Businessmen holding a smartphone with icons of BNPL with online shopping icons technology Source: Adobe Stock

A CFPB study found people using Buy Now, Pay Later (BNPL) plans have other credit options, but the BNPL plans are cheaper than their next-best tool: Credit cards.

The CFPB released the report, “Consumer Use of Buy Now, Pay Later,” on March 2. It showed 88% of BNPL users have an open credit card, compared with 75% among non-users. And most of the users have low credit scores, so that if they make their payments on time, they pay zero interest, compared with an annual rate of 19% to 23% if they used their credit cards.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Jim DuPlessis

A journalist for decades.

More from this author


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.