What is the minimum payment on SPayLater?

SPayLater: Understanding Minimum Payments and Charges

SPayLater is a convenient payment service that allows users to spread their purchases over time without a minimum purchase requirement. This flexibility makes it easier to manage expenses and avoid large upfront costs.

Minimum Payment

Unlike traditional credit cards, SPayLater does not have a minimum payment requirement. This means that users can choose to pay off their balance in full each month or make smaller payments over time. However, it is important to note that SPayLater does charge transaction fees and monthly interest, so it is advisable to pay off your balance promptly to avoid additional charges.

Transaction Fees

SPayLater charges transaction fees of 0-2% on all purchases. These fees are deducted from the amount you spend, so it is important to factor them into your budget.

Monthly Interest

In addition to transaction fees, SPayLater also charges monthly interest of 1-5% on the outstanding balance. The interest rate varies based on your creditworthiness and the length of your repayment period. It is essential to pay your balance on time to avoid accumulating excessive interest charges.

Flexible Due Dates

SPayLater offers flexible due dates, allowing users to choose the date that works best for them. However, it is crucial to make your payment by the due date to avoid any late payment fees or penalties.

Responsible Usage

While SPayLater can be a helpful tool for managing expenses, it is important to use it responsibly. Be mindful of the transaction fees and monthly interest charges, and make sure to pay your balance promptly to avoid unnecessary costs. By using SPayLater wisely, you can enjoy the convenience of spreading payments without incurring excessive charges.