BNPL may damage your credit rating, but not SPT?, page-6

Another scenario where a person doesn't hold a credit card and chooses to avail BNPL instead will work the same way if they were holding a credit card.

Holding a CC vs BNPL (once regulations are in place):

- Hits credit file for an enquiry (Same for both CC & BNPL)
- Reporting of default activities to credit collection agency (Same for both CC & BNPL)
- Late payment (Same for both CC & BNPL)
- Borrowing capacity (Same for both CC & BNPL)

The next question would be if people choose to stay on CC or completely move over to BNPL which is a risk.
Only benefit IMO by staying on CC is the reward points which sooner or later BNPL will tap into.

Just a thought!