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Costco launches 'Buy Now, Pay Later' service for online purchases
(www.goodmorningamerica.com)
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this post was submitted on 23 May 2025
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The only good payment plans I've seen are the ones attached to an Amazon credit card that charge 0% for up to a year as long as no payments are missed (the trustworthiness of this probably varies by region). Which you select manually from a reliable website frontend.
The consequences of missing a payment for all of these are the same, they hit your credit score. But at least from the Amazon Credit Card ones I've seen, the payment is just part of your normal credit card bill payment.
A lot of people have problems with Affirm and other credit card companies fucking up auto-payments on their end and blaming the user, with automatic hits to their credit scores. At least with a credit card bill payments are reliable.
IMO saving up is always better, credit cards should be avoided, payment plans should be avoided, most people can only be trusted with the lowest interest card they can get with the smallest limit they can get away with. I also wasted a lot of money not understanding how my bank's overdraft protection worked in the past.
Never do payment plans on basic necessities like this from Costco, they're basically payday loans that know you won't be able to pay them off. If you have to use them you can't afford them.
Edit: basically avoid credit cards and financing as much as humanly possibly
Avoided, but not completely. If you ever want a loan to finance a car or home, you want a better credit score. Having no credit (or credit that isn't old enough) will hurt you financially.
I'm sure we all know this, but credit cards should just be used as a debit card. Only spend within your means, pay it off every month. This stupid country requires you to have a ~~social credit score~~ credit history for major purchases.
As long as you consistently and immediately pay what you charge to the card, credit cards are safer to use as debit cards.
I'd rather someone steal my credit card and use it fraudulently so that I have to have those transactions reversed/canceled, than having someone steal my debit card and charge/withdraw my cash so that I have to go to my bank and ask them to kindly replace the cash which was stolen from me.
I agree they also have benefits like extended warranties, IMO the way to go is to have two lines from the same bank, one with low interest and a high limit locked to only be used for emergency expenses, and another card with a low limit that has good rewards
One can be a financial cushion and the other can be habitually used to skim rewards with relatively lower risk of ending up in debt
Yup. I do it that way. Except, to counter my own point, I do have that setup and there's one flaw I've seen so far.
I once was moving and making a lot of purchases with my lower limit card then paying them immediately to keep it available and utilize the rewards for the next round of purchases. They flagged it for fraudulent activity and locked my card because I made too many payments on it within a pay period. It was a fucking pain to get them to unlock it, especially since I needed it during the move. So, there's one downside if you have a lower limit card. Might be best to just use it as much as the limit allows or a little more and pay that within one period only. Anything more might create some issues, resolvable but annoying. Ironically, not paying it won't flag anything besides interest.
I know this is a US centric thread but I've heard this advise repeated numerous times in countries where it does not apply by people who have picked it up off usian influencers.
Yeah it's definitely needed to start building a credit history but a low enough limit to avoid getting into debt unless the person getting it has a lot of restraint and diligence about tracking their finances lol
if you're budget constrained, yeah. as goodguywithacat says below, treat a CC like a debit card and pay it off every month. I've never made an interest payment on a CC in my life. I put almost all my monthly expenses on a credit card that has 1-5% cashback rewards. I get ~$100 a month in reward points that I regularly spend on shit i need. at this point, i've spent over $1k in money i never worked for. one of life's little perks.
I used one for paying monthly bills and utilities and didn't redeem rewards for a couple of years, it was a few hundred dollars by the time I got to it which was really nice but also risky to hold because my bank could arbitrarily recalculate the value of the rewards points