this post was submitted on 31 May 2024
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Yes.
A credit card is used for convenience and comes with a bunch of protections against fraud. While the scummy credit card companies do trick people into using them when they aren't actually useful and charge predatory interest rates when you fail to pay, there are some actual positives about using credit cards when you are financially stable. Yeah, they have somewhat high interest rates and penalties, but paying twice what you spent will probably take a few years.
AfterPay and all of these companies that offer multiple payments for small purchases are 100% targeting the poor who are just trying to survive by tricking them into a purchase that will probably cost them at least twice the actual cost or more spread over a short period of time. These things are basically loan sharks with less physical violence.
Did the math on a few "4 payments of x" and they were like 150% the actual purchase price.
Yeah, in this case it looks like they bake the price increase into the payments so they can claim it is "interest free".