Buy Now, Pay Later with FlexPay!
BluPeak’s FlexPay is an alternative to traditional “Buy Now, Pay Later” loans offered by companies like Klarna, AfterPay, and Affirm, allowing our members to break up large purchases into smaller installment payments. What makes FlexPay different, however, is that compared to the Buy Now, Pay Later options offered at for-profit financial institutions, FlexPay offers more forgiving grace periods for late payments, lower maximum interest/fees, and allows for greater flexibility in what you can finance.
Below, we’ll break down what FlexPay is, how it works, and when it might make sense for you.
What Is FlexPay?
FlexPay is a feature within BluPeak’s digital banking app that allows you to split eligible purchases made with a BluPeak debit card into smaller, more manageable payments over time, rather than paying the full amount upfront. What’s great about FlexPay is that you’re not limited by whether or not the merchant you’re purchasing from offers financing. This means that with FlexPay, you can finance purchases that normally wouldn’t have an option at checkout to use services like Klarna, AfterPay, and Affirm.
By using BluPeak’s FlexPay feature, your payments stay within a trusted, member-owned financial institution that puts people and purpose before profit. No credit checks, no predatory terms.
How Does FlexPay Work?
- Make an eligible purchase using your BluPeak debit card
- Check “FlexPay” in the BluPeak app
- View available FlexPay offers on eligible purchases
- Decide which purchases you would like to divide over time
- Select the installment plan that works for you
- Pay over time with clear terms and predictable payments
You’ll see your purchase amount deposited back into your account within 24 hours or less. Everything is transparent — no hidden surprises or fees, and no confusing fine print.
Why BluPeak Members Choose FlexPay
BluPeak Members use FlexPay for more flexibility. Members often use it for:
- Covering unexpected expenses
- Managing seasonal or higher-cost purchases
- Avoiding high-interest alternatives
FlexPay vs. Traditional Credit Options
Here’s how FlexPay compares to common alternatives:
FlexPay
- Simple, structured payments
- Transparent terms
- Greater flexibility
- Offered by a member-owned credit union that supports clean water access
Credit Cards or Other Buy Now Pay Later Loans
- Higher interest or fees
- Other “Buy Now, Pay Later” providers charge as much as 36% in Annual Percentage Rate (APR).
- BluPeak’s FlexPay late fee is capped at the greater of 5% of late payment due (including any past due amounts), or $5. Other providers charge as much as 25% of order value.
- Can run credit checks, potentially preventing you from being able to finance your purchase
- Designed to maximize profit, not consumer well-being
FlexPay gives you breathing room and peace of mind when financing. We get that things happen, and we offer our members the best terms possible to ensure that they’re protected.
Is FlexPay Right for You?
FlexPay may be a good fit if you:
- Want flexibility without overextending your budget
- Prefer clear, predictable payment schedules
- Value working with a credit union that prioritizes community impact
If you’re unsure, a BluPeak team member can help you evaluate whether FlexPay aligns with your specific needs!
Flexibility with Purpose
At BluPeak Credit Union, we believe that financial tools should empower — not overwhelm or confuse. FlexPay is just one way we help members navigate life’s expenses while staying focused on long-term stability and positive impact.
Already a BluPeak Member?
Visit https://www.blupeak.com/flexpay/ or explore your options through the BluPeak digital banking app today!
Frequently Asked Questions (FAQs):
What is FlexPay?
FlexPay allows BluPeak debit card holders to turn purchases into monthly installment plans. Eligible members can view and accept FlexPay offers through Online Banking.
What can I use FlexPay for?
FlexPay can be used for both online and in-store purchases, including clothes, school supplies, travel, and technology upgrades. It can also cover unexpected expenses like medical and veterinary bills.
What can’t I use FlexPay for?
FlexPay cannot be used for loan payments (mortgages, auto loans, etc) or cash transactions such as ATM withdrawals.
When will FlexPay offers display if I’m a new Member?
Members must be with BluPeak for at least 90 days to qualify for FlexPay offers.
How do I get started?
No application or credit check is required. When eligible, a FlexPay offer will appear in Online Banking after a qualified debit card purchase.
Where are FlexPay offers found?
Offers are displayed in under “Additional Services” within Online Banking and “More” within Mobile Banking.
How do I know if my purchase qualifies?
If a purchase qualifies, the offer will appear in Online Banking. If not, it may be due to the transaction amount, merchant type, or due to frequent overdrafts.
How long are offers available?
FlexPay offers are valid for 60 days from the transaction date. If it has not been 60 days since your debit card purchase posted, then the offer was removed for another reason. This can happen for several reasons, most commonly:
- You accepted a different offer and do not qualify for both
- Your account activity changed, and you no longer qualify for new FlexPay plans
How many plans can I have?
You can have up to 5 active FlexPay plans at once.
What are the minimum and maximum qualifying purchase amounts?
The minimum purchase amount is $150. You can borrow up to $1,800. Purchases over $1,800 will not qualify for FlexPay.
What if I am overdrawn?
Members with more than 3 NSF (non-sufficient funds) statuses in the last 60 days are not eligible for FlexPay.
What are the repayment options?
FlexPay offers 3-month, 6-month, and 9-month plans. Options vary based on eligibility.
Is there a late fee if you do not pay the plan on time?
Yes. You have a 10-day grace period after the payment due date where no late fee is charged. After the grace period expires, a $5.00 late fee will be charged.
Can I change my plan or due date?
No. Once set, installment plans and due dates cannot be changed.
What happens if I return items?
The return policy of the store applies. The FlexPay plan is unchanged, but can be paid off early.
What is the impact of FlexPay on credit score?
FlexPay doesn’t impact credit scores. It isn’t reported to credit bureaus unless it becomes delinquent and goes to collections.
What happens after accepting an offer?
The installment loan is booked, and funds are deposited into your checking account within 24 hours. The first payment is due 30 days after booking. You will also receive an email confirming your plan and can view plan details in Online Banking.
Can I cancel plans, or switch payment methods?
You can switch between automatic and manual payments. Plans cannot be canceled, but can be paid off early.
How do members view active and paid off plans?
All active and paid-off plans are visible in Online Banking.
