I think the no-interest credit cards will only have a minor impact on BNPL companies, in the cards' current format.
The majority of APT users pay for their purchases on time, and would have no interest in wearing a late fee with APT, or a monthly fee elsewhere (which is why 78% of APT users have not incurred a late fee).
However, APT still collected $69m in revenue from late fees last year. Considering the majority of their 10m users don't incur late fees, we can assume that there is a small % of users that would be incurring late fees which would be greater than the monthly fee of these no-interest credit cards. So a sensible APT user may assess this in three ways... 1) Start paying on time 2) Change to a different product with lower fees, based on the user's existing habits, or 3) Keep paying APT late fees.
I can see a small % of APT users moving to a fee-free credit card, or perhaps using both products.
If this is the case, this would make a small dint in APT's revenue, but may also result in a minor improvement to their Net Transaction Margin.
