Pay Later Cards are Scamming you ?
ฝัง
- เผยแพร่เมื่อ 3 ก.ค. 2024
- Buy Now Pay Later cards are quite a trend these days but have you ever thought about how is it different from credit cards? Are these pay-later cards provide you with actual benefits? This video will let you know the downside of these Buy Now Pay Later cards!
00:00 - Introduction
01:41 - Is it really Buy Now Pay Later?
04:35 - BNPL is more risky than credit cards
08:23 - Cons of Buy Now Pay Later
09:57 - Conclusion
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Respect you for making this video 🔥
I was planning to make a similar video.
PS: I'm sure you got a sponsorship offer from BNPL startups and I'm also sure that you rejected it. Because that's what we did, too.
And the name of company was Uni pay? A lot of TH-camrs are doing its promotion nowadays
I'm also following you sir. Lots of ♥️ you too for making such a beautiful content for us.
@@siddhantgarodia3381 youtube ads mein moneyview ka ads zyada chal raha hai
I don't think person who use credit card in discipline manners will use BNPL system without discipline.
use BNPL system with discipline pay their with credit card use will get more intrest free period
Wow, one of my favourite TH-camr on one of my favourite TH-camr's Channel.
Discipline, self-control and financial education is very important. Thank you for sharing 🙏
I've been using credit cards and BNPL cards for more than 2 years and everything was normal, I pay my dues before time and who doesn't like extra credits. While my money is invested and I am making some good returns, these cards helped me a lot, they also give cash back and gift cards. In my mind, I am using banks money for free(like I said I clear all dues before time) and it's amazing, time is really a crucial thing here, So my advice would be only to use these cards with proper knowledge and with punctuality. Don't ever miss due dates. And about those credit scores, I don't think that would be a problem, just pay before due, and don't overbuy(don't use the max limit of your card).
I got a Slice card just 2 months ago but I pay the dues before the bill is even generated. Will that show up in the Credit Score?
I assume it should show up only if you opt for the 1/3 payment but since you have been using it for 2 years & paying regularly, I would like to know if it ever negatively affected your Experian/CRIF/CIBIL score.
@@junglee-bee Well I use uni pay, and my CIBIL score is 780+, clearly it didn't affected my CIBIL score at all.
In my opinion use credit card and pay bills before time, it wil increase your credit score. And whenever you need money, like if you want to take a loan.. Then that credit score will help you to get one. Use it smartly and wisely and you will be happy.. That's all..
I've been using slice as well for over 5 months to build my credit score and currently its 816. If someone has descipline, these cards are great.
These bnpl open multiple loan account on your cibil without your permission. The reason they give us that they keep changing their partnerships
Too many loan on your account is not good for your cibil.
Also, these bnpl have a habit of reporting wrong info on cibil. For example even after you have paid the bill they will report to cibil that you have not paid and your credit score drops. It's really a difficult task to rectify it because these bnpl companies say it's the nbfc fault and nbfc says it's the bnpl company fault
Also, when you want to close the account, they don't close it. They say that you just deactivate the card but internally the loan account would be open on your account. You need to bring in RBI to actually close the account. It's really a headache to deal with these bnpl when something goes wrong
If one is disciplined and smart then BNPL and credit cards are actually best way to earn some extra money and build good credit score. They are only bad if you miss the payment. That’s the main trap.
What's your view on Amazon Pay later?
No bro... If you use BNPL many times it will affect your credit mix and basically your credit score. So stay away from BNPL.
@@stifler4eva1 Haven’t researched too much about this. Will reply after checking it out.
@@djvsst309 uni card reflects two personal loans from nbfcs in the credit score statement which is very harmful in the long run.
@@sampa3677 Ohh is it??? Will check this out. Didn’t knew about this. Thanks for the info.
You've done a commendable job of explaining the new age debt packaging 💯
common sense ko hi to bata ra hai ...🙄
Haha 🤣
He did a commendable job of promoting Slice also in his "Should you buy a house" video.
Yes, I have suffered from this. I used Amazon pay later for 15,000 and I was unaware that I had taken the loan of that amount. The loan was given to me from IDFC bank and even I enabled the auto-debit, it takes 7 days to settle the same. As a result my credit scores drastically change from 850+ to 590.
It was need of an hour to aware the folks from such kind of things. Thank you Pranjal sir for your video.
😯
Scary !!! enabled the auto-debit, it takes 7 days to settle the same. As a result my credit scores drastically change from 850+ to 590.
Brother can you explain in hindi? I purchased nord 2 by using amezon pay later and my money hadn't deduct automatically one person from IDFC came and took emi from me, tell me is it fraud or what?
same thing happened with me .. flipkart pay later
Same here
In Flipkart .
My credit score also got affected
Hat's off to your honesty ☺️....
You are always there to save us from such scams!
I'll share this on every SM platform available.. thanks for the awareness provided in this video. 🙏🏻
Really appreciate your videos and also the way you explain. Keep them coming 👍 My best wishes to you and to your entire team.
Hats off in making this level of content, really happy to be your subscriber. Keep sharing such important information. 🙂
thanks for the awareness!
very informative
Thank you so much
Thank you so much. I follow you and what you say. Thanks for being honest and a real guide for us.
Very good Pranjal.. Thanks alot
Just love to hear from this channel. Great learning on this channel. May god bless you kamra sir. ❤️
Great insight. Thank you sir. For bringing light of this less talked subject. Making us aware before.
Very well explained Sir.
Thank You so much for making such a informative video
This pay later habit has made me so broke
It just gives a illusion of having alot of money and every time i end up taking things out of my limit 😭
Very informative. Thanks 😀
Thanks for making this, good info
Such a valuable and informative video😊
Thanks Finology and Pranjal sir😊😊
Very nicely described ❤️
Thank you so much for giving valuable information.
Always worth watching your videos. Thank you ❤️
U are the most honest financial advisor 💜💟💟
Thank you.... For your support.... Sir ❤❤❤
Thank you for sharing this.
Love you brother, thanks for the clarity.
Thanks sir for this information✨
Thank you Bhai 🙏, for your wonderful explain and care to everyone
Thank you for this information.
Great job done 👍🏻👍🏻
👍Tysm for knowledge ❤️
excellent video sir! really wanted to know their business models.
Thank you for this video. 🙏🏻
Thank you very much .Learnt a lot from this video
Respect for the channel grows day by day !
Thats how ppl follow you.
Only Fin advice channel who advices with emotions at stake & not an excel sheet. And this hits a chord with most of ur subscribers! Hats off !
Insightful ❤️
THANK YOU FOR THIS INFORMATION
Seriously never thought.a great opinion you shared.thanks a lot sir.
Thanks provide information 👌
This is really the truth. When I connected my card with CRED I got to know that I have 2 loans running on my account which I never took which turned out because of Flipkart and Amazon pay later.
Brilliant information, thank you so much.
SIMPLE Explanation 👍 Understood everything💕
Really interesting video sir..... 🙏
It's good to see when u make videos of financial aspects other than share market.......I mean they're really helpful......Keep up the good work
Kudos to you. Not every TH-camr has guts to speak on such topics.
As always ..Thanks for geniune information. 👍
It was extremely helpful! Thank you..
Thank you so much sir for giving this opinion . this was really getting me and literally i was building up this habit of bnpl which would be for my whole life . Thank you for sharing this point of view and helping millennials take wise decisions .
Kudos to you sir...there are many big finance educators in TH-cam promoting bnpl without talking about risks but only you came forward and talked about you
In some video I saw he was promoting Uni Card
@@viditgoyal4770 who?
Thanks a ton for this eye opening info Sir. Keep making such great videos. You are our guiding star⭐
Great job man 🙏🏻
Thank you sir 💓💓❤️
You are awesome bro. You opened my eye today 🙂. Not like every youtuber to promote uni or slice card 1/3 card 👍
Thank you so much for sharing this information with us
I was waiting for this video , thankyou for making this video. ❤️❤️ Pranjal ji 💯
Thank you for making us aware about the "buy now pay later" kindly of schemes. It helped me truly understand the associated risk with these kind of schemes.
Good information Sir
We need more people like you who can educate on such topics. Thanks a lot🙏
Thanks a lot for this. ❤️
We have our trust & respect sir ❤️
Brave video!! when most of the financial advisor are aggressively promoting pay later cards etc. you stood with what is correct. Really admirable! But on the flip side you'll miss out on any promotional money from these companies 😐😐
Thanks for this video. 😃
A big thanks for this video. Keep up this excellent work
Dear Pranjal, most of youtubers who were addicted to selling Trading Strategies for stock marketplace, have now changed their addiction and started marketing of BNPL cards to their audience/subscribers and attempted to show the path indebtedness, to fulfill their nefarious dreams.
. Yours is the only channel cautioning the subcribers about the risk. Wish you a grand success of your selflessness efforts.
You're doing a great thing to the mankind... The way you explain is so easy to understand cuz you make it so relatable... Thank you... Kudos to you pranjal 🍻
Go and watch Prajal's "Should you Buy a house ?" video. He is promoting Slice there. Hypocrisy much?
Thanks bro really useful to me.
Really blessed to have u as ur mentor ❣️
❤️🙌 india required more humble persons like u guruji❤️
Every products have its pros n cons. Same like credit card, pay later services give good cash back n offers. It's depend upon the customers how to use these. I have stopped using cash/debit card since last 1 year n switched to cc or pay later. The interest is almost zero but the cash back is huge. Say the good things as well.
Pranjal has exactly told the same thing in this video..Nobody is telling or educating about the cons of these BNPL apps/cards... The con part must be shared with the general public...
Exactly.
What's your view on Amazon Pay later?
@@stifler4eva1 it's very good. As i have 20k limit on this, i mostly use during sale periods. Firstly, i get cheap products without paying anything extra( mostly commonly used items). Secondly i convert it to no cost emi. So double saving. If i have to pay in a month then i use amazon pay credit card for 5% cash back. Double profit. Hope it is helpful
@@balarampanda9265 in No cost emi there is services charges included which is an additional cost. so no benefit in terms of saving
Thank you Sir for aware us about it.
That's why we are subscribed to your channel.
Thank you Pranjalji.
Hi pranjal,
Thankyou so much for this one.
But can you make a video for do's and don'ts. Inorder to avoid any loan fraud from any fraudulent person using PAN card details or using data agreement from multiple apps which issues such short term loan with due background checks
Just use BNPL apps & cards for offers and then immediately repay the amount. In short use them as offer & discount tools instead of careless spending. Ps- I guess that’s the reason most of my BNPL & credit card requests gets rejected inspite of having CIBIL score of 780+
For those cards where we can pay in 3 instalments, if we each installment on time, then there is no issue right?
You must be 21-22
Bhut achchhe se samjate h, very usefull amd awareness videos.
Thank you so much for this video !!
Seriously, never thought in that way.
Thank you Pranjal. Although i am smart and intelligent person while dealing with such unsaid Personal loans. But very recently I found myself in the same category which you just talked about. Now let me take the more wise decision for such payment split Cards.
Great video thanks for sharing 👍
Thank you sir for your explanation and advice 🙏🙏🙏
Two months ago when I checked my credit score I was shocked to see a loan that I had never taken. Later I find out it was against amazon paylater.
Interesting fact in that during this video, there is popup a add of 1/3rd payment add of uni cards. 😅
Thank you for you knowledge share.
Thank You Sir,
Bahot Kaam Ki Video Hai. 👌
TnQ for the awareness sir!
I am the victim of these pay later I git hit of 84 on my credit score for enrolling Amazon pay later and Flipkart pay later
Thanks to people like you, many people are getting aware of all these scams. Kudos to you and LLA 👏🏽👏🏽
Very nice, right information, salute you 🙏🙏🙏
Thank you so much sir mujhe aap k videos bahot hi informative and achche lagte hai
Very informative video. I'm also using multiple paylater services of various vendors. But now I'm reducing the use of these services day by day. Thank you @Pranjal sir for sharing such a hidden information. Lots of ♥️ for your efforts.
Well explained sir !👍🏻
Really good video, This kind of knowledge is must, keep it up, God Bless you
Great video. I seriously recommend people not to buy things you don't want. Personal loans in any forms are a disease. BNPL is a serious problem in western countries like UK
Have been following this Channel from a long time, I respect you a lot sir but I felt bad when you did a Paid promotion of Uni pay card in one of your TH-cam shorts videos
Thank u so much sir
You are great always providing very informative videos
Thank you so much... nice Information..
I want to learn " How to file ITR "
Have you any course regarding this?
there are many videos on youtube take help from it
Advertisements of these apps are very attractive, and may tempt the innocent people to use them. Thanks for the nice way you have explained the trap.
Thank you so much and best of luck 👍
Good to know, thanks for sharing 👍🏻
I did fall for this trap for 2-3 months and then understood.
Can you elaborate?