When the world has almost healed from the aftereffects of the pandemic, the itch to travel is slowly creeping in many.
The secret desire to travel cannot be bottled anymore. As the world is opening, the travel destinations seem inviting.
If you are yearning to escape from your mundane routine to a fantastic destination, read on to know some good news.
Now you have an interesting opportunity, and a convenient way to travel. With this new awesome trend, your journeys turn out to be more fun and exciting.
‘Fly now pay later plans’ is your answer. Made obvious with its inclusion in the title.
The concept of buy now pay later (BNPL) is causing a silent revolution in how financial transactions work. Also well-known with terms like ‘instant credit’ and ‘instant consumer loans’.
Initially ideated for online shopping, this payment method has spread its wings and has entered many different domains.
Travel companies are jumping into this game to provide travellers with easy travel options. They are now offering buy-now-pay-later deals. These deals allow you to freely avail of their flight, cruise or vacation packages, and make the payment later.
The best thing about such deals is, the payment happens in small chunks, over many months. So you can be worry-free when making your trips, and make payments when you return.
But before getting excited and jumping onto the next flight to the Himalayas, there are some very important things you need to be careful about.
While some generous fin-tech companies offer interest-free deals, others are charging hefty interest rates. It’s always better to know more about what you are getting yourself into.
There are many advantages when you opt for buy-now-pay-later plans. The primary benefit is flexibility. You can temporarily discard your financial woes when you are on your peak ‘traveller-mode’. You can be mindful when experiencing something exotic, without having any obligation to make immediate payment from your savings.
Here are some tips to strategize your buy-now, pay-later travel
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Study the plan’s terms
Without getting swayed by the charm of buy-now, pay-later on the company website, take a step back and look closely at the terms and conditions.
By carefully studying the plan, you’ll find ways of making the best use of it.
The desire to travel should not trap you in the web of high-interest loans.
Some BNPL service providers charge no interest, look for them and get lucky with your spending.
Be an informed traveller so that you can suggest the same for other potential travellers.
Prepare a budget
Sudden trips have their thrill. But planned trips give you thrills without giving you any financial shocks.
When you’re opting for a BNPL travel plan, you not only have to carefully plan on what to spend but also on how you’re going to pay it back.
If you’re confident about earning a bonus, then it makes sense to spend more and pay it back eventually.
But if you’re already financially fragile, you either have to postpone your trip, or you have to be extra vigilant in choosing cheaper alternatives.
Always evaluate your circumstances before you get going for your exciting vacations.
Smartly use the plans
The ability to travel should be equally matched with the ability to pay back the credit over time. The latter ability is super-critical.
You don’t need the assistance of a financial planner to tell you not to travel with a huge debt.
The plans are usually designed to benefit you, if you utilise them well, perfectly choosing them, keeping in mind your budget.
It is better to create and sustain separate savings and dedicate them to contribute to your yearlong travels.
Keep your credit score strong
Some BNPL companies allot your credit based on the strength of your credit score. BNPL plans find particular appeal among those hesitant to max out their credit cards.
Good credit score gives you great plans. Be responsible for managing it well and building it firmly.
Travel allows you to de-stress and explore amazing cultures and cuisines. Buy-now, pay-later plans provide you with a great opportunity to travel, along with being financially flexible.
Grab your backpack and step out for an adventure. Buy-now-pay-later plan has your back.