The general-purpose credit card. The General-Purpose Credit Card Was the Original Pay-Later ProductThe general purpose credit card was the first pay-later product, and for close to 70 years it has offered something no BNPL plan does. More than three in four super-prime users would pay interest for a longer, predictable term, against 50% of subprime users. Willingness to pay interest for a longer plan sits at 54% for purchases under $100 and 58% from $100 to $499. Which is why Buy Now, Pay Later was never just about credit.