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Often a short-term, typically interest-free loan offered in partnership with retailers and lenders.

Purchases are typically spread over 4 equal payments within a 2- to 4-week timeframe. Although interest-free, you can incur charges if you miss any payments (payments are usually charged to the credit or debit account you provide at the time of checkout from the lender).

There’s typically no credit check required. When you select the “buy now, pay later” option at checkout, you’ll be asked a few basic questions about yourself, although you may be able to skip the Q&A if you’re already registered with the BNPL lender.

Generally doesn’t impact your credit score.

A form of payment that allows you to buy things today and pay for them tomorrow.

Most banks offer a grace period where you won’t be charged interest on new credit card purchases – so long as you pay off your full balance before the payment due date on your statement. You’re only charged interest on any unpaid balance after the interest-free grace period. But if you make your payments in full, you won’t be charged interest.

Requires a credit check as part of the application process so lenders can understand your credit behaviour. Need to build or rebuild your credit? A secured credit card might be a good option for you!

Credit card issuers like Capital One report your account activity to credit reporting agencies every month, allowing you to build your credit history.