Paying off credit card debt can feel like an uphill battle. High interest rates and large monthly payments make it difficult to make headway. This is where buy now, pay later services like Quadpay can help. Quadpay lets you split purchases into 4 interest-free installments over 6 weeks. But can you also use Quadpay to pay down existing credit card balances? Here’s what you need to know.
What is Quadpay and How Does It Work?
Quadpay, now rebranded as Zip, is a buy now, pay later app that allows you to split purchases into 4 equal payments over a 6 week period. When you shop online or in-store at a Quadpay partner retailer, you pay 25% of the total upfront. The remaining balance is then broken into 3 additional interest-free installments charged every 2 weeks.
There are no interest fees, but Quadpay does charge a small transaction fee of $1 per installment. As long as you make your payments on time, there are no extra charges. Late fees of $5-10 may apply if you miss a payment, depending on your state.
To use Quadpay, you simply sign up for an account, link a debit or credit card, and select Quadpay at checkout online or in the app. Quadpay runs a soft credit check that doesn’t impact your credit score to determine your eligibility.
Can Quadpay Be Used To Pay Down Credit Card Balances?
The short answer is yes, you can use Quadpay to help chip away at credit card balances. But it doesn’t work exactly as you may expect.
Quadpay is designed only for splitting up new purchases into installments You cannot transfer existing credit card debt directly over to Quadpay
However, you can leverage Quadpay on new purchases to free up cash flow that can then be put towards credit card payments. Here is an example:
- You have $1000 in credit card debt at a 20% interest rate.
- You need to buy a new $500 laptop.
- Instead of putting the laptop on your credit card, you use Quadpay.
- You pay Quadpay $125 upfront (25% of $500).
- You take the $375 you would’ve spent on the laptop and make an extra payment to your credit card.
By putting new purchases on Quadpay, you avoid more high-interest charges on your credit card. This extra cash can then aggressively pay down your current balance each month.
The key is having available cash on hand for that 25% Quadpay down payment. But if you do, this strategy enables you to pay off credit card debt faster.
Tips for Using Quadpay To Pay Credit Cards
If you want to leverage Quadpay to tackle credit card balances, keep these tips in mind:
-
Stick to a budget – Only use Quadpay for purchases already in your budget. Don’t overspend just because you can split payments.
-
Pay more than the minimum – Try to pay more than the 25% initial installment if possible. The more you can pay upfront, the more cash you free up.
-
Make payments on time – Late fees will negate any interest savings, so have funds ready for each payment. Set reminders if needed.
-
Track your progress – Monitor how much extra you’re able to pay towards credit cards thanks to Quadpay. Use this to stay motivated.
-
Pay down highest interest debt first – Be strategic with extra payments. Target credit cards charging the most interest.
-
Use selectively – Only use Quadpay occasionally for bigger purchases. Don’t use it routinely for small items. Fees can add up.
-
Have a payoff plan – Have a concrete plan for paying off credit card balances. Use Quadpay as one potential tool.
Pros and Cons of Using Quadpay for Credit Cards
Before deciding if Quadpay is right for your situation, consider the key pros and cons:
Pros
- 0% interest installments
- Frees up cash flow for debt payments
- Fast and easy sign up process
- No hard credit check
Cons
- $1 fee per installment
- Late fees if you miss payments
- Only for new purchases, not balance transfers
- Doesn’t directly lower balances
Overall, Quadpay can provide an affordable way to break up payments interest-free on new purchases, while simultaneously helping pay off costly credit card debt. Just be sure to budget carefully, make payments on time, and have a clear payoff strategy.
Alternatives to Quadpay
If Quadpay isn’t the right solution, here are some other services that enable splitting up payments over time:
-
Affirm – Offers 3, 6 or 12 month installment plans. No late fees.
-
Afterpay – Split purchases into 4 payments every 2 weeks. $10 max late fee.
-
Klarna – Various flexible payment plans and financing options. Late fees vary.
-
PayPal Pay in 4 – Pay for purchases in 4 interest-free payments every 2 weeks.
-
Sezzle – Break purchases into 4 interest-free installments paid every 2 weeks.
Compare each “buy now, pay later” service side-by-side, weighing the pros, cons, and fees of each. Pick the one that best fits your unique budget and debt repayment needs.
The Bottom Line
At the end of the day, Quadpay can be a useful tool to reduce high-interest credit card debt over time. By putting new purchases on Quadpay instead of credit cards, you can reallocate money towards rapidly paying down balances each month. Just be smart with your spending, make payments on schedule, and have a clear debt payoff game plan. Used strategically, Quadpay can help make serious dents in credit card debt.
Gift Note Edit
- ${ option.name } : ${ option.value }
- ${ name }: ${ value }
- Try Before You Buy
- ${ name }: ${ value }
- ${ name }: ${ value }
- ${ name }: ${ value }
- ${ option.name } : ${ option.value }
- ${ value }
- ${ name }: ${ value }
- ${ name }:
${ GWbtnTxt() } Vue component with slots and props Vue component with slots and props
Add offer code at checkout. Due to high volume, please anticipate additional time for shipping.
Before You Buy Vue component with slots and props
NOW IT’S EASY TO USE ZIP TO PAY FOR THIS!
FAQ
Can I use Zip to pay off a credit card?
Is there an app to pay bills in 4 installments?
Can I pay a bill with Afterpay?
Can you use Zip to pay a bill?
Does quadpay take credit cards?
QuadPay accepts only Visa or Mastercard for payments. QuadPay may report late payments or defaults to the credit bureaus, which can drag down your credit score. If you decide to take advantage of QuadPay’s interest-free installment plan, keep the following tips in mind.
How do I pay with quadpay?
Tap the store and shop online as you normally would within the app. Once you reach the payment screen, tap on the ‘Pay with Quadpay’ button to create a virtual credit card. The app will direct you to the next screen where you can type in the amount you need to cover the product, shipping, and taxes.
Can I link my quadpay account to a debit card?
When you set up your Quadpay account you can link it to any U.S. credit or debit card—no overseas or pre-paid debit cards.² After you make a purchase, the application sets up a four-installment auto payment plan which will run the linked card automatically.
How does quadpay work?
If you’re approved, you’ll fork over 25% of your order total at the time of purchase. The remaining 75% is divided into three equal installments and automatically billed to your linked credit or debit card every two weeks until you’re paid in full. While QuadPay charges no interest, customers do pay a $1 “convenience fee” per installment.
How do I use a quadpay card?
If you’re paying at the retailer itself, provide your QuadPay card info to the store employee for manual entry. Alternatively, if the business accepts Apple Pay, you can add the card to your Apple Wallet and hold your phone up to the contactless reader to complete your purchase.
What happens if I’m approved for quadpay?
If you’re approved, QuadPay will generate an installment schedule based on your order total, and you’ll link your credit or debit card to make your first payment: Your card information is saved for future installment payments, which QuadPay automatically deducts every two weeks on your scheduled due dates.