Axio or IDFC First Bank. You can use this credit to shop on Amazon or pay bills via the Amazon app.
The amount you receive as a loan varies by person, and it’s a one-time credit limit for the year
You might be required to do RE-KYC after an year or so
Repayment: You can repay the amount spent based on the tenure it ranges from 1 month to 12 months depending on the amount. The repayment date is fixed as per their billing cycle. If you use 1 month tenure then you've to pay the whole amount next month. Say you bought products worth 10k this month, then you need to pay 10k next month as per their billing cycle. For other tenure you can split it into EMI, Amazon have give a complete table on their App & Website with more details.
You can setup Auto payment option which will directly deduct the amount from your debit or credit card or you can choose manual repayment.
There is no extra charge if you opt for 1 month tenure payment. But interest will be charged by Amazon for EMI unless a no cost EMI is available for that product. The interest percentage will be shared when you use Pay Later to buy the product.
A late fee of 200rs will be charged. In case you forget to pay your installment your account will be blocked and you won't be allowed to buy anything from Amazon until you pay off your debts. The late fee and failing to pay the installment will AFFECT YOUR CREDIT score
| Pros | Cons |
|---|---|
| Flexible Payment Options: Pay in installments. | Debt Accumulation: Risk of debt if not managed. |
| No Interest (if paid on time): Avoid interest charges if paid on time. | Late Fees: Missing payments results in late fees and higher interest. |
| Convenience: Easy to use with Amazon. | Credit Impact: Missed payments can affect your credit score. |
| Quick Approval: Simple application process and fast eligibility decisions. | Limited Availability: Not all purchases may be eligible for Pay Later. |
It is not recommended to go for any Pay Later for the aforementioned reasons Suggestion would be to opt for Unsecured or Secured CC But it all comes down again to your personal choices
If your spending primarily involves smaller, occasional purchases or bill payments, and you don’t need the extended credit limit or rewards that a credit card offers, PayLater can be a good choice. It allows you to make purchases and pay later in installments without the complexity of a credit card, and you can avoid interest if you repay within the specified period.
However, if you're looking for more extensive rewards, cashback, or premium perks like travel benefits, a credit card may be the better choice, provided you're able to manage higher spending and make timely payments. Credit cards offer a wider range of benefits, but they come with a higher responsibility to maintain a good credit score and avoid interest or late fees.
#ddcomment
👳
https://www.desidime.com/comments/permalink/10528684
1) Since you dont have credit card it might be useful for you, but mostly if you have credit card already amazon paylater is no use
2) Its worth opening if you want 1 month free credit or else no use
https://www.desidime.com/comments/permalink/10528742
In my case, I had opened it when they were offering a cashback for opening it. Closed it a few months later as I also have credit cards and found this worthless. It was all good (with even CIBIL closure) until the accounts got split between two lenders. Thereafter it was a wild chase lasting several months to close the wrong CIBIL entry which got created even for holders who had their accounts closed.
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BNPL accounts are not good for credit score
Stay away from Pay later services unless you don't have any credit cards. These are shown as Personal loan and try to create negative image of your credit profile.
If someone never had a credit card, is it good option to start credit history with Amazon Pay Later(or any other) although Secured card are much better options
You will receive On/Off Offers at certain intervals (Not regularly) depending upon your usage of your Amazon Pay later Services
Additional Info -
Once you sign up, you’ll receive a credit limit (up to ₹60,000 per year) based on your Aadhaar-OTP KYC process. This credit is provided by Capital Float/Axio or IDFC First Bank. You can use this credit to shop on Amazon or pay bills via the Amazon app.
The amount you receive as a loan varies by person, and it’s a one-time credit limit for the year
You might be required to do RE-KYC after an year or so
Repayment: You can repay the amount spent based on the tenure it ranges from 1 month to 12 months depending on the amount. The repayment date is fixed as per their billing cycle. If you use 1 month tenure then you've to pay the whole amount next month. Say you bought products worth 10k this month, then you need to pay 10k next month as per their billing cycle. For other tenure you can split it into EMI, Amazon have give a complete table on their App & Website with more details.
You can setup Auto payment option which will directly deduct the amount from your debit or credit card or you can choose manual repayment.
There is no extra charge if you opt for 1 month tenure payment. But interest will be charged by Amazon for EMI unless a no cost EMI is available for that product. The interest percentage will be shared when you use Pay Later to buy the product.
A late fee of 200rs will be charged. In case you forget to pay your installment your account will be blocked and you won't be allowed to buy anything from Amazon until you pay off your debts. The late fee and failing to pay the installment will AFFECT YOUR CREDIT score
It is not recommended to go for any Pay Later for the aforementioned reasons Suggestion would be to opt for Unsecured or Secured CC But it all comes down again to your personal choices
If your spending primarily involves smaller, occasional purchases or bill payments, and you don’t need the extended credit limit or rewards that a credit card offers, PayLater can be a good choice. It allows you to make purchases and pay later in installments without the complexity of a credit card, and you can avoid interest if you repay within the specified period.
However, if you're looking for more extensive rewards, cashback, or premium perks like travel benefits, a credit card may be the better choice, provided you're able to manage higher spending and make timely payments. Credit cards offer a wider range of benefits, but they come with a higher responsibility to maintain a good credit score and avoid interest or late fees.
#ddcomment
👳