While BNPL plans can allow you to pay for purchases in installments without interest, they come with a cost that can easily outweigh any Black Friday discounts. Let's take a look at the hidden costs of BNPL, and why you're better off paying upfront for all your Black Friday deals.
The main draw of these programs is the ability to "pay at your own pace." If you are required to pay a down payment, that is due at the time of the transaction. From there, your first monthly payment is usually due one month after your purchase is processed. Each following payment will be due one month later, on the same day of the month.
Of course, you need a separate Affirm account in addition to your Amazon Prime membership. The application process requires basic information including your name, mobile phone number, date of birth, and the last four digits of your Social Security number. Affirm performs a soft credit check initially, which doesn't impact your credit score, though they may conduct a hard inquiry for some loans.
It makes impulse spending easier
The ease of this sort of financing can make expensive purchases feel more affordable than they actually are. When you can buy a $999.99 tablet for "just $67 per month," it's easy to lose sight of the total cost, as well as your overall financial picture. In turn, this makes it all too easy to overspend on items you might not have purchased otherwise. You're better off taking a breath, stepping away from your shopping cart, and setting alerts to be notified when a product hits a price you can stomach.
It can impact your credit score
As of this summer, BNPL purchases can now affect your credit score. So if you miss payments or default on the installment plan, it will cause damage to your credit score—making it even harder to get approved for mortgages, auto loans, credit cards, and other financing down the road. None of that risk is worth the Black Friday savings.
You'll have limited purchase protections
Although installment plans are helpful if you really need to finance something major, it’s best to avoid taking on debt for everyday expenses. Better to wait for a good price for something you truly need and can afford to pay for right now. To that end, keep checking back for more of Lifehacker's Black Friday coverage to find the best deals available during the holiday sales event.
Apple AirPods Pro 3 Noise Cancelling Heart Rate Wireless Earbuds — $219.99 (List Price $249.00) Apple iPad 11" 128GB A16 WiFi Tablet (Blue, 2025) — $279.99 (List Price $349.00) Amazon Fire HD 10 (2023) — $69.99 (List Price $139.99) Sony WH-1000XM5 — $248.00 (List Price $399.99) Blink Outdoor 4 1080p Wireless Security Camera (5-Pack) — $159.99 (List Price $399.99) Amazon Fire TV Stick 4K Plus — $24.99 (List Price $49.99) NEW Bose Quiet Comfort Ultra Wireless Noise Cancelling Headphones — $298.00 (List Price $429.00) Shark AI Ultra Matrix Clean Mapping Voice Control Robot Vacuum with XL Self-Empty Base — $249.99 (List Price $599.00) Apple Watch Series 11 (GPS, 42mm, S/M Black Sport Band) — $349.99 (List Price $399.00) Western Digital 14TB Elements Desktop External Hard Drive — $169.99 (List Price $279.99) Deals are selected by our commerce teamHence then, the article about four reasons not to use buy now pay later during black friday was published today ( ) and is available on Live Hacker ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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