BluPeak Credit Union to offer FlexPay

Starting in November, BluPeak Credit Union will offer its members access to what it calls an alternative to Buy Now Pay Later (BNPL) plans.

How it Works

• Use your debit card to make purchases between $150-$1800
• Within 60 days, select a FlexPay in your online portal or mobile app (terms vary, but could be 3,6, 9, or 12 months)
• The purchase amount will be added back to your checking account within 24 hours

This sounds somewhat like a Buy Now Pay Later plan. But, unlike traditional BNPL plans, Flexpay payment plans won’t impact your credit score as the plans are only reported to credit bureaus if you become delinquent and the account is sent to collections. With traditional BNPL plans, each individual payment plan is reported to credit bureaus and can wreak havoc on your score and profile.

What’s even better about BluPeak’s new payment option is that FlexPay isn’t intended to be around for just the holiday shopping season!

But, for FlexPay truly be worthwhile, BluPeak would need to find a solution to the one downside of using (or trying) to use the service. Currently, a member would need to make a purchase to see if it qualifies for a FlexPay plan or see how much time would be allowed to pay off the plan. This information is crucial to planning purchases, let alone purchases made with cash.

What this ultimately means is that members should be prepared to pay outright for all of their debit card transactions. They shouldn’t rely on getting their purchase approved for a FlexPay plan and subsequently getting the purchase amount credited back to their account within 24 hours. 

BluPeak also notes that not all members or accounts will qualify for the service. Visit https://www.blupeak.com/flexpay for more info.