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5 Tips to Stay on Top of Your Afterpay Repayments

5 Tips to Stay on Top of Your Afterpay Repayments

Every so often Afterpay will come under scrutiny in the news because of their late revenue from fees. The theory goes that Afterpay is advertising their service to people who can’t afford to buy goods outright, who perhaps don't make their repayments in time, so the company is raking in late fees as a result. Though it’s easy to see why people could assume that a company like Afterpay would be in it for the late fees, the numbers just don’t add up to support that theory.


Afterpay gets most of its revenue from merchants. This is why it’s a free service, it’s being paid for by the stores that utilise it, not the customers. This means that there is no lock in contracts to keep the customers using Afterpay, just a super valuable service. Basically, they want to keep their customers happy, so it is no surprise that they charge no interest, make repayments easy, and do everything they can to stop you from getting late fees.


Of course, some repayments may slip through the cracks, and that’s where we come in. Here are five tips to help you stay on top of your Afterpay repayments.


1. Stick To A Budget

This one sounds simple, but if you don’t have a set budget your purchases can quickly get away from you. A big mistake is not factoring in your Afterpay repayments into your budget, instead adopting an “I’ll deal with it later” attitude. This thinking is dangerous and will have you regretting it four payments down the track. Take the time each month to set up a budget and stick to it.


2. Keep Track of Purchases

Another common mistake is to make an impulse buy with Afterpay and then completely forget about it until you have a handful of late fees sitting in your lap. Record every purchase you make so that you can stay on top of them, even the small ones. A piece of paper stuck to the fridge as a visual reminder can help with this. (as long as your fridge doesn't already look like this.....)


3. Set Payment Reminders

While you are recording your payments, set up reminders in your phone or calendar for each repayment that’s due in. When the reminders go off, make sure there’s enough money in your account. This way you will never be caught off-guard when the payments roll around, stopping you from getting hit with an unexpected late fee.


4. Use a Debit Card

Linking your Afterpay account to a credit card can be a recipe for disaster. Forgetting a payment or two from a debit card can be no big deal, but if you let payments slip on your credit card you could accrue a landslide of high interest debt. Go with the safer option and only use a debit card with Afterpay.


5. Check Your Dashboard

Even after you have done everything above, it never hurts to double check your accounts. Download the Afterpay App to keep an eye on all of your repayments and match them up each month to your bank account. This is a sure-fire way to make sure that no payments slip through the cracks.


Download the Afterpay app here:

There you have it!  5 tips to make sure you are on top of your Afterpay repayments. Later Gator are huge Afterpay fans, and we know you are too. Thanks for reading :)

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