Amazon Pay Later

[dhiraz]

On 6th June on Amazon check my cibil score. Amazon shows my cibil 728 after that a message shows automatically that is you are approved for Amazon Pay Later sign up now. So i signed up and i get a limit of 2k. On that day i also pay a electricity bill of 1248 after that on 5th July the repayment of pay later done automatically because at the time of registration Amazon creates a e-Mandate for auto pay.
No problem at all.

I just wanted to know that should i keep Amazon Pay Later active or close it. Because i think i have no use of Amazon Pay Later and i have ICICI Platinum Credit Card with the limit of 1.35L.

 

[Ad.Astra]

On 6th June on Amazon check my cibil score. Amazon shows my cibil 728 after that a message shows automatically that is you are approved for Amazon Pay Later sign up now. So i signed up and i get a limit of 2k. On that day i also pay a electricity bill of 1248 after that on 5th July the repayment of pay later done automatically because at the time of registration Amazon creates a e-Mandate for auto pay.
No problem at all.

I just wanted to know that should i keep Amazon Pay Later active or close it. Because i think i have no use of Amazon Pay Later and i have ICICI Platinum Credit Card with the limit of 1.35L.

I addition to Amazon website, Amazon Pay can used on other websites too. You get upto 50 days of credit. For me biggest advantage is I don't have to wait for OTPs or to enter card details to complete payments, all it takes is one click to make payment.

But it's up to you.

 

[dhiraz]

I addition to Amazon website, Amazon Pay can used on other websites too. You get upto 50 days of credit. For me biggest advantage is I don't have to wait for OTPs or to enter card details to complete payments, all it takes is one click to make payment.

But it's up to you.

Hmm Love To Here Amazon Pay Later Pros But Amazon Pay Repayment on 5th of Every Month How It Can Be 50 Days Period of credit??

 

[Ad.Astra]

Hmm Love To Here Amazon Pay Later Pros But Amazon Pay Repayment on 5th of Every Month How It Can Be 50 Days Period of credit??

If you make a pay later transaction after 15th of a month, then the due date will be 5th of the month next to the subsequent one.
Suppose if you make a transaction after 15th July, then the due date for that transaction will be 5th September

The following is from Amazon website :

1. When is my Amazon Pay Later repayment due?
   For any purchase between 1st and 15th of the month, the first EMI will be due on the 5th day of the next month and for any purchase between 16th and till the end of the month, the first EMI will be due on the 5th day of the month next to the subsequent one.
   For example: If you've made a transaction using Amazon Pay Later on June 14th, the first EMI will be due on 5th of July. And, if you've made a transaction using Amazon Pay Later on June 18th, the first EMI will be due on 5th of August (month next to the subsequent one).

 

[dhiraz]

If you make a pay later transaction after 15th of a month, then the due date will be 5th of the month next to the subsequent one.
Suppose if you make a transaction after 15th July, then the due date for that transaction will be 5th September

The following is from Amazon website :

1. When is my Amazon Pay Later repayment due?
   For any purchase between 1st and 15th of the month, the first EMI will be due on the 5th day of the next month and for any purchase between 16th and till the end of the month, the first EMI will be due on the 5th day of the month next to the subsequent one.
   For example: If you've made a transaction using Amazon Pay Later on June 14th, the first EMI will be due on 5th of July. And, if you've made a transaction using Amazon Pay Later on June 18th, the first EMI will be due on 5th of August (month next to the subsequent one).

Ohh Thanks!
By the way how was your experience with Amazon Pay Later and what is your credit limit.
Do they increase your credit limit?

 

[Ad.Astra]

Ohh Thanks!
By the way how was your experience with Amazon Pay Later and what is your credit limit.
Do they increase your credit limit?

My experience with it has been smooth enough. Never encountered any issue, but I think Amazon is offering lower credit limits.
My credit limit is ₹7500. It's been 10 months since I opened pay later account, so I don't know when or if they will increase credit limit.

 

[dhiraz]

I addition to Amazon website, Amazon Pay can used on other websites too. You get upto 50 days of credit. For me biggest advantage is I don't have to wait for OTPs or to enter card details to complete payments, all it takes is one click to make payment.

But it's up to you.

Please tell me other websites which accept Amazon Pay Later as payment.
I am using Ola Uber Rapida a Lot because of my work but i think these services only accept Amazon Pay Balance.

 

[Ad.Astra]

I

Please tell me other websites which accept Amazon Pay Later as payment.
I am using Ola Uber Rapida a Lot because of my work but i think these services only accept Amazon Pay Balance.

I am not sure. I think I too have only used amazon pay balance on other websites and platforms.

 

[dhiraz]

I am not sure. I think I too have only used amazon pay balance on other websites and platforms.

I think Amazon Pay Later Is Only Used on Amazon, Swiggy and Make My Trip.

 

[AsB]

On 6th June on Amazon check my cibil score. Amazon shows my cibil 728 after that a message shows automatically that is you are approved for Amazon Pay Later sign up now. So i signed up and i get a limit of 2k. On that day i also pay a electricity bill of 1248 after that on 5th July the repayment of pay later done automatically because at the time of registration Amazon creates a e-Mandate for auto pay.
No problem at all.

I just wanted to know that should i keep Amazon Pay Later active or close it. Because i think i have no use of Amazon Pay Later and i have ICICI Platinum Credit Card with the limit of 1.35L.

Don't go with BNPL credits as of now. Let RBI come up with a master plan.
I was using Amazon Pay Later for sometime, then after I got credit cards, decided to close all of them. It took the financial partner around 6 months and continuous followups to close my account and reflect in CIBIL and other reports.

 

[dhiraz]

Don't go with BNPL credits as of now. Let RBI come up with a master plan.
I was using Amazon Pay Later for sometime, then after I got credit cards, decided to close all of them. It took the financial partner around 6 months and continuous followups to close my account and reflect in CIBIL and other reports.

This is my first BNPL i will close it soon.

 

[Credit Karma]

Just have a few questions regarding the way Amazon Pay Later works, out of pure curiosity -

Since I know that APL has 2 lending partners and they share risk among themselves as 80:20

So,

1. Say I have an APL and I spend ₹100, after repaying this will it be reported as a single payment in any one account of APL lending partner OR will it be reported as two payments, one for each lending partner of APL?

2. Is there any threshold amount limit which needs to be spend for the two payments to be reported?

3. Does APL create many personal loan accounts in credit reports every time you use APL?

4. Does APL report to all credit bureaus?

5. Is APL consistent in reporting it to every bureaus?

6. Is it advisable for someone new to credit to have APL as I heard a lot of praises for APL alone and not for any other BNPL out there in the market?

7. Is APL really that good for someone starting their credit journey?

Your replies are highly appreciated ☺️

Please help me clear these questions!

 

[Dhruvit.S]

BNLP is fine for people with no credit cards, however the main issue arises when they switch the lending partners. It shows as seperate loan from different partners and spoils your cibil. It's still your choice to continue it .

 

[Credit Karma]

BNLP is fine for people with no credit cards, however the main issue arises when they switch the lending partners. It shows as seperate loan from different partners and spoils your cibil. It's still your choice to continue it .

Please go through this post and help out -

Please help me clear these questions!

 

[rjsudeep]

Don't go with BNPL credits as of now. Let RBI come up with a master plan.
I was using Amazon Pay Later for sometime, then after I got credit cards, decided to close all of them. It took the financial partner around 6 months and continuous followups to close my account and reflect in CIBIL and other reports.

Yes it is a massive pain to close these BNPL accounts. Lot of manual interference required with loads of mails and blastings.

 

[thunderbolt]

I closed my Amazon pay later account recently, the 2 loan accounts got closed in my CIBIL report & my CIBIL score increased by 10

 

[Credit Karma]

I closed my Amazon pay later account recently, the 2 loan accounts got closed in my CIBIL report & my CIBIL score increased by 10

Since you were a user of APL can you help me out with these queries that I raised in highlighted post -

Please help me clear these questions!

 

[rjsudeep]

I closed my Amazon pay later account recently, the 2 loan accounts got closed in my CIBIL report & my CIBIL score increased by 10

How long did it take to update on CIBIL?

 

[gurubhai]

When I activate Amazon pay later, my Cibil took a hit. This was before I joined techofino forum.
I have good credit card and I won't be using pay later any way.
Its been 2-3 months only... if I close this pay later, it will improve my cibil by some extent?

 

[rjsudeep]

When I activate Amazon pay later, my Cibil took a hit. This was before I joined techofino forum.
I have good credit card and I won't be using pay later any way.
Its been 2-3 months only... if I close this pay later, it will improve my cibil by some extent?

I think so it will, as newer account closures usually have a positive impact as compared to closing longstanding accounts.