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Afterpay Ups Credit to $4K Amid New Rules

Afterpay Ups Credit to $4K Amid New Rules

Afterpay is increasing its credit limit from $3000 to $4000 for Australian customers meeting specific credit criteria. The decision aligns with the company's observation of a consumer trend away from traditional credit cards towards buy now, pay later (BNPL) services. Additionally, this move is strategic as it prepares Afterpay for impending regulatory changes that the federal government is considering. These regulations would mandate comprehensive credit checks for all new customers of BNPL services. Afterpay's head of policy, Michael Saadat, has noted that the company hasn't seen a significant rise in financial distress amongst users despite current economic pressures.

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