Article 2023 update: As of May 2023 Bundll is no longer offering their service. Let's have a quick look at why Bundll is closing down.
Why is Bundll closing down?
Many Buy Now Pay Later companies have been forced to close down for a number of reasons, including irresponsible lending practises, over-lending and increased regulation.
What happened to Bundll?
Bundll officially stated that they are focusing on their other offerings - Humm and Q Mastercard. Humm however, has also stopped trading as of June 2023.
About Bundll
Bundll is yet another Buy Now Pay Later service that offers small amounts of credit and supposedly minimal fees. These services have risen in popularity as millennials turn away from high interest credit cards. So how does Bundll measure up against other Buy Now Pay Later services? We had a brief look in our comparison article, but lets take a closer look.
Overview
What is Bundll?
Bundll is an app based digital wallet. You use Bundll the same way you would use Google pay, meaning you get a virtual card on your phone to use like a credit or debit card. You then get two weeks to repay before you get any fees. This makes Bundll more suited to small purchases rather than breaking large purchases into instalments like you would with Afterpay.
Who owns Bundll?
Bundll is owned by Flexigroup. They are the same company that owns Humm, formerly Certegy Easypay. They offer a range of credit services, including a Buy Now Pay later service for business called Humm Pro. This is an interesting way to distinguish themselves in what is becoming a very saturated market. They currently have branches in Australia, New Zealand and Ireland.
How does Bundll work?
Bundll isn't just a catchy name. When you make a purchase, you create a "Bundle" which you then have 2 weeks to pay off. Before you make your purchase you nominate a day of the week as your "repay day". You would probably be wise to make this the day you get paid, or close to. You can use the Bundll app to make purchases, then on your nominated day, it gets Bundled together and you have two weeks to pay it off.
Is Bundll like Afterpay?
Not at all. Afterpay allows you to separate individual purchases into 4 installments. This is ideal for large purchases that you want to pay off, but can be confusing if you are making multiple purchases. Bundll however allows you to make as many purchases as you want, then pay it off two weeks later. So how is this useful?
Bundll is most useful if you run out of money before payday and need to make your everyday transactions. The shorter repayment period means it doesn't really work for larger purchases, unless you are waiting on a lump sum payment.
What is the Bundll credit limit?
The limit for Bundll is $1000. You can have several bundles that you are paying off at once, but the total must be under $1000. The credit limit for Superbundll is $3000, so you can have a combined limit of $4000. However, keep in mind that Superbundll is not interest free, so getting in that much debt without a way to pay it off is not a good idea.
You can also request to have a lower credit limit if you want to get on top of your spending. The minimum credit limit for Bundll is $180.
How to increase Bundll limit
The standard credit limit for Bundll is $1000. To increase this, you have to upgrade to Superbundll. This will cost 5% of every Bundll that you add to your Superbundll. Let's say you currrently have 2 x $250 Bundles that you are paying off, and you need a bit of extra time. You would then upgrade to Superbundll and get 12 weeks to pay them off instead of 2. You do however pay for the privilege. 5% of that $500 you just oved to Superbundll will cost you $25.
What stores accept Bundll?
The benefit of using a virtual card as a payment method, rather than using the app to pay is that Bundll can be used anywhere that accepts Mastercard. So, that's the answer. Any store that accepts Mastercard will take Bundll.
Can you use Bundll anywhere?
This is one of the best benefits of Bundll. Similar to Zip Pay, Bundll uses a virtual card within the app, meaning you can use it anywhere that accepts Mastercard. Thsi makes it useful for small everyday purchases. While it might be a nice feeling not to worry where you can can spend your money, don't forget that you are not actually spending your money, and you will have to pay it back!
Bundll fees
Bundll has no account keeping or monthly fees if you pay on time. They make their money from bank card fees. There are some fees associated with paying late however.
Late Fee: $10
Snooze Fee: $2.50
Does Bundll charge interest?
Essentially no. The appeal of Buy Now Pay Later services is that they eschew the high interest rates that credit cards charge. However, there are some fees associated with late payment, and they can stack up if you are not careful.
Bundll also offers a service called Superbundll, which we will discuss in more detail later. Essentially, Superbundll gives you more time to pay off a larger balance if you are falling behind. You then pay 5% of the balance of the Superbundll. So if you need to pay off $1000, you will pay a flat fee of $50. Although this isn't techincally interest as it is a one off payment, it is equivalent to roughly 20% interest if paid off in the 12 week period.
What is Bundll Snooze?
Bundll snooze allows you to defer your payment for a $2.50 fee. You will still need to make a minimum payment of $20. So overall a snooze will cost you $22.50, $20 of which comes off your balance. You can also earn free snoozes from referring a friend, but you will still need to make the $20 minimum repayment.
So how many times can you use this handy feature? There is no clear answer as to how many ties you can snooze. Their official website just says "as many times as the app will allow"
What is SuperBundll?
We mentioned Superbundll earlier in this article. Let's take a closer look now.
When you are using Bundll, you make a series of purchases and create "bundles" at the end of the week. These bundles are considered closed, and you must repay them within two weeks. If you want longer to pay them off, you can add them to Superbundll.
Using Superbundll you can access $3000 extra credit, including the $1000 that Bundll allows. Using Superbundll allows you to pay off each bundll over 6 fortnightly repayments rather than the 2 weeks you initially get. You can also snooze repayments, giving you even longer to pay off.
So how does this benefit you as a consumer? It doesn't really. It just encourages you to get further in debt and live beyond your means. The way Bundll works is both a positive and a negative. Bundll makes it easy to use for small, everyday expenses. This is fine as long as you pay them off in two weeks. But using Superbundll means you are paying off everyday expenses weeks later, while continuing to accumulate more debt. Whilst the fees are low, at 5% of the total and just $2.50 - $5 to snooze, it can add strain to your finances if you are paying off a coffee you had over 12 weeks later.
When Is SuperBundll available?
It is hard to find the eligibility criteria for Superbundll. Unlike Afterpay, which allow you to access more credit when you prove yourself to be a good payer, it is unclear when Superbundll becomes available to users. I do know that Superbundll requires a credit check.
Does Bundll credit check?
Yes and no. To set up an account you simply have to link a "funding source" in the form of a debit or credit card. They claim to only conduct a credit check when applying for Superbundll. There have however been some reports from customers who have had a credit check conducted on sign up.
Does Bundll build credit?
As with other Buy Now Pay Later services, using Bundll will not build your credit rating, even if you are making consistent payments.
Is Bundll safe?
As with other Buy Now Pay Later services, Bundll offers an extra layer of security when paying online. This is because you are paying using a virtual card rather than putting your own card details directly into a website.
How does Bundll make money?
Bundll promises low fees, and if you use their platform correctly and wisely, you are essentially accessing free credit. So how are they making their money? While they do charge late fees, snooze fees and 5% on Superbundlls, the majority of their money is made from interchange fees. These are fees that banks charge each other for card-based transactions. This is in contrast to Afterpay, which makes most of it's money from merchant fees, meaning they charge retailers when you use their service.
Is Bundll worth it?
This is the million dollar question. It depends what you are using it for. If you find yourself short before payday, Bundll can be useful to get you by. You can pay off anything you have charged to Bundll once you get your pay. However, if you often find yourself short before payday, you might need a budget. Have a look at this handy article about budgeting.
Bundll vs Afterpay
So how does Bundll stack up against Afterpay? In terms of making small purchases, Bundll wins. For big purchases, Afterpay is the winner. Their payment structures are similar, especially if you are using Superbundll.
In terms of budgeting, Afterpay is the better tool. Breaking up large purchases into smaller repayments is not a bad idea. Bundll encourages using credit for everyday expenses, which I don't think is a good idea.
The Bottom Line
I feel like a broken record at this point, but the bottom line is you shouldn't normalise your debt. The key to a happy financial future is learning how to manage your money without using credit regularly. Accessing credit should be used for things that will help you build a better future, like a new car or buying a house. If you would like to take the first step towards a better financial future, the first step is learning how to save money.
Happy Budgeting.