Should I close Pay Later Accounts?

[Ekavya]

I had three pay later accounts. Amazon, Flipkart, Paytm.

The Paytm pay later (Aditya Birla Finance) is closed right now.

Amazon Pay later lenders are: Karur Vasya and Axio/ Capital Float. (100k Limit)

Flipkart Pay later Lender : IDFC Bank (100k Limit)

I still haven't closed any of them as I thought they would be beneficial for me if I take something on EMI from Amazon/Flipkart. Though I have more than sufficient limit on my 6 existing credit cards.

So my question is should I close those Pay later accounts? If I don't close those is there any problem?

 

[helloworld]

Do you use actively or 1 or 2 times in a year or 1 or 2 times in 2 years?

max. limit on other 6 cards (combinedly) >4L?

 

[Ekavya]

Do you use actively or 1 or 2 times in a year or 1 or 2 times in 2 years?

max. limit on other 6 cards (combinedly) >4L?

1.5 years back ,Last time I used . Maximum limit 4.6L.

 

[helloworld]

1.5 years back ,Last time I used . Maximum limit 4.6L.

then keep whichever one you found useful and close other. have any other loan from anybank in CIBIL (personal, home, auto)? If not, keep atleast one which suitable to you, other close.

But effectively close slowly both by 2024 3rd Quarter if possible.

 

[Shoxie]

then keep whichever one you found useful and close other. have any other loan from anybank in CIBIL (personal, home, auto)? If not, keep atleast one which suitable to you, other close.

But effectively close slowly both by 2024 3rd Quarter if possible.

Why should it be closed? Just trying to understand the thought process

 

[helloworld]

Why should it be closed? Just trying to understand the thought process

loans always risky, especially apps like this sometimes by default select these paylater options which attracts charges, processing fee.

anycase, its for those who doesn't have credit history and has higher interest rate than normal personal loan.

moreover unlike personal loan, you don't think twice or handle much paper work before using this limit, which helps you loose money.

both are unsecured loans, but personal loans has less interest rate and limited times you'll utilize.

overall you pay more with these, at this time you will easily get personal loans and not required pay later options.

whats your dilemma or points to keep these accounts?

 

[Vasuki]

I had three pay later accounts. Amazon, Flipkart, Paytm.

The Paytm pay later (Aditya Birla Finance) is closed right now.

Amazon Pay later lenders are: Karur Vasya and Axio/ Capital Float. (100k Limit)

Flipkart Pay later Lender : IDFC Bank (100k Limit)

I still haven't closed any of them as I thought they would be beneficial for me if I take something on EMI from Amazon/Flipkart. Though I have more than sufficient limit on my 6 existing credit cards.

So my question is should I close those Pay later accounts? If I don't close those is there any problem?

Y e s

 

[Vasuki]

Why should it be closed? Just trying to understand the thought process

Bcz once u have cc
Why would you pay 24% on emi

Why would you shop with pay later instead of cc for reward

 

[Zacobite]

I had three pay later accounts. Amazon, Flipkart, Paytm.

The Paytm pay later (Aditya Birla Finance) is closed right now.

Amazon Pay later lenders are: Karur Vasya and Axio/ Capital Float. (100k Limit)

Flipkart Pay later Lender : IDFC Bank (100k Limit)

I still haven't closed any of them as I thought they would be beneficial for me if I take something on EMI from Amazon/Flipkart. Though I have more than sufficient limit on my 6 existing credit cards.

So my question is should I close those Pay later accounts? If I don't close those is there any problem?

no problem.. they are technically like credit cards.. if u don't need.. u cn close.. else let them be

 

[Shoxie]

Bcz once u have cc
Why would you pay 24% on emi

Why would you shop with pay later instead of cc for reward

Got that, I was more thinking along the lines of credit score. Pay later is one of the first accounts that I've opened. And only one of them is active. Was thinking if closing would have any impact at all on this.

 

[Vasuki]

Got that, I was more thinking along the lines of credit score. Pay later is one of the first accounts that I've opened. And only one of them is active. Was thinking if closing would have any impact at all on this.

No problem

My Flipkart pay later was ,3 yr old
I closed
No effect
Having them have effect bcz it shows as personal loan

 

[cardy]

Hey doc @DocFixIt I have been convinced by the community to close the pay laters and after closing Amazon pay later and Flipkart pay later(I had only two pay laters )my score dropped 7point

 

[Vasuki]

Hey doc @DocFixIt I have been convinced by the community to close the pay laters and after closing Amazon pay later and Flipkart pay later(I had only two pay laters )my score dropped 7point

If u are 750+ u need not to worry about anything..
Rn everyday 5-7 days my score goes up and down by few points remain between 765-775
Flipkart pay later did a fuggin mistake ( my closed pay later is showing active after 6 months )
So it's ok it will recover ..
Try closing Amazon pay later ( as 2-3 personal loan is reported ) Flipkart idfc is still fine as 1 is reported.

As you get more cards pay later makes no sense . Better buy with Bajaj finsev zero cost emi than 24% on idfc ( mind u they are charging heafty fees on emi & processing almost 30% it becomes)

 

[cardy]

If u are 750+ u need not to worry about anything..
Rn everyday 5-7 days my score goes up and down by few points remain between 765-775
Flipkart pay later did a fuggin mistake ( my closed pay later is showing active after 6 months )
So it's ok it will recover ..
Try closing Amazon pay later ( as 2-3 personal loan is reported ) Flipkart idfc is still fine as 1 is reported.

As you get more cards pay later makes no sense . Better buy with Bajaj finsev zero cost emi than 24% on idfc ( mind u they are charging heafty fees on emi & processing almost 30% it becomes)

And what is the funda between 777 and 764 my score don't go up 780 once go up and then down to 760. Before closing 771 after 764

Both are showing closed today
Apay had two account axio and kvb but both are not showing in cibil only axio in cibil and closed. But kvb is showing in Experian still active.

I just closed 5days so it should be cleared next month i guess

 

[Zacobite]

And what is the funda between 777 and 764 my score don't go up 780 once go up and then down to 760. Before closing 771 after 764

Both are showing closed today
Apay had two account axio and kvb but both are not showing in cibil only axio in cibil and closed. But kvb is showing in Experian still active.

I just closed 5days so it should be cleared next month i guess

will stabilize in 2 months.. be patient

 

[Vasuki]

And what is the funda between 777 and 764 my score don't go up 780 once go up and then down to 760. Before closing 771 after 764

Both are showing closed today
Apay had two account axio and kvb but both are not showing in cibil only axio in cibil and closed. But kvb is showing in Experian still active.

I just closed 5days so it should be cleared next month i guess

After 780 . If ur cibil age is 5+ year and
800 is like u need home loan + 5 year + cibil age

 

[yusuf646]

I had three pay later accounts. Amazon, Flipkart, Paytm.

The Paytm pay later (Aditya Birla Finance) is closed right now.

Amazon Pay later lenders are: Karur Vasya and Axio/ Capital Float. (100k Limit)

Flipkart Pay later Lender : IDFC Bank (100k Limit)

I still haven't closed any of them as I thought they would be beneficial for me if I take something on EMI from Amazon/Flipkart. Though I have more than sufficient limit on my 6 existing credit cards.

So my question is should I close those Pay later accounts? If I don't close those is there any problem?

If you are planning to buy anything on EMI in the future, you should not close your Flipkart Pay Later or Amazon Pay Later accounts. Nowadays, both offer No Cost EMIs, and it's always better to have an EMI running as a separate loan instead of using your credit card.

When you purchase an item with a Credit Card EMI, your entire limit will be utilized until you pay off the loan, increasing your utilization and making it harder to use the card for other expenses. This may also reduce your credit score due to high utilization.

However, if you're not an EMI person and don't like purchasing anything on EMI, then you should close both Pay Later accounts, or at least Amazon Pay Later because Amazon has multiple third-party lending partners, whereas Flipkart only has IDFC.

 

[Vasuki]

you are planning to buy anything on EMI in the future, you should not close your Flipkart Pay Later or Amazon Pay Later accounts. Nowadays, both offer No Cost EMIs, and it's always better to have an EMI running as a separate loan instead of using your credit card.

Idfc & no cost emi ..ufff
Their direct bank credit line for pre approved is at 24% .
Amazon - no experience

 

[yusuf646]

Idfc & no cost emi ..ufff
Their direct bank credit line for pre approved is at 24% .
Amazon - no experience

 

[Vasuki]

View attachment 48956

That is bcz u don't have Flipkart pay later .once u will take . It's all 24%
There is no 3 month option nor 18&24
Just
6,9,12 in 99% cases