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Heres how she breaks it all down:
So, again, super simple, right?
Well, perhaps not so much on a psychological level.
And this is where things can get dangerous.
Using Afterpay To Pay Bills: Is it Possible?
Cruze says she found information online that claimed you’re free to pay your bills with Afterpay.
But the truth is, you cant, she wrote.
Theres zero mention of spreading out your electricity, rent or water bill payments here.
How Afterpay Makes Money
In 2019, Square acquired Afterpay for $29 billion.
Clearly this company is raking in tons of money to sell for such a hefty price.
How does it make all that money?
And Afterpay can jump up to 35.99%?
No, thank you.
Afterpay also makes money through retail partnerships.
These companies give Afterpay a portion of every sale.
And they get a lot of sales from Afterpay.
We know that many BNPL users are late on payments.
Afterpay is banking on your delinquency in making payments on time.
Afterpays Credit Limits
Afterpay has credit limits for users.
And any time you use the Pay Monthly option while checking out, Afterpay will run a credit check.
Though buying things via Afterpay wont directly harm your credit score, not making payments can.
If you dont make payments, that will affect your score, Cruze wrote.
And it gets worse.
Afterpay can turn you over to debt collections.
Afterpay and User Safety
Cruze posed the question, Is Afterpay safe?
The answer is somewhat murky.
This depends on how you define safe,' Cruze wrote.
But any time youre giving an app your personal and financial info, youre assuming some risk.
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