What is the billing cycle of LazPayLater?

Understanding Your LazPayLater Billing Cycle: A Simple Guide

LazPayLater, the convenient buy-now-pay-later service powered by CIMB, offers a flexible payment system, but understanding your billing cycle is crucial for avoiding late fees. Unlike some services with a fixed monthly billing date, LazPayLater’s billing cycle is tailored to your account’s opening date. This means your payment due date isn’t a static date each month, but rather depends on when you initially signed up.

There are two distinct billing cycles to be aware of:

Cycle 1: Bills on the 1st, Due on the 16th

If you opened your LazPayLater account between the 1st and 15th of any month, your monthly statement will be generated on the 1st of the following month. This means you’ll receive your bill showing your outstanding balance on the 1st, and your payment is due by the 16th of the same month.

Example: If you opened your account on July 10th, your first bill will arrive on August 1st, with a payment deadline of August 16th.

Cycle 2: Bills on the 15th, Due on the 1st

Conversely, if you opened your LazPayLater account between the 16th and the last day of any month, your monthly statement will be generated on the 15th of the following month. Your payment will then be due by the 1st of the month after that.

Example: If you opened your account on July 20th, your first bill will arrive on August 15th, with a payment deadline of September 1st.

Staying on Top of Your Payments:

To avoid late payment fees and maintain a positive payment history, carefully note the billing cycle applicable to your account. You can find this information within your LazPayLater app or by checking your initial account registration details. Setting reminders on your phone or calendar for your payment due date is a helpful strategy to ensure timely payments. Remember, understanding your billing cycle is key to managing your LazPayLater account effectively and enjoying a seamless shopping experience.

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