While TVs have definitely become cheaper, if you want to get a good television set that’s going to be good for entertaining for years to come, you’ll still need to spend a hefty amount of money. Of course, not everyone is prepared to just spend a couple of thousand dollars out of the blue, which is where things like smart TV Afterpay come in.
At its core, it’s just another form of credit. But take a closer look, and you’ll find that Afterpay is a platform that allows you to make a purchase from select retailers, and then pay them back in installments every two weeks, with no interest. And you can use it for a whole range of things, from an entertaining TV set or another appliance to furniture or clothes, and a variety of other products. Sounds like something you could use?
We’re going to discuss Afterpay for TV options in a minute, but to begin with, let’s take a look at how the platform actually works. The platform makes use of the “buy now, pay later” method, effectively allowing you to buy something expensive and then pay it off in monthly installments.
You can buy a whole range of products, from a television set or other appliance to furniture or clothes. There are thousands of individual shops that allow you to buy things using the platform, from smaller shops to large retail chains.
Unlike other credit solutions, Afterpay doesn’t require you to sign a contract. And even though this might sound like there aren’t any protections in place for customers, the truth is that a lot of people love the way it works.
Afterpay is essentially an intermediary platform – it pays for your product to the retailer upfront, and then you as a customer pay the platform back. The commitment you’ll need to make is four payments over the course of eight weeks.
Now, here’s the kicker – there is no interest for you as a customer if you pay everything on time. If you’re late, however, there is a $10 fee, and if the repayment isn’t paid within a week, an extra $7 is charged. This doesn’t go on forever, though, and the platform has introduced a cap on late fees.
Here’s how the cap works: if your order is smaller than $40, only one late fee of $10 can be charged. Between $40 and $272, the cap is at 25% of the order’s purchase price. Anything over $272, and the cap is at $68.
Well, since it isn’t from the consumers, there’s only one logical place – the merchants. The fee is at $0.3 per transaction, in addition to anywhere between 3 and 7 percent of the value of each sale. While this is actually pretty high, retailers make it up quite easily in increased sales.
This, paired with the late payment fees that quite a lot of customers get stuck on, is more than enough to keep the platform profitable and running.
Of course, the no-interest scenario makes this a very attractive prospect for the buyers, but it’s also surprisingly easy for things to spiral out of control. This kind of platform is a good idea for people who can commit to the regular installments, but don’t want to spend large amounts of money at once. That being said, there are a few things to do if you want to do things the right way and protect yourself as much as possible.
Since Afterpay makes money off you not being careful and being late, there are a few steps we would suggest that will help make this a good experience instead of something that hurts your financials.
The first and most important thing to do is to set up Afterpay with a debit card, rather than a credit card. Automatic payments are an option, or you could pay them manually as long as the payments are made before the due date. It’s worth noting that bank transfers and prepaid cards won’t work.
So, why are credit cards a bad idea? Because while Afterpay doesn’t charge you interest, missing payments and not paying things off by the due date might impact your credit card’s interest rate. Considering some credit cards have interest rates that go up to 22%, you don’t want this happening, as it will put you into debt you might not be able to manage.
The other big thing we’d suggest doing is to set yourself a spending limit. Make sure the limit is comfortable enough for you to be able to buy the smart television you want, but also low enough for you to be able to guarantee you’ll make the fortnightly installments. And of course, the most important thing about spending limits – stick to them, no matter what. A small additional order might seem like something you could work with, but if it takes you over your spending limit, you’re better off without it.
Last but not least, set yourself a payment reminder a couple of days before your payment is due. This will give you enough time to make sure you make your payment on time, and that you’re not paying interest.
The first thing to do when you want a smart TV Afterpay experience to go smoothly is to sign up, set everything up, and find a supported retailer.
Signing up is pretty simple. All you need is to be 18 or older, and have a valid card from either Mastercard or Visa that’s in your name. Unfortunately, using someone else’s card isn’t an option. You will need to verify your email and phone number, as well as your ID – this is a method of prevention and security so people don’t create multiple accounts and buy more products than they can pay off.
Note that Afterpay might require you to pay the initial 25% upfront, and then it’s up to you to make the remaining installments on time in order to avoid late fees. When it comes to paying, you can do that either through the Afterpay website or the app.
It’s as simple as that – not too complicated, and as long as you’re good on regular installments, Afterpay won’t cost you anything extra.
People who opt to buy TVs on Afterpay have a lot of options, so here are a few suggestions. All of them have some kind of support for YouTube, Netflix, and Stan, at various price points.
If you want to get a premium 4K QLED panel with Mini-LED technology, the X10 is a brilliant option. Not only do you get excellent picture quality, but you also have support for entertaining apps like YouTube and Netflix, thanks to Google and their Android TV operating system.
For people who want a massive panel, the P715 comes in a 100-inch panel size. It comes with a 4K resolution that supports HDR10+, as well as things like Dolby Vision and Dolby Atmos support. Google and Android TV make an appearance here as well, so the use of entertaining apps like YouTube, Stan, and Netflix is a possibility.
Last but not least, if you’re on a budget, you can always opt for the value-oriented c825, which comes in a 50” and 55” panel size. It does have apps such as Netflix and YouTube, but not Google and Android TV. The colors are solid, and it’s hard to beat for a budget option.
All things considered, if you’re looking to get a smart TV Afterpay solution, choosing any of the above models is a suitable option. You get to own your TV pretty much instantly and pay it off in fortnightly installments with no interest. Sounds perfect, doesn’t it?
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