It’s been a while since I last traveled for a vacation, especially with Covid-19. As of my writing, I am sipping my drink while enjoying such a nice view. For this trip, I am spending less than RM200 just by redeeming a trip using my AirAsia Points for both my flight & accommodation. For a trip that cost me more than RM1400, I am paying less than RM200. It is a good deal.
Aside from being able to save money by using my AirAsia Points, I have also recently managed to save more money from the BNPL payment plan. Some people describe this payment plan as a bad payment plan, but personally, it is my best friend. In my previous post on BNPL where I did a bit of an introduction to it while making some purchases, I have also recently made a couple of purchases with the BNPL payment plan.
Since I last wrote on the BNPL post, I have made a total purchase of 5 items with it. All of the purchases come with a discount where I am able to save up to a few hundred on each purchase. Take the example of my OSIM gaming chair, I am able to save RM200 for the actual product that retails at RM2,988. Recently I have also booked a hotel with Agoda for our guest coach, where I am able to save RM150 by using Atome. For other smaller purchases such as Shopee, Zalora & Noteism, I have been able to save between RM20-RM50. Is the BNPL payment plan really that bad?
They have many promotions available on their apps or even some other apps that you are using. Watch out for those deals & use them to your advantage. There are a few possible downsides to BNPL that you should watch out for to avoid yourself being at the disadvantaged end. Below are some of the ways you can use BNPL to your advantage:
1. Track Your Spending While you are using BNPL to your advantage, you should always track your BNPL spending to ensure that you do not overspend.
2. Track For Good Deals Before you make any purchase, you can also check if those items or purchases have any BNPL deals that you can utilize.
3. Buy Now Pay NowAll of my current purchases under BNPL are all paid in full despite 3 months split by BNPL companies. For example, instead of paying it for 3 months, I am paying the full amount to my credit card after the discount. Since my initial plan is to pay with my credit cards to collect points & make a full settlement during month-end, I will just pay the full amount in advance rather than paying it for 3 months.
4. Seek For Double Advantage BNPL companies do offer a lot of good deals & discounts. While enjoying discounts from them, you can also link it to your rewards credit cards to enjoy double rewards.
5. Make Sure You Check Before Making A Purchase Not all BNPL companies charge you zero interest for your payment split. Some companies do charge a certain percentage for splitting your payment. Avoid engaging those companies that charge you interest for the BNPL split payment.
Conclusion:
With the amount of money that I am able to save, I don’t see BNPL as a bad thing for anyone unless you are not able to control yourself. Similar to credit cards, it requires your own self-control & discipline to control yourself from overspending. If you can control your spending well, it is definitely your best friend. I see this as a double win especially since I can collect AirAsia Points when BNPL companies charge to my credit card & I can also save money with BNPL companies’ current promotions.
OSS!
You can also check out my latest YouTube video on How To Invest Like Warren Buffett:
