MoneymintMoneymint
    • ABOUT
    • BANK
    • CRYPTO
    • MONEY
    • TIPS
    • DISCLOSURE
      • DMCA
      • Terms and Conditions
      • Privacy Policy
    Subscribe
    MoneymintMoneymint
    Home»TIPS

    What is Amazon Pay later? Full Guide

    By Nikita SikriUpdated:February 21, 2023
    What Is Amazon Pay Later?
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Shopping today means Amazon. Life before Amazon and after it is very different and barely anyone might disagree with this claim considering how our lives have been turned 360 degrees around ever since Amazon came to life. Amazon Pay later is one of Amazon’s new features to make shopping easier by letting buyers pay at a later time. But what is Amazon Pay later? In this article, we will cover Amazon Pay later and how it works along with its features.

    What is Amazon Pay later? Full Guide

    Amazon Pay page
    Image by amazon.in

    A lot of people either live paycheck to paycheck or have a rolling system going on where the money comes and goes away like dust. The credit lifestyle has been picked up by a lot of people out there who regularly need or give away money to those in need. Such a system may lead to times when you want money urgently but may not have it, however, life doesn’t stop here. This is where Amazon Pay later cones in.

    What is Amazon Pay later? It is a way devised by Amazon that allows you to buy products from their platform on an EMI basis or a completely pay-later basis. Because of this feature, you don’t have to delay your purchase as you can simply get instant credit through a digital process where you just have to go through a one-time setup process after which Amazon’s third-party lending partner will take care of stuff for you.

    Is Amazon Pay later interest free?

    The next natural question after learning about Amazon Pay later has to be is Amazon Pay later interest free. You have got such a wonderful feature looking out for you devised by a billion-dollar company which pushes you to think that will the cost of such a feature be borne from your pocket and it is understandable because most companies provide you with various benefits only to charge you for them indirectly.

    However, the case is different with Amazon. We saw what is Amazon Pay later and we can agree that it is a beneficial customer-oriented feature made available for the customer and so it would be wrong to charge them extra for it.

    For this reason, the Amazon buy now pay next month feature comes with no interest, however, if you go ahead and choose the EMI option then be ready to be charged interest on your monthly installments.

    The details about these charges will be provided to every user on the payment page. While there is no cost EMI offers on certain products now and then, generally, you will be charged interest on the EMI option.

    Is Amazon Pay later for everyone?

    JAN23 Woman holding a cup | What is Amazon Pay later

    Wouldn’t it be good if everyone was equal and there were no inequalities? Some like to think so and on that note, our focus now shifts to the question, is Amazon Pay later for everyone or are there requirements and eligibility criteria to be met to be able to avail of the feature?

    Well as it appears there are some basic requirements like having an active Amazon account that has a verified phone number linked to it. Apart from this you also need a valid PAN card, an active bank account with one of the banks mentioned in their T&C, a valid proof of your address, and must be 23 years of age or older. If you meet all these requirements then you can proceed with the KYC to start using the Amazon Pay later feature.

    However, know that the lending partner of Amazon has the right to reject your request for using the Pay later feature and the requirements might change from time to time while your credit history or related stuff might also be checked to make sure that you can repay the borrowed sum. So if you can meet these conditions and eligibility requirements and everything mentioned in their T&C related to Pay later feature then yes it is available for you.

    Amazon Pay later eligibility

    As mentioned above, Amazon Pay later eligibility requires you to have an active Amazon account with a verified phone number, a PAN card, an address proof, and an active bank account with one of the mentioned ones while being 23 years old or more.

    Apart from that you just need to make sure to go through their T&C and read the fine print to understand everything in detail before you proceed with your KYC and end up getting rejected for reasons unknown to you.

    Amazon Pay later review

    Depending on who you ask what is Amazon Pay later and if it has benefited them you might come across a range of different answers. There are no hidden charges and also no interest rates charged if you go for the buy now pay next month option but the EMI options come with an interest charge.

    For products whose amount is lower than 200 there are also no late payment fees but as you move above the late interest fee increases as you are charged a certain amount plus 18% GST on it.

    Amazon Pay later gives customers convenience, flexibility, ease of use, and a lot more benefits but on the flip side, you have credit checks, late fees, and other such issues to deal with. And so depending on the person you talk to and ask for Amazon Pay later review the verdict may change.

    A person who isn’t punctual in paying back dues may find the facility a cheating money-charging feature while those that are more careful might find this feature to be a lifesaver.

    How Amazon Pay later works?

    JAN23 Person using laptop

    One common and expected question that the readers may have is how Amazon Pay later works and the answer to that is very simple. You can either directly register for the feature or you can go about your shopping and then when the time for payment comes choose the Pay later option.

    Now you will have to go through the KYC process which has been mentioned above. Once the KYC is done you can now start to wait for your product while the payment date is pushed back by a month or so. If you sign up for EMI then be ready to pay interest on the original sum.

    Also Read: Amazon Pay Later Benefits, Eligibility, Charges

    Amazon Pay later charges

    As mentioned multiple times in the article titled what is Amazon Pay later there are no charges for availing the feature Amazon Pay later nor for going through the KYC process and also no transaction fee is asked of you for the same. However, there are charges for proceeding with the EMI option. These charges are included in your monthly sum rather than being asked upfront.

    So Amazon Pay later charges are not something that formally exists although you can be charged for any payment that takes place later than it was supposed to.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Nikita
    Nikita Sikri

    Nikita Sikri is a content creator and marketer who simplifies complex ideas and structures words to make them easy to understand for all audiences. She is a professional writer and editor- currently running a content writing agency, Aim2write, in Gurugram, India.

    Keep Reading

    What do Public Utilities Jobs Pay? Full List of Jobs

    What do Public Utilities Jobs Pay? Full List of Jobs

    Best Weekend Side Jobs to Earn Extra Income

    Best Weekend Side Jobs to Earn Extra Income

    How many Jobs are available in Consumer Services? Full List

    How to Find the History of a Property Online? Full Guide

    How to Find the History of a Property Online? Full Guide

    A Comprehensive Govt ITI Courses List

    A Comprehensive Govt ITI Courses List

    20 Best Paying Jobs in Transportation with Salaries

    Latest Articles
    Bhushan Kumar Net Worth, Income, Property
    March 18, 2023
    What do Public Utilities Jobs Pay? Full List of Jobs
    March 18, 2023
    Ulta Credit Card Payment Process
    March 17, 2023
    Best Weekend Side Jobs to Earn Extra Income
    March 17, 2023
    Sunil Shetty Net Worth, Hotels, Property
    March 16, 2023
    How many Jobs are available in Consumer Services? Full List
    March 16, 2023
    How to Find the History of a Property Online? Full Guide
    March 15, 2023
    A Comprehensive Govt ITI Courses List
    March 15, 2023
    Chiranjeevi Net Worth, Salary, House Price
    March 14, 2023
    20 Best Paying Jobs in Transportation with Salaries
    March 14, 2023

    Subscribe to Moneymint

    Every Sunday we email people like you with top tips, insights and opportunities to manage your finances and build your online business.

    The form collects name and email so that we can add you to our newsletter list for updates. Check out our privacy policy
    Please enter a valid email address
    That address is already in use
    The security code entered was incorrect
    Thanks for signing up
    Moneymint
    Moneymint is a personal finance website that offers a variety of resources and tools to help individuals earn money online, save money, and create passive income streams. The site aims to empower users to take control of their finances and achieve their financial goals.

    Moneymint™ | Corporate Park, D-21, Sector 21, Dwarka, Delhi 110077
    Categories
    • Bank
    • Business
    • Credit Cards
    • Crypto
    • Loan
    • Money
    • Net Worth
    DISCLAIMER

    The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. References to products, offers, and rates from third party sites often change. While we do our best to keep these updated, numbers stated on our site may differ from actual numbers. See our Privacy Policy & Disclaimer for more details.

    © 2023 Framed Media
    • About
    • Contact us
    • DMCA
    • Terms
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.