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Message from the President/CEO

Dear Member,

Have you heard of Buy Now, Pay Later (BNPL) programs? Simply put, they are short-term, loans taken out at the time of purchase which are offered by both banks and third-party service providers. BNPL allows you to get your merchandise first and pay it off over time.

Be sure you understand the pitfalls of BNPL programs as most merchants will charge you interest or fees. Unlike credit cards and other types of loans, there’s no federal oversight for “buy now, pay later” through the National Credit Act. That means you have fewer protections as a consumer, which is yet another disadvantage of “buy now, pay later” financing. What are the alternatives to BNPL? You can apply for a Best Reward low-interest credit card, which is accepted at most merchants and offers one, simple monthly payment without any hidden fees or surprises.

“Buy now, pay later programs fall into a regulatory gray area and do not have the same consumer protections as credit cards,” says Chuck Bell, the Consumer Reports advocate. Click the links below to learn more about these risky programs:

Hidden Risks of Buy-Now, Pay-Later
Credit-Hungry Americans Like BNPL
FTC Orders $10 Million in Refunds

John J. Shirilla

If you have a question or comment and would like to share it with the President/CEO, you can email him HERE.  Your security is our top priority. Please do not include personal information in this email; such as your Account Number or Social Security Number.