Spot. Buy Now, Pay Later
Spot. Buy Now, Pay Later lets you pay off a transaction over your choice between 4 or 8 fortnightly payments. A $10 payment is required for the 8 payment option and late fees may apply.
Spot. Buy Now, Pay Later is a buy now pay later product that is available for any online or in-store transaction that accepts Mastercard. After a quick application and approval process, Spot. will allow you to spend up to $1,000 to be paid off over 4 or 8 fortnightly payments. Opting to pay over 8 payments will incur a $10 fee. Late payments will face a $10 fee for each missed payment, up to a maximum of $70 per transaction.
Interest rate (p.a.)
Max. loan amount
How does Spot. Buy Now, Pay Later work?
Like all buy now pay later products, Spot. Buy Now, Pay Later allows you to split up to $1,000 in transactions into 4 or 8 instalments, with the first instalment being upon purchase and the next instalments being 2 weeks after the last.
After a quick application and approval process, you will be prompted to download the Citi Mobile App which will allow you to manage your transactions and account. You will then be provided with a digital Mastercard which you can use to access Spot. Buy Now, Pay Later. This card can be added to your digital wallet and used in the same way you would use a physical card at an in-store or online checkout.
A $10 online gift card can be earned by activating your account within 2 days of approval, to be spent at JB Hi-Fi, Myer or Amazon Australia.
What features are available with Spot. Buy Now, Pay Later?
- No interest. You will pay only your fortnightly instalments and any late or 8-instalment fees.
- Use anywhere. This service is available anywhere Mastercard is accepted, including internationally. There is no fee for international purchases.
- Pay over 4 or 8 instalments. The default payment schedule takes place over 4 fortnightly payments, however you can opt to pay over 8 smaller payments instead. Be aware this will incur a $10 fee.
- Automated repayments. Your instalments will be automatically withdrawn from your nominated bank account, so you don’t need to worry about missing any payments.
- Early repayment. At any time, you can pay off your outstanding balance in full and for free.
- Bonus reward. By activating your account within 2 days of approval, you will earn a $10 online gift card to be spent at JB Hi-Fi, Myer or Amazon Australia. This offer expires on 15 January 2022.
What costs are there with Spot. Buy Now, Pay Later?
Beyond your fortnightly payments, there are a few fees you need to be aware of:
- A single $10 charge for transactions you nominate to be paid over 8 instalments.
- A $10 late payment fee for each missed payment for transactions over $100, capped at $40.
- A $10 late payment fee for each missed payment for transactions over $200, capped at $40 for pay-in-4 and capped at $70 for pay-in-8
What should I watch out for with Spot. Buy Now, Pay Later?
The buy now pay later industry is relatively new and has been under the spotlight recently, however it can be a good tool if used responsibly and you avoid these mistakes:
- Stick to your budget. You are still spending the same amount of money as you would by paying in full. Don’t be lulled into a false sense of financial security as spending can quickly add up.
- Pay on time. While a $10 late fee may not seem like much and there are caps in place, it does apply per missed payment. A $200 purchase with 4 missed instalments will cost you $240. That’s 25% more than you expected to pay. You could also pay up to $70 more in late fees if you are using the pay-in-8 option.
How do I apply for Spot. Buy Now, Pay Later?
If you’d like to apply for Spot. Buy Now, Pay Later, click “Go to site” and follow the instructions through the application process. You will need to meet the following criteria:
- Be 18+ years of age.
- Have an Australian residential address.
- Possess a valid email address and phone number.
- Hold a personal Australian Bank account. Currently you must be the sole owner of the account.
You will need to provide one of the following pieces of documentation:
- An Australian driver’s licence
- A Medicare card
- An Australian passport