Suncorp announces PayLater, a Buy Now Pay Later debit card

By Ava Crawford · · 3 min read
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woman in front of yellow background playfully holds her Suncorp PayLater card and bags from shopping now and paying later

Today, Suncorp Bank has announced that it is broadening its services with a new Everyday Options Account. So, if you’re not with the bank already, you will have to sign up to gain access.

Suncorp will perform a credit check upon application, so eligibility may also depend on your credit history.

What other BNPL options like PayLater are there?

Unlike some of the most well-known BNPL services, such as Afterpay and Zip, some of the newer breeds of BNPL have adopted a digital card tactic, an alternative to Suncorp’s PayLater physical Visa Debit card.

Here are some examples:

  • Klarna: Winner of the 2021 Mozo Experts Choice Award for Best Buy Now Pay Later Service for Small Purchases, Klarna provides customers with digital one-time-use cards for greater flexibility when shopping. Purchases made using these cards are split up into four equal repayments, paid fortnightly.
  • Bundll: Designed for smaller everyday spends, Bundll allows customers to make multiple purchases using a digital card at any retailer that accepts Mastercard. Card limits go up to $1,000, and purchases can be paid back over two weeks.

Although you might be familiar with the big-name BNPL services, many big banks - as well as digital payment giant PayPal - have also launched BNPL offerings.

Check out some examples:

  • StepPay: Last month, CommBank launched StepPay, a digital-only Mastercard card (to be used on your smartphone) that allows customers to make purchases and pay them off in four equal fortnightly instalments.
  • Spot. Buy Now Pay Later: Citi Australia announced its BNPL offering, Spot. Buy Now Pay Later, to be released in October 2021. Spot allows customers to purchase with a digital Spot Diners card and then pay it off in four interest-free instalments. For purchases over $200, customers can pay a flat fee of $10 to break down the payments into eight fortnightly instalments.
  • Pay in 4: PayPal has entered the BNPL market with Pay in 4, a service that allows you to purchase an item online via PayPal, priced between $30 - $1500, in four equal instalments. Pay in 4 boasts no interest and no late fees for its customers.

Not sure if this is the right service for you? Head to Mozo’s buy now pay later hub to learn more about how it all works and what other providers are out there.

Or check out the Buy Now Pay Later statistics report, covering everything you ever wanted to know about BNPL.

^See information about the Mozo Experts Choice Buy Now Pay Later Awards

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