Z1P - What will be the bottom before the bounce., page-556

Yep, no interest indeed But you will pay for it.


Who are interest-free credit cards for?

Exactly how many people will take them up, however, is another matter though. While buy now, pay later platforms have amassed millions of users and convinced retailers to pay to acquire them, the pitch for these cards isn’t quite as clear cut.
“The issue with the cards is that if you use it every month, you’ll find yourself up for a very high fee. If you have a $1,000 credit limit and use it every month, then you’re paying $144 a year to the Commonwealth Bank one or $120 a year to NAB,” Mickenbecker said.
“The sweet spot for these cards are really occasional users of credit, for something like a big repair or one-off purchases like a fridge or a TV or something.”
In this respect, interest-free cards can actually more expensive than regular fee-less ones. If used responsibly, and if their balances are paid off each month, customers can use them frequently and not pay any cent more than they spent.
But it’s clear the big banks had to try something. Now to see whether it pays off.