Category Archives: Credit Cards

If you can’t beat ’em, join ’em – the story of NAB’s belated BNPL offering

Would you look at that! NAB becomes the latest bank to give in to the BNPL tidal wave. If you can’t beat BNPL with outdated high-interest credit cards, why not join the fray? NAB’s tilt at the BNPL market could be called a cynical play by an established bank to gather coveted Gen Z customers before they jump ship to

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Is the government going to announce a new Buy Now Pay Later Tax before the election?

Since December last year there have been reports and rumours circulating that the Federal Government could impose a new tax on Buy Now Pay Later (BNPL) users. 67% of Afterpay users are Gen Z or Millennials. This means it’s likely any new BNPL tax would  hit young people the hardest. As it stands, consumers who use BNPL apps don’t pay

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GOVERNMENT’S NEW FEE ON BNPL COULD HURT CONSUMERS BY $450 MILLION AND DRIVE THEM BACK TO HIGH INTEREST CREDIT CARDS

man in blue dress shirt wearing black framed eyeglasses

The new Buy-Now-Pay-Later (BNPL) fee the federal government is considering could hurt consumers by a whopping $450 million. This is how much customers would pay if merchants passed on their BNPL fees.  This new fee will not only disproportionately hurt young people as their economic future has never been more uncertain, but it will likely result in them being driven

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What consumer groups sometimes miss about Buy-Now-Pay-Later – it’s providing consumers with a much better option than credit cards

Consumer groups are designed to provided consumers with advocacy, support and often collective power. We believe most Australian consumer groups do a great job at this. However, we believe the concern regarding potential risks of Buy-Now-Pay-Later (BNPL) use can be overstated and the positive effect BNPL is having on consumers, under-appreciated. Consumer group Choice are currently surveying their members about

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ONLINE GAMBLING WITH THE CREDIT CARD LIVES ON!

A bill to outlaw credit card use in online gambling has fallen over after a senate committee deemed it the responsibility of gambling companies and banks to tackle the problem. While gambling with credit cards is banned in casinos and pubs, online gambling with credit cards is still allowed. The result is disappointing for gambling experts and support groups.  A

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Is the ANZ BNPL capitulation a canary in the coal mine for credit cards?

Recent news of ANZ Bank finally capitulating and announcing their own version of Buy-Now-Pay-Later could be considered the canary in the coal mine for credit cards.  At a time when Australians managed to wipe $1.1 Billion off their credit card debt in a single month, it could be argued this archaic form of providing credit could be on it’s way

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“BNPLs don’t have checks and balances on customers”- True or False?

judgement scale and gavel in judge office

Please refer to my article “There’s no hardship or protections with BNPL if you get into trouble”  where I talked about the ‘BNPL incentive’. BNPL companies need customers to be able to pay off their debt. Which is why your spending limit on a product like Afterpay starts low, and you need to make your first instalment payment upfront.   Many

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True or false? “BNPL is unregulated”

Have you read a news article about Buy-Now-Pay-Later in the past year? Stupid question right?  Afterpay, Zip and Klarna have dominated the news cycle for years now. More often than not, what you read is well researched, well fact checked and well written. However one statement or theme that continues to pop up is that ‘BNPL is unregulated’.  We’re here

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