PartPay is Westpac's response to BNPL services, allowing eligible cardholders to pay off purchases in four interest-free instalments. Payments are drawn automatically from a linked bank account every fortnight, and it's all managed in the Westpac app.
Interested to know more? Is it time to ditch your BNPL app? Read on for more.
Compare the latest Westpac credit card offers with PartPay instalments.
Key takeaways
- Westpac PartPay allows credit cardholders to pay off purchases in four interest-free instalments over about 8 weeks.
- PartPay offers more flexibility than traditional instalment plans.
- Apart from foreign transactions, there are also no fees.
How it works
To use PartPay, eligible Westpac credit cardholders can opt-in by linking their card to a PartPay digital card. They can then make purchases of $100 or more, up to their available credit limit.
Payments are automatically deducted from a linked bank account every fortnight, with no interest charges or fees except for foreign currency transactions.
Who it's aimed at
PartPay is aimed at Westpac credit cardholders who want more control and flexibility when it comes to paying off purchases. It offers a convenient way to pay in instalments without incurring interest charges, making it an attractive alternative to buy now pay later (BNPL) services.
However, PartPay — as integrated as it may be — might be too little, too late to convince users who have become accustomed to Afterpay and similar BNPL services that have collectively eaten Westpac's lunch.
Pros
- Interest-free payments. PartPay allows users to pay off purchases over four instalments without any interest charges.
- Flexibility. The short repayment period of around eight weeks can offer more flexibility and surety that the purchase will be paid off relatively quickly.
- Access to credit card features. PartPay allows users to retain access to other credit card features, such as rewards and complimentary insurance.
Cons
- Risk of overspending. There are fears that BNPL makes it too easy to overspend.
- Potential for debt. As with any form of credit, there is a risk of ending up in debt if users cannot make repayments on time.
- Not suitable if you need more time. PartPay's repayment period is relatively short, so it may not be suitable for larger purchases where more time could be useful.
FAQs
How do I opt-in to use PartPay with my Westpac credit card?
To opt-in to PartPay, you will need to link your eligible Westpac credit card to a PartPay digital card, which can be downloaded in the Westpac app.
What purchases can I use PartPay for?
PartPay can be used for purchases of $100 or more, up to the value of your available credit limit on your Westpac credit card.
What happens if I miss a PartPay instalment?
If you miss a PartPay instalment, the amount will be transferred to your Westpac credit card's purchase balance. It will begin to accrue interest at the standard ongoing rate.
Will using PartPay affect my credit score?
Using PartPay should not significantly impact your credit score if you make all repayments on time. A credit check is not required to use it. However, missed payments could negatively affect your credit score.
Is PartPay worth it?
PartPay could be a convenient way to pay off purchases in instalments without incurring interest charges, but users should be aware of the risks associated with using credit products.
Having a credit card and BNPL functionality all in one place might mean you could simplify your finances and save money, but there is a chance it could facilitate the build-up of more debt. Carefully consider your options before deciding whether to start using PartPay.
