Paying off credit card debt can be difficult, especially if you have high interest rates and large monthly payments. This is where services like Quadpay come in. Quadpay allows you to split purchases into 4 interest-free payments over 6 weeks. But can you also use Quadpay to pay down existing credit card balances? Let’s take a closer look.
What is Quadpay and How Does it Work?
Quadpay is a buy now, pay later service that lets you split purchases into 4 equal installments over 6 weeks When you make a purchase through Quadpay, either online or in-store, you pay 25% upfront and the remaining balance is split into 3 payments due every 2 weeks
Quadpay doesn’t charge any interest, but they do charge a $1 convenience fee per installment. As long as you make your payments on time, there are no additional fees. Late fees can range from $5-$10 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 either online or in the Quadpay app. Quadpay will do a soft credit check to determine your eligibility, but this won’t affect your credit score.
Can I Use Quadpay to Pay Down Credit Card Balances?
Technically, yes you can use Quadpay to help pay off existing credit card balances. However, it doesn’t work exactly like you might think.
With Quadpay, you can only use it to split a single purchase into installments. You can’t transfer an existing balance from a credit card over to Quadpay.
But what you can do is use Quadpay for new purchases, and then use the money you would have spent on those purchases to pay down your credit card instead
Here’s an example
- Let’s say you have $1000 in credit card debt with a 20% APR.
- You need to buy a new laptop for $500.
- Instead of putting the $500 laptop on your credit card and adding to your debt, you use Quadpay.
- You pay $125 upfront to Quadpay (25% of $500).
- Then you take the $375 you would have spent on the laptop and make an extra payment towards your credit card balance.
By using Quadpay for new purchases, you free up cash that can then be put towards higher interest debt like credit cards. This helps you avoid further high-interest charges while still getting the items you need.
The one catch is that you need to have the cash available to make the initial 25% Quadpay payment. But if you do, Quadpay can be an effective way to reduce credit card balances over time.
Tips for Using Quadpay to Pay Down Credit Card Debt
If you want to utilize Quadpay to help tackle credit card balances, keep these tips in mind:
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Stick to a budget: Only use Quadpay for purchases you have budgeted for. Don’t overspend just because you can split payments.
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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’ll free up to put towards credit cards.
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Make payments on time: Late fees will negate any interest savings, so be sure to have funds available for each installment. Set payment reminders if needed.
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Track your progress: Monitor how much extra you’re able to pay towards credit cards thanks to Quadpay purchases. This can help motivate you to keep going.
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Pay down highest interest debt first: Be strategic with your extra payments. Put them towards credit cards with the highest rates first.
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Use it selectively: Only use Quadpay occasionally for bigger purchases. Don’t use it routinely for small items. The fees can add up.
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Have a credit card payoff plan: Make sure you have a set plan for paying off your credit card balances, and incorporate Quadpay as one potential tool in that plan.
Pros and Cons of Using Quadpay for Credit Card Bills
Before deciding if Quadpay is right for you, weigh the key pros and cons:
Pros
- 0% interest installments
- Free up cash flow to pay down debt
- Fast and easy sign up
- No hard credit check
Cons
- $1 fee per installment
- Late fees if you miss payments
- Can only be used for new purchases
- Doesn’t directly transfer balances
Overall, Quadpay can provide an affordable way to break up payments on new purchases, while simultaneously helping you chip away at existing credit card debt. Just be sure to use it selectively and budget responsibly.
Alternatives to Quadpay
If Quadpay doesn’t seem like the right fit, here are a few other services that let you split up payments over time:
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Affirm: Offers 3, 6 or 12 month installment plans. No late fees.
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Afterpay: Split purchases into 4 payments every 2 weeks. $10 max late fee.
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Klarna: Flexible payment plans and financing options. Late fees vary.
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PayPal Pay in 4: Pay for purchases in 4 interest-free payments every 2 weeks.
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Sezzle: Break purchases into 4 interest-free installments paid every 2 weeks.
Each “buy now, pay later” service has its own policies and fees, so be sure to compare your options side-by-side. Consider which one best aligns with your budget and debt payoff timeline.
The Bottom Line
At the end of the day, Quadpay can be a strategic tool to reduce credit card debt over time. By splitting payments on new purchases interest-free with Quadpay, you can reallocate money towards higher interest balances month after month. Just be cautious with your spending, make payments on time, and have a plan for paying down balances. Quadpay alone won’t solve all your credit card woes – but when used properly, it can help make a dent.
How Zip will resolve disputes
6.1. DISPUTES WITH ZIP. If a dispute arises between you and Zip, our goal is to provide you with a neutral and cost-effective means of resolving the dispute quickly. In the event of a dispute, we encourage you first to contact Zip at [email protected] to try resolving your problem directly with us.
RESOLVING A DISPUTE WITH ARBITRATION PLEASE READ THIS SECTION CAREFULLY. IF YOU DO NOT REJECT IT, THIS SECTION WILL APPLY TO YOUR ACCOUNT, AND MOST DISPUTES BETWEEN YOU AND US WILL BE SUBJECT TO INDIVIDUAL ARBITRATION. THIS MEANS THAT: (1) NEITHER A COURT NOR A JURY WILL RESOLVE ANY SUCH DISPUTE; (2) YOU WILL NOT BE ABLE TO PARTICIPATE IN A CLASS ACTION OR SIMILAR PROCEEDING; (3) LESS INFORMATION WILL BE AVAILABLE; AND (4) APPEAL RIGHTS WILL BE LIMITED. What claims are subject to arbitration: 1. If either you or we elect to use arbitration and make a demand for arbitration, then you and we must arbitrate any dispute or claim between you or any other user of your account, and us, our affiliates, agents, and/or dealers/Merchants/Retailers that accept payment using any Service or the virtual card, except as noted below. 2. We will not require you to arbitrate: (1) any individual case in small claims court or your states equivalent court, so long as it remains an individual case in that court; or (2) a case we file to collect the money you owe us. However, if you respond to the collection lawsuit by claiming any wrongdoing for which a small claims court or your states equivalent court would not have jurisdiction, we may require the arbitration of both your claim and ours. 3. Notwithstanding any other language in this section, only a court, not an arbitrator, will decide disputes about the validity, enforceability, coverage, or scope of this section or any part thereof (including, without limitation, the next paragraph of this section and/or this sentence). However, any dispute or argument that concerns the validity or enforceability of the Agreement as a whole is for the arbitrator, not a court, to decide.
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6.3. HOW TO START AN ARBITRATION, AND THE ARBITRATION PROCESS. The party who wants to arbitrate must notify the other party in writing. This notice can be given after the beginning of a lawsuit or in papers filed in the lawsuit. Otherwise, your notice must be sent to Zip, Inc., Legal Operation, 228 Park Ave S, PMB 59872, New York, New York 10003-1502, ATTN: ARBITRATION DEMAND. The party seeking arbitration must select an arbitration administrator, which can be either the American Arbitration Association (AAA), 120 Broadway, Floor 21, New York, NY 10271, www.adr.org, 1-800778-7879, or JAMS, 620 Eighth Avenue, 34th Floor, New York, NY 10018, www.jamsadr.com, 1-800-352-5267. If neither administrator is able or willing to handle the dispute, then the court will appoint an arbitrator. If a party files a lawsuit in court asserting claim(s) that are subject to arbitration and the other party files a motion with the court to compel arbitration, which is granted, it will be the responsibility of the party asserting the claim(s) to commence the arbitration proceeding. The arbitration administrator will appoint the arbitrator and will tell the parties what to do next. The arbitrator must be a lawyer with at least ten years of legal experience. Once appointed, the arbitrator must apply the same law and legal principles, consistent with the FAA, that would apply in a court, but may use different procedural rules. If the administrators rules conflict with this Agreement, this Agreement will control. The arbitration will take place by phone, video conference, or at a reasonably convenient location. If you ask us to, we will pay all the fees the administrator or arbitrator charges. We will always pay your costs, to the extent you prevail on claims you assert against us in an arbitration proceeding.
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The laws of the State of New York (without regard to conflicts of laws principles) govern your access to, and use of, the Services and the terms of this Agreement.
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7.9. COVERED BORROWERS UNDER THE MILITARY LENDING ACT. If you are a “covered borrower” as defined under 32 C.F.R. § 232.3(g) and you have received “consumer credit” as defined under 32 C.F.R. § 232.3(f) in connection with your account, then the following applies:
Important Disclosure: Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). To obtain an oral statement regarding the Military Annual Percentage Rate and a description of the payment obligation, Military Lending Act covered borrowers may call: 1-888-215-2785. Note that this line is pre-recorded and does not accept voicemail.
Compliance with the Military Lending Act: Notwithstanding any other provision of this Agreement, if you are a “covered borrower”, then nothing in this Agreement shall be construed as applying to you to the extent inconsistent with the Military Lending Act, including without limitation any finance charges, fees, or limitations on your rights that would not be consistent with the Military Lending Act. Without limiting the foregoing, as applied to a covered borrower: (1) any charges or fees in excess of the permitted limit shall be reduced by the amount necessary to satisfy that limit and any amounts collected in excess of the permitted limit shall be refunded by crediting the covered borrowers account or by making a direct payment to the covered borrower; (2) the arbitration terms in sections 6.1-6.6 shall not apply; and (3) all waivers of legal recourse in this Agreement shall not apply.
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- global, national or regional economic, regulatory or political conditions (or changes in such conditions), or conditions in the economy generally;
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Paying A Credit Card Bill (I Wish I Knew THIS)
FAQ
Can you use Zip to pay off a credit card?
Can you use Quadpay for bills?
Can I pay credit card bill with Zip Pay later?
Can you use Zip Pay to pay bills?
How do I pay with quadpay?
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. Hit ‘continue’, and the app will display the installment amounts and due dates.
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.
Can I make a purchase through the quadpay app?
If you are shopping in a brick-and-mortar store that accepts QuadPay, you can still make the purchase through the app. To make a purchase through the app, you select a retailer where QuadPay is accepted, enter the amount of the item plus taxes and shipping, and then the app will display estimated payment installment amounts and due dates.
Can quadpay help build credit?
QuadPay may report your account activity to the credit bureaus, which can help you build credit if you maintain a history of on-time payments. By using a rewards credit card to make payments, you can still earn cash back or points for your purchases.