16.
“Buy now, pay later for anything that isn’t an appreciating asset or generating cash flow. Like a burrito, refrigerator, phone, wedding, etc. I interned at a BNPL firm, and I’m telling you all from firsthand experience, it’s a scam.”
“This just isn’t true either. You are always screwing yourself.
BNPL companies make money in two ways. One: off interest payments on missed payments. Some people will convince themselves they are smart shoppers that won’t fall for that, and pay it off in time, so free convenience.
The second is that the retailer pays on average a 6% margin on the sale to the BNPL company. Why would the retailer do that? Why would they offer it as an option and pay this company if it literally costs them profit? Because time and time again it has been demonstrated that those ‘smart shoppers’ buy way more shit they don’t need when the checkout number is smaller because of the pay later option.
If you have a buy now, pay later account with any service, they have almost assuredly gotten you to overspend.”
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