Big bank NAB is joining the Buy Now Pay Later (BNPL) pack with its new offer, NAB Now Pay Later. But how does this service rate alongside the established BNPL players?
NAB Now Pay Later can be used for purchases of up to $1000 anywhere Visa is accepted, online and in person, with no minimum purchase amount.
Like similar BNPL products, NAB Now Pay Later splits purchases into four fortnightly repayments. But unlike some of the competition, the product charges no late fees, no interest, and no account fees. The first repayment is paid upfront from your NAB transaction account, while the remaining three repayments are due each fortnight.
Existing NAB transaction account customers can pre-register for early access to the digital-only product, with NAB group executive of personal banking, Rachel Slade, describing it as safer than the alternatives as “these are already our customers.”
“We know their banking and credit history and we’re assessing them based on our existing banking relationship… In the time it takes for a customer to go from the fitting room to the register, we’ve assessed their application, undertaken a credit check and opened an account with a virtual card so they’re ready to purchase. We’re able to do this quickly because of the combination of technology and knowing our customers.”
The digital-only service is set to be fully integrated into the existing NAB App, making it a virtual card with revolving security number (CVV) instead of a plastic card.
Just like choosing a bank account, a credit card, or any other financial product, it’s important to compare BNPL offers before signing up, to ensure you’re getting an affordable deal that suits your financial situation and can help you achieve your personal goals.