Available under the Buy Now, Pay Later tab in Digital Banking, Split Your Payments allows you to spread the cost of your debit card purchases over fixed monthly payments.
How Does it Work?
- Make a qualifying purchase of $100 – $2,500 using your DuPage Credit Union debit card.
- You’ll see purchases in the Split Your Payments section under the Buy Now, Pay Later tab in Digital Banking (desktop), or in the DuPage Credit Union mobile app by going to More > Buy Now, Pay Later> Split Your Payments.
- Choose the purchase you’d like to split into payments.
- Select a 3-, 6-, or 9-month payment plan. Follow the prompts to confirm your plan. That’s it!
How do we compare to popular installment plan services?
Popular installment plan services have rates up to 36% APR.* With our plans, you’ll only pay 14.99% APR¹. Plus, there is nothing to sign up for! And, unlike those other services, you have up to 60 days to split up your purchase.
| DuPage Credit Union | Sezzle† | Affirm* | |
| Tied to Digital Banking |
Yes | No | No |
| Create Payment Plan After Purchase | Yes, up to 60 days after purchase | No, can only use at checkout | Yes, within 48 hours with Affirm Money |
| Rates | 14.99% APR¹ | Pay in 4 option is 0% APR. Other term rates: 5.99% – 34.99% APR† | 0% – 36% APR* |
| Monthly Installment Term Options | 3, 6, or 9 months | 3 – 48 months | 3 – 60 months |
| Down payment may be required | No | Yes | Yes |
| Debit card purchases may earn you cash back | Yes, with Cash Back Checking | On select purchases with paid subscription service. | No |
What’s the difference between using Buy Now, Pay Later – Split Your Payments and using a credit card?
Like a credit card, Buy Now, Pay Later – Split Your Payments is a short-term loan that you pay back monthly, but it has a few key differences:
- We do not perform a credit check when determining your eligibility.
- With a credit card, you can carry a balance from month to month. With Buy Now, Pay Later – Split Your Payments, you agree to pay off the purchase within a specified period.
- When paying with a credit card, you can build credit. Payment plans created with Buy Now, Pay Later – Split Your Payments are not reported to the credit bureaus, and so a plan that is created and paid timely does not affect your credit score.
Conclusion
Using Buy Now, Pay Later – Split Your Payments can be a smart financial decision to afford anything from basic necessities to vacations. If you typically carry a balance on your credit card, using Split Your Payments could save you money. However, keep in mind that it does not build credit. For members looking to build credit, we recommend the Thrive credit card. For members looking for longer term financing with loans up to $50,000, we recommend a personal loan.
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APR = Annual Percentage Rate. To be eligible for a Split Your Payments offer, a qualifying purchase must be made with the primary member’s debit card in an amount between $100.00 – $2,500.00. Terms and rates vary based on purchase amount and term selected. Eligible offers will be displayed under the primary account holder’s “Buy Now, Pay Later” tab in digital banking within one business day of the transaction posting. Offers will expire after 60 days of purchase or at any time prior to the 60 days if other qualifications are not maintained. Rates and offers are subject to change without notice. All offers may be discontinued at any time and only offers currently in the tab are considered valid. Cash equivalent purchases (e.g., ATM withdrawal, money order, cash advance, etc.) are not eligible. Payment Examples: 14.99% APR for 3 months per $100 financed, $34.17; 14.99% APR for 6 months per $501 financed, $87.19; 14.99% APR for 9 months per $1,001 financed, $118.28. You must be the primary member on the DuPage Credit Union account and 18 years of age or older to qualify. Must have a Credit Union membership established and be in good standing. Other restrictions and qualifications apply.
*APR based on https://www.affirm.com/business/apr-calculator as of August 5, 2024.
†APR based on https://sezzle.com/how-it-works/ as of August 5, 2024.
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