What is Deferred Billing?
If you do any shopping online, you will almost always see the option to enter a “promo code” at checkout and occasionally you might notice the option to enter an additional promotion code for “bill me later” or “deferred billing” though the store might not explain the difference between these payment options. In most cases, the deferred billing or “shop now pay later” option doesn’t require a credit check and is a great option if you need to buy something now but don’t have the money available to shop now.
Deferred billing stores let you order now and pay at a later date if you have access to the deferred billing promo code. Popular home shopping catalogs such as Spiegel, Chadwicks and Brylane Home, sometimes offer special financing to their best customers. Promotion codes that were traditionally printed in mail order catalogs are now, of course, shared online. Surprisingly though, finding current deferred billing codes online isn’t easy.
Occasionally, the online versions of shopping catalogs, will run deferred billing promotions and make them available to the public, which gives you the option to go shopping immediately and hold off on making any payments until a future date. Sometimes this concept gets confused with the traditional term “layaway” which popular stores like TJMaxx and the Burlington Coat Factory still offer. With lawaway you have to give the store a down payment and they hold your item until you’re finished paying it off. “Deferred Billing” promotions do not ask for a down payment. The store lets you shop online, checkout, receive your purchases now and pay for them later.
How Deferred Billing Works
The store will charge $1 to your credit card or bank card then bill you for the full amount of your purchase 3 months later. You don’t even have to pay interest on your purchase. Though many stores offering buy now pay later and deferred billing will ask you to enter a deferred billing code during checkout, some will offer the deferred billing option at checkout.
Other stores such as Swiss Colony and K Jordan offer what they call “choose-n-charge” which is a mix between deferred billing and a store credit card in the sense that you get credit to shop online instantly but you will have to make monthly payments and, like a credit card application, the store will conduct a credit check. But unlike typical credit cards, you don’t actually receive a credit card in the mail. To apply for this type of offer, you go shopping online and at checkout, select the offer for instant store credit.store credit
Why Choose the Deferred Billing Option? store credit card with deferred billing
The major benefit of deferred billing is that you can purchase needed items such as furniture, clothes or books without going over your current budget. If you have to buy an unexpected gift and can’t pay for it now but know you can afford the payment in a couple months, purchasing items from a deferred billing catalog can help you better manage your finances. The companies that offer deferred billing typically don’t charge you interest on your purchases. easy pay with deferred billing catalog no credit check store credit pay later store credit low