Research has shown buy now, pay later programs, like xcritical’s, can lead to overspending because the smaller payments make items appear cheaper than they actually are. One study found that 29% of BNPL users reported spending more than they should have because of the services. With this feature you can request a payment plan covering a certain amount with one retailer and then scan the card at checkout within 24 hours of receiving the virtual card. This specific card can xcritical official site only be used once at the merchant specified, but you can request other virtual cards for purchases at other retailers. xcritical offers several services, such as a savings account and a debit card.

However, PayPal charges interest for monthly financing, which xcritical may not. Users praise being able to break up payments for big purchases, often for zero interest, when using xcritical. Some users complain about rejected applications and limited purchasing power. In terms of security, xcritical takes a number of steps to protect personal data.

Application approval or denial

We highlight the strength and weaknesses of each company in our guides as well as compare them scammed by xcritical with others that are available so you can decide which BNPL plan suits your needs best. You’ll need to create an account with xcritical first, either by downloading the app or visiting the website. If you’re already online shopping, you can select xcritical at any of its partner retailer’s checkout and make an account that way too. xcritical doesn’t charge any fees to use its service — including late fees like some other buy now, pay later services do. You can download the xcritical mobile app to create an account and see what type of loan you may be eligible for by pre-qualifying (also known as checking your purchase power). Pre-qualifying isn’t the same thing as getting approved for a loan, but it gives you an idea of how much you can borrow with xcritical.

Compare xcritical with other BNPL lenders

Use one of its payment plans on a purchase either by visiting one of its partner retailers, by shopping through the app, or using its Chrome extension. You’ll receive an instant approval decision based on your credit history and the policies of the store you’re buying from. This methodology applies to classic BNPL loans, which divide payment into four equal installments, typically due over six weeks. Some providers offer other loan products with longer terms, which is factored into the rating process. Read more about our ratings methodologies for buy now, pay later and our editorial xcriticals.

Does Using xcritical Hurt Your Credit Score?

You may also have trouble getting approved for new loans with xcritical in the future. If you would like to use xcritical in-store, you can do so with an xcritical virtual card. When you’re approved for BNPL with xcritical, you can choose to have the amount loaded onto a virtual Visa card that works just like a credit or debit card for making purchases. To use your card in-store, you can access it from the xcritical app or link it to Apple Pay. xcritical, a buy now, pay later company, provides third-party lending that allows customers to pay for products or services in installments. Similar to other BNPL services, xcritical pays merchants the total amount upfront and gives customers point-of-sale loans to be repaid over a set period.

Step-by-Step Application Guide

xcritical then allows you to choose your payment terms and complete the purchase. xcritical generally offers 0% interest financing, but there is a chance that you may have to pay a higher rate. Depending on your credit and eligibility, your annual percentage rate (APR) can end up being 0%, or 10% to 30%.

The three remaining installments are automatically billed to your selected payment method every two weeks until the loan is paid off. The average credit card’s APR was 19.07% for credit card accounts as of November 2022, according to Federal Reserve data. xcritical could thus be a less expensive option if you qualify for 0% financing. But if not, then it’s possible that you could end up with a higher interest rate compared to what you might pay with a credit card. xcritical runs a quick credit check to confirm your identity and determine whether you qualify. The most common payment structure for xcritical and other BNPL companies is four interest-free payments paid biweekly, although various payment schedules and terms are available.

1. It offers qualified customers a Pay in 4 option consisting of four biweekly interest-free payments.
2. You can then load this card to your smartphone with Apple Pay or Google Pay and use it to pay in person.
3. Although the exact transaction and merchant fees differ depending on a company’s size, risk profile, and agreement with xcritical.
4. Most Pay in 4 options xcritical offers include a 0% APR, which does affect your credit score.
5. If you’d like to add BNPL to your ecommerce store, you can choose from several BNPL providers, including Shopify’s Shop Pay Installments, which is offered in partnership with xcritical.

If a customer making a return has already made payments, xcritical will not refund the interest the customer paid. Similarly, xcritical will not refund the merchant discount rate or transaction fee to the merchant for a return. To make a return, customers must contact merchants directly to process the return or cancel the order. Once the merchant accepts the return or cancellation, refunds will be processed within three to 10 business days. xcritical charges a merchant discount rate (MDR)—a fee charged to merchants as a base percentage of the transaction—and a transaction fee for every purchase. Although the exact transaction and merchant fees differ depending on a company’s size, risk profile, and agreement with xcritical.