Bust your borrowing myths

What’s your borrowing myth?

Pick the Money Mindset that sounds like you and we'll give you the real tea and some great tips to help you borrow better.

Your myth: “Buy Now Pay Later isn’t real debt.”

Fact: It is. Every repayment counts as debt, and late payments can show up on your credit record.
Tip: Stick to one BNPL at a time.

Fact: Multiple small repayments add up quickly. Clear one before starting another, or you’ll end up chasing due dates all month.
Tip: Set alerts or repayment reminders for the day before each due date.

Fact: Repayment dates creep up, especially if you’re juggling work, study, or social plans. Missed payments = fees and extra stress.
Tip: Check your balance before purchasing anything.

Your myth: “Debit cards and credit cards are the same thing.”

Fact: They’re not. A debit card uses your own money from your bank account. A credit card lets you borrow money and pay it back later.
Tip: Use your credit card wisely, and make sure you have a plan for paying it off.

Fact: If you don’t repay your credit card balance in full by the due date, you could get hit with extra costs like interest and fees.
Tip: Pay the total balance on time to avoid extra costs.

Fact: Not all credit cards are the same. They offer different rewards, rates and benefits.
Tip: Check out the different credit cards we offer and what’s best for you.

Your myth: “Credit cards are only for emergencies.”

Fact: Used wisely, they’re actually a powerful tool. Paying them off in full each month builds your credit score.
Tip: Consider starting with a low-limit, fee-free credit card and clearing it monthly.

Fact: Sometimes multiple bills hit at once – and even neat budgets can wobble. Without buffers or automatic payments, late fees can sneak in.
Tip: Set up automatic payments for recurring bills.

Fact: Even one missed repayment can lead to fees, charges, or a hit on your credit score.
Tip: Keep a rainy-day fund so you’re prepared for any surprises.