When US credit cards can’t be used for ‘buy now pay later’

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The Straits Times 7h ago

When US credit cards can’t be used for ‘buy now pay later’ - The Straits Times

Quick Summary:

If consumers use credit cards for their short term loans, they could end up paying more interests when they can't pay up.

Chase said that buy now, pay later instalment loans “are a form of credit” and that the bank did “not generally allow customers to pay for credit products” with their Chase credit cards.

JPMorgan Chase, the United States’ largest credit card issuer, will bar customers from using its credit cards to repay increasingly popular “buy now, pay later” installment loans.