Money Hack: Pick up a deal at Click Frenzy and pay for it later
Take advantage of buy now, pay later options at the huge sales event.
Click FrenzyTM starts tonight at 7pm and there will be a whole bunch of bargains up for grabs. If you completely forgot about the mega sales event and didn't leave enough room in your budget for it, there is a way you can make your Click FrenzyTM purchases and pay for them later.
The hack
Make your purchases using an interest-free payments provider such as Afterpay or zipPay. Click FrenzyTM has announced a partnership with Afterpay this year, so we know there are bound to be some Afterpay retailers involved in the sale.
Interest-free payment platforms allow you to make your purchase now and pay it off in regular instalments, similar to a credit card. The only difference is there will be no interest applied to your balance – ever.
With Afterpay, you will pay off your balance in fortnightly instalments over an eight-week term. You cannot extend your repayment period and late fees apply.
zipPay works a bit differently. You repay your line of credit balance (which can be a maximum of $1,000) over a two-month term. Repayments can be weekly, fortnightly or monthly but you must repay a minimum of $40 per month. You can extend your repayments beyond the first two months but a monthly $5 fee will apply.
The crux of this is knowing whether you will have the funds in your account to make your repayments. Both Afterpay and zipPay work a bit differently so if you have a choice between the two, compare the costs, fees and features before you make your choice.
Remember that late fees will apply if you don't make your repayments on time and defaulting on your payments can affect your credit score, so don't select either Afterpay or zipPay if you think you might have any trouble managing your repayments.
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