Afterpay - how it works
About Afterpay
What is Afterpay?
Afterpay is a buy now, pay later platform that lets you pay for your items in 4 instalments over 6 weeks, interest free.
How does Afterpay work?
When you use Afterpay, you pay for your items in 4 instalments over 6 weeks, without incurring any interest. To use Afterpay, add items to your shopping cart then select Afterpay from the available payment options. You pay for the first instalment of 25% at the time of purchase, and the remaining three instalments will be automatically deducted from your nominated debit or credit card over the following six weeks.
How do I set up an Afterpay account
- Step one: Add your items to your shopping cart.
- Step two: Select Afterpay as your payment method at the checkout.
- Step three: You’ll be redirected to Afterpay to login or create your account.
- Step four: Your payment schedule will be displayed.
- Step five: Track your payments, check available spend limits, and make early payments in the Afterpay app.
To set up an Afterpay account you’ll need to:
Live in Australia or New Zealand
Be over 18 years of age
Have an Australian/New Zealand debit or credit card
Have a valid and verifiable email address and mobile number
Have a valid and verifiable email address and mobile number
Be capable of entering into a legally binding contract
Credit checks apply
For full terms and conditions visit www.afterpay.com/terms .
Are there any fees for using Afterpay?
Afterpay caps late fees to help keep costs manageable for customers who miss a payment. Late fees will never exceed 25% of the order total or $68 per order, whichever is lower.
How this works:
- For orders under $40: A one-time late fee of up to 25% of the order total applies
- For orders of $40 or more: A $10 late fee is charged when a payment is missed. If the outstanding amount remains unpaid after seven days, an additional $7 late fee applies . This is the same for all late payments until the 25% cap or $68 amount is reached. To remain within the cap, we may charge partial amounts of the $10 and $7 fees.
- You can check your General Terms for other late fees caps that may apply.
- Afterpay is committed to doing everything they can to help you not miss a payment, including sending you payment reminders and offering options to reschedule upcoming payment dates.
- Afterpay is designed to be completely different to traditional credit products that charge interest, so that customers are never in a situation of high compounding interest and revolving debt.
Where can I find out more about Afterpay?
To find out more, visit the Afterpay website .
