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Afterpay vs Openpay
Find out whether Afterpay or Openpay is the interest-free shopping platform for you.
Fintech has given rise to myriad "new ways to pay", and one of these is interest-free finance. While this was originally limited to layby or applying for a credit card with interest-free terms, providers such as Afterpay and Openpay are opening up a whole new world to shoppers looking to buy now and pay later.
Here, we've compared some of Afterpay's and Openpay's costs and features to help you decide which platform may better suit your needs.
| Afterpay | Openpay | |
|---|---|---|
| Interest-free period | 8 weeks | Full repayment term |
| Repayment term | 8 weeks (fortnightly instalments) | Various plans available (e.g. 6, 12, 18 months) |
| Upfront and ongoing fees | None |
|
| Late payment fees |
| Late fees apply |
| Payment flexibility |
|
|
| Signup | Can be done instantly online or in-store at participating merchants | Can be done online or in-store at participating merchants |
| Availability | Full Afterpay store list | Full Openpay store list |
| Eligibility |
|
|
| Credit score | Afterpay reserves the right to report negative activity to credit providers | Openpay reserves the right to check your credit file and report negative activity to credit providers |
| More | Read the full review | Read the full review |
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Ask an Expert
What interest rate does Afterpay charge the retailer?
Hi Kate,
Thank you for getting in touch with Finder.
The fees that the retailer can be charged depends on their business’s agreement with Afterpay. You may know more on being an Afterpay retailer on this page.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Hi do you need to make the first payment upfront first
Hi Lee,
Thanks for your question. Afterpay doesn’t require an upfront payment. On the other hand, Openpay requires you to pay ay a small initial security deposit when you link your Visa or Mastercard (credit or debit) to your Openpay account.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Is there an upfront charge when purchasing in store?
Hi Natalie,
Thanks for getting in touch with Finder. I hope all is well with you. :)
For Afterpay, there’s no upfront fee. For Openpay, you’ll pay a processing fee of $2.50–$3.95 for long-term plans. Moreover, an establishment fee may apply for Open Plus plans.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
With Afterpay I pay manually online in advance, when I get paid instead of it being taken out of my account. If I pay installments early on Openpay, will installments still be taken out of my account regardless?
Hi Isabella,
Thank you for reaching out to finder.
Since Openpay has automatic scheduled payments, you would still be deducted on the due date even if you made a payment early. Please note that it would actually be better to do the automatic payments since manually making a payment would generate a fee. Hope this helps!
Cheers,
Reggie
When is the first payment due?
Hello Tiffany,
Thank you for your comment.
For Afterpay, they allow you to pay for your purchase over 4 equal instalments due every 2 weeks. Hence, your first payment will generally be 2 weeks from the date you bought your item.
For Openpay, once you have authorised them as your payment method, you will then be given several repayment options. The standard payment term for Openpay is no longer than eight weeks, with the default being an equal repayment every fortnight.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
With after pay it tells you star offwith$500 max
How much is it with open pay or how am I find out?
Many thanks
Hi Gio,
Thanks for getting in touch with finder. I hope all is well with you. :)
Generally, you should know how much money you can borrow from Openpay upon approval of your application. You may also enquire about your starting credit by getting in touch with Openpay. If you need more information, please read our Openpay full review.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Is your credit history checked to see if you are eligible for Openpay?
Hello Kathy,
Thank you for your comment.
Depending on the purchase you are making, you may be asked to consent to a credit check by Openpay. In those instances, your consent will be clearly requested before a purchase is made.
Regards,
Jhezelyn