Kathleen Craig | Forbes | Buy Now, Pay Later Versus Credit Cards: What You Should Know

by | Aug 4, 2022 | Articles, Blog, Branding, Business, Education, Lifestyle, Marketing, News, Press, Uncategorized

CEO and Founder of Plinqit, the only savings app of its kind that pays users for learning about finance and savings.

Between inflation, rising interest rates and other economic uncertainties, many Americans are concerned about their personal finances. These concerns impact their financial decisions. For some, this means relying on buy now, pay later (BNPL) products. In fact, a new survey from Credit Karma revealed that nearly 60% of consumer respondents said inflation is driving them to use BNPL products for items they need. The survey also revealed that 13% of BNPL users surveyed rely on the service to pay for items at the supermarket, 18% are using it at warehouse stores and 17% are using it at discount stores. These stats indicate consumers are using BNPL services to pay for food and other household necessities.

Overall, BNPL usage has grown rapidly in recent years, and the BNPL market is expected to hit $3268.2 billion by 2030. It is more important than ever for consumers to understand how these products work so they can make informed financial decisions, especially in the current economic environment. Whether they opt to use BNPL or not, consumers need to know the risks, the difference between BNPL and traditional credit products, as well as the pros and cons of each, and the potential implications of using BNPL when it comes to their financial goals.

Check out Kathleen’s full article published on forbes.com

    Most Recent Posts

    The Correlation Between Fraud and Ill-Fitting Fintech Partnerships

    For today’s banker, fraud can often feel like a contagion – an ever-present threat waiting to strike your financial institution. But what if I told you that one of your best defenses against fraud lies not just in security systems, but in the integrity of your fintech...

    Reducing Your Dependence on Costly Short-Term Funding Sources

    Part 2 of our "Top 5 reasons financial institutions contact Plinqit" series: You need to offset reliance on costly, non-core funding sources. Read Part 1.When your bank or credit union’s funding mix leans too hard on expensive, short-duration sources, margins suffer....

    Bridging Loan-to-Deposit Ratio Imbalances with Digital Channels

    Part 1 of our "Top 5 reasons financial institutions contact Plinqit" series: Loan growth exceeds deposit growth in your current footprint.Loan growth is good, but only if deposits keep up. You’re a master of the balance sheet, so this is not new news to you. As loans...

    Plinqit Wins FinTech Marketing North American Award for Best Use of Thought Leadership

    Plinqit announced it has won the FinTech Marketing North American Award in the Best Use of Thought Leadership category. The recognition honors Plinqit's comprehensive thought leadership campaign centered around its 2024 State of Savings Report, which delivered...

    Rethinking Digital Account Acquisition with High-Yield Savings

    It’s a reality that many financial institutions are starting to face – the digital checking account boom is not as profitable as it might seem. Offering free checking accounts online may seem like an attractive entry point, but it comes at a high cost. These accounts...

    3 Keys to High Yield Savings Success

    When your financial institution is considering driving deposit growth with Plinqit’s white-labeled High Yield Savings solution, you’ll want to know how the best HYS clients succeed. Discover 3 strategic tips to maximize ROI, attract younger customers, and outperform your goals.

    Plinqit Surpasses $3 Billion in Deposits, Unveils New Website

    Plinqit is celebrating a major milestone! Deposits generated through its High Yield Savings product have surpassed $3 billion. To reinforce their support for financial institutions in generating deposit growth, Plinqit also launched a refreshed website. “Our mission...

    How High-Yield Savings Can Attract the Next Generation of Savers

    Today’s youngest workers are proving so far to be some of the most dedicated savers. And several of Plinqit’s High Yield Savings bank clients report that Gen Z customers maintain average saving balances exceeding $40,000. Read the full article on FinXTech for how to...

    Big Deposit Growth Doesn’t Have to Mean Big Overhead

    The competition for deposits is fierce – and simply offering a high rate isn’t enough to stand out anymore. That’s why more banks are turning to digital-first, high-yield savings brands to scale their deposit growth.With Plinqit’s white-label High Yield Savings...

    Making the Case for Affordable Account Growth

    In a FINTech Top Voice interview, Kirsten Knoll Longnecker, CMO at Plinqit, speaks about her inspiring journey into fintech, Plinqit’s game-changing High Yield Savings (HYS) product, and how we’re helping banks grow deposits while empowering people to save smarter....

    Kathleen Craig | Forbes | Buy Now, Pay Later Versus Credit Cards: What You Should Know

    by | Aug 4, 2022 | Articles, Blog, Branding, Business, Education, Lifestyle, Marketing, News, Press, Uncategorized

    Most Recent Posts

    The Correlation Between Fraud and Ill-Fitting Fintech Partnerships

    For today’s banker, fraud can often feel like a contagion – an ever-present threat waiting to strike your financial institution. But what if I told you that one of your best defenses against fraud lies not just in security systems, but in the integrity of your fintech...

    Reducing Your Dependence on Costly Short-Term Funding Sources

    Part 2 of our "Top 5 reasons financial institutions contact Plinqit" series: You need to offset reliance on costly, non-core funding sources. Read Part 1.When your bank or credit union’s funding mix leans too hard on expensive, short-duration sources, margins suffer....

    Bridging Loan-to-Deposit Ratio Imbalances with Digital Channels

    Part 1 of our "Top 5 reasons financial institutions contact Plinqit" series: Loan growth exceeds deposit growth in your current footprint.Loan growth is good, but only if deposits keep up. You’re a master of the balance sheet, so this is not new news to you. As loans...

    Plinqit Wins FinTech Marketing North American Award for Best Use of Thought Leadership

    Plinqit announced it has won the FinTech Marketing North American Award in the Best Use of Thought Leadership category. The recognition honors Plinqit's comprehensive thought leadership campaign centered around its 2024 State of Savings Report, which delivered...

    Rethinking Digital Account Acquisition with High-Yield Savings

    It’s a reality that many financial institutions are starting to face – the digital checking account boom is not as profitable as it might seem. Offering free checking accounts online may seem like an attractive entry point, but it comes at a high cost. These accounts...

    3 Keys to High Yield Savings Success

    When your financial institution is considering driving deposit growth with Plinqit’s white-labeled High Yield Savings solution, you’ll want to know how the best HYS clients succeed. Discover 3 strategic tips to maximize ROI, attract younger customers, and outperform your goals.

    Plinqit Surpasses $3 Billion in Deposits, Unveils New Website

    Plinqit is celebrating a major milestone! Deposits generated through its High Yield Savings product have surpassed $3 billion. To reinforce their support for financial institutions in generating deposit growth, Plinqit also launched a refreshed website. “Our mission...

    How High-Yield Savings Can Attract the Next Generation of Savers

    Today’s youngest workers are proving so far to be some of the most dedicated savers. And several of Plinqit’s High Yield Savings bank clients report that Gen Z customers maintain average saving balances exceeding $40,000. Read the full article on FinXTech for how to...

    Big Deposit Growth Doesn’t Have to Mean Big Overhead

    The competition for deposits is fierce – and simply offering a high rate isn’t enough to stand out anymore. That’s why more banks are turning to digital-first, high-yield savings brands to scale their deposit growth.With Plinqit’s white-label High Yield Savings...

    Making the Case for Affordable Account Growth

    In a FINTech Top Voice interview, Kirsten Knoll Longnecker, CMO at Plinqit, speaks about her inspiring journey into fintech, Plinqit’s game-changing High Yield Savings (HYS) product, and how we’re helping banks grow deposits while empowering people to save smarter....