OVO PayLater and Credit Cards, Which is More Profitable?
Quoted from duwitmu.com, for example you shop with a total bill of Rp.848,400. If you use OVO PayLater on Tokopedia for example for 3-month installments, you must pay IDR306,233 per month. 6-month installments of Rp164,833 per month.
Whereas if you use the credit card payment method with 0% installments, for a tenor of 3 installments, the amount is Rp276,067 and 6 times the installment of Rp139,380 per month.
From the example above it can be concluded that the benefits of using a credit card, users can take advantage of the 0% installment program. While with PayLater, there is no such thing as paying the installments and the interest is around 2.9%.
But back again, not everyone has a credit card. For those who do not have this magic card, OVO PayLater is a solution when financial constraints are tight, but the needs accumulate and must be met immediately. The application, registration, and activation process is not as complicated as a credit card at a bank. So which one do you choose?
Understand the Risks Before Using PayLater
OVO PayLater, PayLater Card from BRI and Traveloka or other PayLater products do provide convenience in transactions and payments via mobile phones. Once the submission of PayLater is granted, you have a credit limit, you can immediately buy this.
So easy, there must be a risk of snooping. If it is not wise, you will behave excessively consumptive. Because the process is fast, you do not understand other costs, such as installment fees, subscription fees, and others that make bills swell. As a result, it is not impossible for your finances to be disrupted.
So before using PayLater, you should first understand the risks. Don’t be tempted and regret later.