These 4 'Buy Now, Pay Later' Apps Can Help Shoppers Cover Grocery Costs
Economic pratfalls seem to be around every corner, so if you are living paycheck to paycheck, not knowing how much you'll be spending on groceries or utilities from month to month can make budgeting a bit baffling. When it comes to your grocery cart, many economists are forecasting that food prices will continue rising, though the extent to which varies.
Fortunately, there are Buy Now, Pay Later (BNPL) services you can use to buy groceries and provide services that let you split your payments into smaller, scheduled and manageable chunks.
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Take a closer look at four great Buy Now, Pay Later services you can use to buy groceries.
Affirm: Best for Large Purchases
Affirm can be used at some big‑box retailers that sell groceries. When you shop from the list of thousands of approved retailers, you'll see the option to use Affirm online at checkout. Affirm also offers high financing limits and is an option at so many big-box retailers that it makes the app a convenient option for big-ticket purchases.
Or, for physical stores, an Affirm virtual card is available for payment. Affirm's strongest suit is its major-retailer options for grocery shopping, including Target, Costco, Lowe's, Best Buy, Ticketmaster, Walmart and BJ's.
Afterpay: Best for Those New to BNPL
Afterpay is a BNPL option for users who prefer shopping from specialty food stores or generally just want to make smart financial decisions. The entire process is handled through the user-friendly mobile app.
To shop at brick-and-mortar stores, you'll need to set up a digital card to keep in your Apple or Google Wallet. While the pay-in-4 option has no fees to use over six weeks, be sure to stay on top of your payments or you could incur late fees.
PayPal Pay in 4: The Most Pay-Later Options for Groceries
PayPal offers several pay-later options such as Pay-in-4, Pay Monthly and PayPal Credit -- a great option for larger grocery buys -- or if you simply need more time to pay off a balance without getting hit with high fees. PayPal Credit offers its version of BNPL by providing no-interest terms and helps you finance purchases starting at just $30 and up to $1,500 with generally no late fees, depending on location and terms.
As with many of the pay-later options, grocery retailers are limited. However, PayPal has secured a partnership with some of the top big-box stores such as Target, Sam's Club and Walmart, which should cover the bulk of food shopping needs.
Splitit: Best Option When You Want To Shop For Groceries Anywhere
Splitit is a unique option because it works in conjunction with your existing credit card to "split" purchases into several interest-free payments. Splitit's financing works for people who already have sufficient available credit on an existing card.
You choose the number of installments you'd like and Splitit will create a repayment plan on your behalf for no additional fees. It will charge the first installment right away to your credit card, with future installments drafted on the same day each month until paid in full.
Unlike other BNPL options for grocery shopping that typically limit you to a small number of partnering supermarkets, Splitit allows you to split your grocery bills from any store where your credit card is accepted.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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