Chanel Bag: Buy Now Pay Later? Can You Stagger The Payments?

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Chanel Bag: Buy Now Pay Later?

Before we get into this post, I want to say something really, really, really important! If you can’t afford something, please don’t buy it! Saving up for items feels great and spending money you have… doesn’t! So please, stop reading if you are spending money you don’t have. However, if you have the money but for cash flow reasons you would rather stagger the payments. Then this post is for you! My friends! Do you dream of a Chanel bag but you wish you could buy now and pay later with instalments? Then I’m going to tell you everything! We are also going to chat about the charges, fees and APR. Because I would never want you to pay a premium to buy your Chanel bag on a buy now pay later scheme and then get burnt with charges. That just doesn’t make good business sense! So without further a-do let’s get going!

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Why would you buy a Chanel Bag ‘buy now pay later’?

Let’s be honest here, a Chanel bag is a life long investment and hopefully in the long run you will end up with a bag you adore, which makes you feel great which costs less per wear compared to a topshop ‘just for now’ bag. Your dream Chanel bag should be an investment and actually stop you from buying a whole heap of lesser bags because you already have the bag you really want. Y’know? However, like paying rent which is as much (or more!) than a mortgage, sometimes you just need that initial outlay or to stagger the repayments. You have the cash, you just don’t have it all… right now? We are talking cash flow! Or maybe you do have the entire amount now but it would be more comfortable for you to stagger the cost. If you do buy a Chanel bag on buy now pay later, the first thing you need to consider is how much you will use the bag. Ask yourself ‘can I wear this bag every day?’, ‘Does it fit my lifestyle’ and even ‘is this the bag I’ve been dreaming of?’. If the answer is yes… then wooohoo! If the answer is no, then maybe it’s time to think about the bag you currently use the most, and try to find a Chanel bag which is a similar size and silhouette. For instance if you use a tote bag nearly every day, then you should think about buying a Chanel GST or the Chanel Deauville Bag. If you are into small crossbody bags then you should think about the Chanel mini classic flap bag or a Chanel WOC. Your bag needs to fit your life and needs, not the other way around!

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Can You Buy A Chanel Bag Buy Now Pay Later In A Chanel Boutique?

There’s a simple answer to this! No! I’m really sorry, you never know, but maybe one day! However there is another option and it’s pretty clever! Apply for a 0% balance transfer credit card. Have it set up and ready to go before you buy your bag (just in case you get rejected!) and then go buy your bag and transfer the price of the bag onto the 0% balance transfer card. Now here’s the VERY important part. You have 1 year (usually!) to pay the balance off and then the APR zooms up. So what you need to do is divide the cost of the bag by 12 (12 months in a year obvs) and then set up a standing order to pay off that portion of the bag every single month for the next 12 months. By the time the year is done the Chanel bag will be yours with 12 super manageable payments. However you NEED to make sure it’s a 0% balance transfer card as you don’t want to be paying interest and you need to know how long you get 0% for an ask if there is any further t&c’s you need to know about. You also need to be strict with yourself and NEVER spend on the card and you need to make sure you set up a standing order to pay off that months portion of the card every month. You need to do all these things and you need to be strict with yourself. Once the year is over, close the credit card account and enjoy your bag for years to come. Just as an example, if you were to buy yourself a Chanel Wallet on Chain bag this way, it would currently cost you £1,900 which would be a monthly interest free repayment of £158.33. If you can comfortably afford this every month, then it’s a great way to buy your bag! Amazing right? However you do need to take these repayments seriously and set up a standing order to pay it off every month!

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Vestiaire Collective Via Affirm

If you are buying your pre-loved Chanel via Vestiaire Collective you CAN pay for your order in three payments via Affirm, the only thing I MUST warn you about using Affirm is that you will pay between 10-30% APR. However, if you look at the website, you can see the monthly instalments and if you pay for your order over 3 monthly instalments the interest on a $775 order is $25, which isn’t actually too bad, because you are paying it off in 3 months, where as the interest over 12 months is more because it’s a longer period of time, around $50 by my very sketchy calculations! However, it is something to think about, especially if your dream bag comes online for an amazing price, it might be worth taking a small hit on the APR if you know it’s being sold at a really fair price which might end up being an investment a few years down the line. However, again, be SURE you can make the repayments. Also, as mentioned above, you could also apply for a 0% credit card and use that, paying off the bag in monthly instalments via standing order.

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The Real Real Via Affirm (and don’t forget to use the discount code!)

The Real Real also work with Affirm, however when you shop with Affirm via the Real Real, you can shop on 0-30% APR, so please do check The Real Real website for details. you might have to pre-qualify to get the amazing 0% APR but it’s great they have the option. Otherwise, it will be similar APR rates to Vestiaire Collective. Again, don’t buy if you can’t make the repayments and please be aware of the APR charges, and if you can, pay the balance off in the shortest amount of time possible as if you don’t quality for 0% APR, the interest charges will be lesser if you pay over a shorter amount of time. Also get 20% off your first order at The Real Real with the code REAL. That’s amazing right?! Also, as mentioned above, you could also apply for a 0% credit card and use that, paying off the bag in monthly instalments via standing order if you can’t use the affirm 0% APR.

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Chanel Beauty

This is just an FYI, but if you do want to buy now and pay later, or buy now and pay in instalments for your Chanel Beauty items, then you can do via Feelunique using Klarna. Klarna give you either 30 days of interest free and fee-free payments, or you can spread the cost of the items over 3 equal payments over 3 months. Also, when you shop with Feelunique have free shipping for orders over £20 and often have loads of great freebies at the checkout too. Just so ya know!

My Best Tips For Saving Money On Chanel Bags…

So there we have it, I hope this post is of help to anyone who might want to buy a Chanel Bag buy now pay later! And I do truly believe that staggering payments for luxury items is amazing for personal cash flow,  but also, you need to be responsible with your repayments and knowing that you can make those repayments every month. Remember if you end up being lumbered with late payment fees or years of APR charges, your bag, even if it’s pre-loved, can end up costing you a small fortune more than it should! however, if you are sensible and careful, you can buy your amazing luxury item quicker and way-less painfully! And remember if you do take advantage of a 0% APR credit card, make sure you set up a standing order to pay off one twelfth of the payment every month for the year and do check there are no hidden charges.

Go Shopping!

3 Comments

  1. February 9, 2020 / 1:10 pm

    You are right that one shouldn’t splurge on an item one cannot afford. Love the disclaimer. I love splitting my payments because I love to see my money in my account and see it go in small portions rather than in a large chunk. LOL! Affirm is really good and agree that a shorter payment plan is the best. Klarna is also good depending on what you can afford to pay bi-weekly for a charge split in 4.

    Love your blog. You give contents worth discussing. I was going to write about a similar post. You just inspired me to do so. Subscribing now!

    • fashionforlunch
      Author
      February 10, 2020 / 9:38 am

      Thanks so much Sade, I’m so glad it was of help and I would never want to encourage anyone to buy something they cant afford, but paying in chunks just makes sense for cash flow!

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