COVER STORY: Buy Now Pay Later Debt Will Soon Hit $1 Billion. How Sustainable Is The Model?, page-27

Not sure why APT is being compared to credit cards. CCs interest rates reflect the risk that banks take on in handing out unsecured credit and they go through a formal credit review process which means comparatively low interest rates.
Not that I'd encourage the comparison but the annualized interest rate that APT is charged is more comparable to pay-day lending. However, APT is far from a pay-day lending product since, if used responsible, you could end up with 0 costs to you. So if you want to stick with silly comparisons, how does 40% annualized late fee compare to the 1600% annualized fees that some pay-day lenders charge?

As someone has mentioned in a previous post (this point is important yet you conveniently ignored it) the late fee is important to deter users from not paying on time. This fee should NOT be absorbed through merchant fees.