Redstone Federal Credit Union

Avoiding the Pitfalls of Buy Now, Pay Later r e d f c u.o r g | 5 You've likely heard that using the Buy Now, Pay Later (BNPL) option for purchases is risky. But should you completely avoid it? Not necessarily! You can be financially savvy and still benefit from the convenience this payment plan offers – if you're careful. What is BNPL? Similar to a credit card, this point- of-sale loan allows you to purchase a large item even if you don't have the funds. Why is it risky? It can easily turn into a financial stressor. HERE ARE THE MOST COMMON PITFALLS AND HOW TO AVOID THEM. Fine print: It's easy to only glance at this info and not realize what you're signing up for. › Read the terms and conditions. Know how many payments are required, what the late fee is, and how high the interest rate is. Fees and charges: ere are heavy fees for late payments, and you'll face overdraft charges if funds aren't available for an automatic payment from your linked account. › Make all payments in full, on time. Credit score damage: Missed payments can be reported to the credit bureaus, hurting your score. › Be aware of all payment due dates. Overspending temptations: Signing up for four payments of $200 seems easier than seeing one $800 charge, but multiple purchases from a variety of retailers can create a confusing web of overlapping payments with different due dates. › Agree to only one or two BNPL purchases at a time and pay them off before starting another. Protection concerns: ese payment plans don't offer federal protections like a credit card does. › Be prepared to repay the loan even if the item you purchased is faulty, lost, or stolen. You're likely not guaranteed a refund. Consider these pitfalls and and all your loan options, then make the best choice for you. prepared to handle medical situations without delaying important care due to financial concerns. Most pet insurance providers offer several levels of coverage, so owners can choose a plan that fits their needs and budget. Some plans focus on accidents only, while others cover both accidents and illnesses such as infections, chronic conditions, and hereditary issues. More comprehensive options may also include routine wellness care like vaccinations, checkups, and preventive treatments. Contact Redstone Insurance Services for the pet insurance options available through our carriers: 256-722-8301 Redstone Services Group SM , LLC d/b/a Redstone Insurance Services is a wholly owned subsidiary of Redstone Federal Credit Union but is a separate entit y. Redstone Services Group, LLC is a licensed insurance agency that sells insurance policies by third-part y insurance companies. The insurance products are not products or obligations of RFCU, are not NCUA or federally insured and are not endorsed, warranted, recommended, or guaranteed by RFCU or any government agency. The insurance products may be offered by a dual employee who also sells insurance products on behalf of a third-part y insurance company. RFCU and its affiliates are committed to fair, equitable, and nondiscriminatory practices.

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