Using buy now pay later for concert tickets
Quick insights
- Using buy now pay later (BNPL) can help you split the cost of concert tickets into more manageable payments.
- Some credit cards offer a BNPL feature, allowing you to pay for ticket purchases in fixed monthly installments while still earning rewards.
- You may want to familiarize yourself with the terms and potential fees before using a buy now, pay later payment plan.
Many concertgoers are finding that the cost of tickets to see their favorite artists can often reach hundreds of dollars. However, high ticket prices don't need to strike a sour note with your finances. Using BNPL for concert tickets and splitting up your purchase into manageable payments may help you attend an event without paying the full amount upfront.
Can I use buy now pay later for concert tickets?
You may be able to use BNPL for concert tickets through various third-party service providers at checkout or through built-in features offered by your credit card. BNPL is a type of short-term financing that allows you to buy something today and pay for it through a series of installments.
When you use a third-party BNPL service at checkout, the plan typically splits your total purchase into four equal payments due every two weeks. You usually make the first payment at the time of purchase, and the remaining three are automatically charged to your linked debit or credit card. In these cases, the provider may perform a soft credit check. A soft credit check is a type of look at your credit report that generally doesn't impact your credit score, though it may be listed on your credit report.
Alternatively, some credit card issuers offer built-in features, such as Chase Pay Over Time®, which allow you to move an existing purchase into a fixed payment plan. This can be a streamlined way to manage your budget directly within your credit card account after you've already scored your tickets.
What are some benefits of using buy now pay later for concert tickets?
One of the potential benefits of using BNPL for concert tickets is the ability to spread out the cost of high-priced seats. This can be especially helpful when tickets go on sale suddenly and you haven't had time to save up the full amount.
- Improved cash flow: Spreading payments over several weeks or months can help you keep more money in your checking account for other daily expenses.
- Fixed payment amounts: Most BNPL plans have a fixed repayment schedule, which can help you plan your spending.
- Safety protections: Using an eligible credit card's built-in pay later feature may allow you to still benefit from certain features offered by your card issuer.
Things you may want to watch for
While splitting up payments can be helpful, you may want to consider how this financing option works if your concert plans change. If you need a refund on BNPL concert tickets, you'll typically need to work with both the ticket seller and the BNPL provider.
Often, a refund is applied directly to your outstanding plan balance, which reduces your total debt. If you've already paid installments, the lender typically refunds that amount to your bank or card. However, you may need to continue making scheduled payments until the refund is officially confirmed to avoid any late fees.
It may also be helpful to keep an eye on your total spending, as it can be easier to overspend when you only see the smaller installment price instead of the full ticket cost.
Additionally, while many BNPL options don't require a hard credit check, missing payments could still potentially affect your credit. If you miss a payment, some providers might also charge a late fee.
Do I still earn credit card points if I use BNPL on concert tickets?
Whether you earn rewards depends on how you structure your payment plan. If you use a third-party BNPL app, you may only earn points on the individual installments as they're charged to your credit card. However, there are alternative ways to pay over time that might be more rewarding for a frequent concertgoer.
Features like Chase Pay Over Time allow you to split up eligible purchases into fixed monthly payments directly on your credit card statement. When you use this feature, you'll typically earn full rewards or points on the entire purchase amount right away.
Choosing a credit card's built-in feature over a third-party provider may also offer perks. For example, some cards may provide access to exclusive presales or priority entrances at certain venues. If you use a third-party BNPL service to fund the purchase, you might miss out on these exclusive fan benefits that are typically tied to using your card directly.
The bottom line
Using a payment plan for your next concert may help you manage your budget without missing out on your favorite artists. By comparing your options and choosing the right tool for your situation, you can focus on the performance rather than the total cost. Whether you're a fan who wants to get the best seats or just want to stay within your budget, these flexible payment tools may be able to help you enjoy the show on a manageable schedule.
