Splitit survey reveals most want BNPL option on existing credit cards

The survey, US Consumer Perspectives: Credit Cards and Buy Now, Pay Later, found most respondents (56%) would prefer to make instalment payments monthly instead of every two weeks (25%). The number increases the larger the purchase amount, with 70% preferring monthly payments on purchases of USD 500 or more. 

In Addition, 60% of those surveyed are fine with four or fewer payments for purchases under USD 300, 66% favour more than four payments for a USD 500 purchase, and 75% want more than four on purchases of USD 1,000 or higher. In other findings, 83% are happy with their credit cards, and 71% see credit cards as part of a healthy approach to personal finances. Also, 69% would use their cards more often if they had a lower interest rate, and 63% would likely use their cards if they could pay in smaller, interest-free instalments, the research concluded.

As shoppers think ahead to making larger purchases and considering using a BNPL or instalment plan on purchases over USD 1,000 in the year ahead, several categories stand out to make gains, says Splitit. Nearly two-thirds would make purchases on home improvement (66%) or home furnishings (63%). Beyond the home, other top categories are healthcare expenses not covered by insurance (62%), automotive accessories, and repair (61%), travel (56%), and jewelry (51%), according to the survery.