Apple is getting into the buy now, pay later space with a few tweaks to the existing model -- including no option to pay with a credit card. The company will roll out the product to some consumers this spring, and will begin reporting the loans to credit bureaus in the fall.
Since the start of the pandemic, the option to "buy now, pay later" has skyrocketed in popularity, especially among young and low-income consumers who may not have ready access to traditional credit.
The services generally don't charge more than a customer would have paid up front, meaning there's technically no interest, so long as one makes the payments on time. That means you could find it more difficult to settle disputes with merchants, return items, or get your money back in cases of fraud. Companies can offer protections, but they don't have to. Apple's protections are offered through Mastercard.
Apple's decision not to permit consumers to link a credit card to its buy now, pay later product means the consumer avoids stacking debt in this way.Because there's no centralized reporting of buy now, pay later purchases, those debts won't necessarily appear on your credit profile with major credit rating agencies.
"Because of inflation, people may think, `I'm going to have to get what I need and pay for it later in these installments,"' she said. "But are you still going to be able to afford the things you're affording now six months from now?"Retailers accept the backend fees of buy now, pay later services because the products increase cart sizes. When shoppers are given the option to pay off purchases in installments, they're more likely to buy more goods in one go.
"If work as promised, and if people can avoid late fees and don't have trouble managing their finances, they have a place," said Saunders, of the National Consumer Law Center.
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