BNPL credit

credit in relation to which provision is made that:

(1) (a) no, or reduced, interest or charges are payable by the borrower in respect of an initial period of 56 days or more (“the promotional period”) if the borrower repays all or a specified part of the credit advanced on or before a certain date; and

(b) in the event that the borrower does not make payment in accordance with the provision in (a), interest or charges are payable, or are payable at a higher rate, in respect of all or part of the promotional period; or

(2) the borrower will be entitled to a refund or rebate in relation to all or part of the interest or charges payable by the borrower in respect of an initial period of 56 days or more if the borrower repays all or a specified part of the credit advanced on or before a certain date.