Buy now, pay later (BNPL) allows shoppers to break the cost of their purchase into smaller installments, often with little to no interest or fees. Consumers are increasingly turning to this payment option as it's adopted by major online retailers and traditional banks.
While BNPL still lags behind credit cards and mobile wallets, a new report from Experian said this alternative financing option is "here to stay." Nearly a fifth (18%) of global consumers have used BNPL in the past six months, and 57% of respondents said that BNPL could replace their traditional credit card.
Almost 90% of Americans are able to erase this $30 credit card fee just by asking. when you call! it’s very common to get out of a late fee with other issuers as well, especially if it only happens once in a while and you’re an otherwise good customer.”
Here’s how to ask your bank to waive a late fee, according to experts.
Don't be a jerk- Regardless of the ask, you’re much more likely to get your way when you are personable and pleasant than if you aren’t. Of course, you should still be firm and direct, but just remember that you’re dealing with a real person on the other end of the phone.”
Bring up your good payment history- If a late or missed payment isn’t a regular occurrence, mention that to your bank. Also add the reason you were late this time and any changes you are going to make to ensure this doesn’t happen. If your payment history isn’t stellar, the chances of getting your fee waived are lower. However, “it is still likely worth asking,” he says.
Don’t be intimidated- Contacting your bank can feel scary but is often necessary. Remember, no one cares as much about your money as you do, so when you have the chance to save some money simply by picking up the phone and asking, you should do it.
Set up automatic payments to avoid a repeat. If paying late has become a habit, consider setting up automatic payments for at least the minimum due. You can also communicate that you’re having trouble to your card issuer. They’re often willing to work with customers on payment accommodations. It’s better to be upfront than to try to hide.
Credit cards will generally require you to make some form of minimum payment on your balance at the end of your billing cycle each month. It is heavily recommended that you make these payments in a timely manner, and if at all possible to pay off the entirety of your balance each month to avoid paying interest. What will happen however if you do end up missing a payment or end up paying late?
There are three main ways a late or missed payment can impact you financially:
You can be charged late payment fees
You may face having the interest rate on your card raised to the penalty rate
Your late payment may be added to your credit history and can end up affecting your credit score