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Are equestrian Afterpay purchases actually a good idea?

We’ve all been there… broke, with bills to pay and nothing left over to make yourself look half presentable. Then along comes Afterpay

Afterpay lets you pay for an item over four equal fortnightly instalments. It’s a little bit like lay-by, only you get the items right away. It doesn’t cost anything extra to do it, but you’ll cop a fee if you don’t make your repayments on time.

But just before you dive right in….here are some pros and cons of using this service.

The PROS of using Afterpay:

It’s a clever alternative to a credit card

If you usually use your credit card to get your equestrian fix, switching to Afterpay could be a good option because you’ll avoid interest charges.

Provided you make all your repayments on time (they’re automated) then you won’t pay any additional fees for your purchase.

Not bad… not bad…


It’s really fast to set up…

It’s surprisingly quick to set up and you can use your Afterpay account straight away, rather than go through a lengthy application.

All you need to enter is your phone, email, payment, and address details to sign up. Afterpay currently accepts Mastercard and Visa credit and debit cards issued in Australia.


Fee and interest-free terms

Using the Afterpay service is free. I.e. you don’t need to pay anything ontop of the price of your purchase.. unless you miss a payment.

By using Afterpay you don’t have to pay any interest on your repayments. You also don’t need to pay any application fees.


Refunds are safe

If you’re worried that adding Afterpay to the mix might interfere with your ability to get an easy refund, don’t stress.

You can still claim a refund for purchases you have made with Afterpay, in line with the individual store’s refund policy.


The CONS of using Afterpay:

Impulse spending..?

While interest-free payments, (especially when you get the product immediately) sounds pretty rad…  it can lead to poor spending habits.

Basically,  you need to ask yourself:

If you had the cash to pay for the item in 4 weeks’ time, would you still spend the money? 


There is a spending limit for some shoppers

Afterpay has an automated system that decides how much money you’re approved to spend, which is based on a number of different factors.

The company says that customers who have been with Afterpay for a while, and have made their payments successfully, are more likely to be able to spend more.

The upside? If you’re bad at budgeting, this could actually be a good thing.

So don’t be too disheartened if you’re not approved to use your Afterpay account for a big spending spree – just think of the dollars you might save instead.


There’s always a catch…

Once you enter into a payment plan with Afterpay, you might get late payment fees if you don’t make your fortnightly payment instalments.

For example; you may be charged a $10 late payment fee from Afterpay in the first instance, and another $7 fee if you don’t pay that instalment amount within 7 days.


So should you get amongst it?

As long as you can definitely make the payments – then go for it.

However, if you’re already under a mountain of debt, it’s better to avoid services like these until you’ve got your debts under control.

The bottom line is – as long as you know you can actually afford.. then you’ll be fine and in many cases you’ll save money by using Afterpay instead of a credit card for online shopping.

So if you passed ‘Go’ and collected $200 then why not check out our Shop Page now?



For more information and to set up an account – visit the Afterpay website here. 

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