Amazon pay is a digital payment options by Amazon. If you have Amazon account then you can use this Amazon pay to any third party merchant application or websites to make your payment. Amazon pay is associated with their Amazon account.
Amazon pay later is like credit card. It is the Amazon’s credit service facility to their consumer for shopping. Amazon pay later launch on April 2020. And that time it is not officially available for everyone it only available for beta version. Almost 70-80% of Amazon consumer now eligible to this pay later facility. In this Amazon pay account they can give you some money. You can use that money for shopping on Amazon and after one month you have return that money. Just like credit card in this you can have some credit limit for shopping. Credit limit differs in every customer. EMI also available on minimum transection of 3000 value. But be careful you can see the EMI interest 24% per annum And that is so high. Amazon pay later is most convenient way for fast credit for purchase. You can use this Amazon pay later and will be able to pay off your balance due next month. You don’t have to pay any Charges during its uses and also during the activation. You just have to repay what you spent.
How do you know you are eligibility
To know whether you are eligible for this Amazon pay later or not, first you have to open your Amazon. Go to the Amazon pay. Click on that ‘Amazon pay’ and the Amazon pay page will open. Here you can see one big banner , where you can see written that you are eligible for Amazon pay later or you can see the option Amazon pay balance. Here you can see one option ‘Amazon pay later – get started‘. If this shows then also you are eligible for Amazon pay later.
How to activate pay later
To activate this pay later in Amazon you have to submit your 2 documents AADHAR Card and PAN Card. Aadhar card is needed for KYC. KYC is to know the costumer. KYC ensure the credibility of your account. Company will know whether the costumer is genuine or not. KYC procedure is completely easy and quick, you just have to enter your proper document details. Pan card is needed to know your financial details like your bank account details, credit card, whether you are taking any lone or what or if you took any loan before then you were paying on time or not, CIBIL score. If your CIBIL score is good, then amazon pay later account can activate.
First click on pay later. One page will open. Here you can see one option instant credit. After that click on ‘sign up in 60 sec’. Here you have to fill your PAN Card details and date of birth then click on agree and continue. It will verify your data and analyze your limit. After that you have to enter your Aadhar Card details. One OTP will send to your registered mobile number to complete your KYC. Click on agree and continue. Then enter the OTP and click on continue. Now your limit will show and also the billing cycle. After that click on agree then click on continue. These details check the parameters whether you are eligible for Amazon pay later or not. If you are not eligible then it will show you instantly that you are not eligible. If you are eligible then after 4to5 hrs. you will be provided by one credit limit by Amazon pay later. Your account now activated but not done. You have to link your bank account or debit card with Amazon pay later, otherwise you are not allowed to proceed.
Next you can see one option ‘Auto repayment’. Amazon will make you forcefully agree to this option other wise your account will not active. This auto repayment is basically if you are not pay before due date then amazon will automatically deduct the money from your bank account. Here you have to choose your bank . After that select debit or net banking ,then click on proceed. Then enter your account number, verify that and you can see your name then click on continue. Now you can see the summary that you are going to submit your auto repayment service. Also you can see debit maximum limit and it is enable for 10 years. After that click on proceed. You can see e-mandate . Then you can see your debit details. Click on terms and conditions and click on submit and enter the OTP. After that a new page will open where you can see your successful e-mandate message. Click on proceed . It will take to your Amazon main application and see auto repayment successful message. Now you can start your shopping.
What is billing cycle
Amazon pay later giving some credit limit for their eligible consumer for shopping on Amazon. Amazon giving you up to rupees 60,000 credit limit to its costumer and that credit limit differs in every costumer depending upon their financial history. You have to return that money in next month. If you use the credit between 16 January to 15 February, then your bill will generate on 16 February and you have to pay up to 5 March. So almost 45-50 days you have to pay your dues. EMI facility also available in your Amazon pay later. You can utilize this service on minimum transaction of over 3000 value. Some product you can also see the no cost EMI. You can utilize that. Due to your link of bank account there is less chances to skip your due date. But in some cases like if you don’t have money in your linked bank account then you have to pay some penalty after due date. You can see the penalty charges chat there. If your payment is between 200-1000 rupees then you have to pay 100 rupees penalty along with 18% GST.
Where you can use this Amazon pay later
You can use this credit in bill payment, recharge or shop any product from Amazon. If you want to pay electricity bill then your bill should be less than 10000 and also below 5 transection is needed. Also their is some limitations that you can’t buy jewelry, gift card. You can not add balance. Products from Amazon global store you can not buy with this Amazon pay later.
Pros and cons of Amazon pay later
Pros.
- You can have the instant credit facility.
- Minimal documents required.
- You can rarely miss due date due to auto repayment.
- You can found EMI facility / no cost EMI in some products.
Cons
- You can have less credit limits in comparison to other credit cards.
- High interest rate upto 24% per annum.
- Not available everywhere.
- Forced auto repayment option to activate your account
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