The ads make it look harmless. Four easy payments. Interest free. $30 off your first purchase with code ANTHO-FMTL7 when you spend $50 or more. What's not to love?
Plenty, according to critics. Afterpay (and BNPL in general) has been in the firing line for years over whether it pushes people - especially younger shoppers - into spending more than they can comfortably repay, normalising debt in small chunks, and creating a new category of financial stress that looks nothing like traditional credit card debt on the surface.
This is the uncomfortable conversation that doesn't usually come with the coupon.
The "It Feels Too Easy" Problem
The whole model is designed for frictionless spending. You see something you kind of want, the four-payment option pops up, the mental maths ("it's only $X a fortnight") kicks in, and the buy happens. Add a welcome code that knocks $30 off and it feels like you're actually being smart.
Critics argue this removes the natural "do I have the money right now?" checkpoint that cash or a debit card forces. Studies and surveys over the years have shown BNPL users often spend more overall than they would have without the option. The $30 off gets you over the line on that first cart. The habit can keep you coming back.
Afterpay has always said it's for people who can afford the purchases and simply want to manage cash flow. The data is messier. Some users treat it exactly like that. Others end up with multiple overlapping orders and a fortnightly payment schedule that starts to feel like another bill they didn't budget for.
Late Fees and the "Interest Free" Fine Print
The interest-free claim is technically true - if you pay on time. Miss a payment and the late fees start. For people living paycheque to paycheque or with irregular income, those fees can turn the "cheap" option into an expensive one surprisingly fast.
Regulators in Australia have brought BNPL under the National Consumer Credit Protection Act in recent years, ending some of the lighter-touch exemptions. The debate continues about whether more protections (or restrictions) are needed, how it interacts with credit reporting, and whether the marketing downplays the risks.
The Young User Angle
A big chunk of the controversy centres on who uses it most. Gen Z and younger Millennials were early adopters. For some it's a handy tool for a planned big purchase. For others it's become the default way to buy clothes, tech, and nights out - spreading the cost of lifestyle inflation they might not have otherwise taken on.
Defenders point out that traditional credit cards have their own problems (high interest, minimum payments that drag on forever) and that Afterpay at least makes the full cost and schedule visible upfront. Critics say the visibility doesn't matter when the product is engineered to feel like "free money in four parts."
The Practical Reality in 2026
Afterpay remains hugely popular in Australia and has expanded through its Block ownership. The codes still work for eligible new users. The four-payment structure is now copied by banks and competitors. The underlying tension hasn't gone away.
If you're signing up because of the ANTHO-FMTL7 $30 off on a $50+ purchase, treat it as a one-off convenience for something you were genuinely going to buy anyway. Track the payment dates. Don't stack multiple orders just because each one feels small. And remember that "interest free" only lasts as long as you stay on schedule.
The controversy isn't that Afterpay is evil. It's that the product is so good at removing friction that a lot of people discover the downside only after the habit is already formed.
Claim the Afterpay offer - The discount is real for eligible first purchases. The ongoing relationship with your money is up to you.
Disclaimer
Coupon CEO may earn a commission on qualifying sign-ups at no extra cost to you. Afterpay fees, terms, eligibility and regulatory treatment are subject to change. Late fees apply for missed payments. This article discusses common public debates and user experiences around BNPL - it is not financial advice. Always read the full terms and only use the service for purchases you can comfortably repay on schedule.
FAQ
Is Afterpay actually a debt trap?
For disciplined users who only use it for planned purchases they can afford in four parts, it's usually just a cash-flow tool. For others it can contribute to overspending and payment stress. The risk is real for some people.
What happens with late fees?
Missed payments trigger fees that are clearly stated in the terms. They can make the total cost higher than a standard purchase and are one of the main points of criticism.
Does the $30 off code encourage bad habits?
The welcome discount gets people through the door. Whether it leads to good or bad use depends entirely on the individual. Many people use it once for a specific buy and never again.
Is Afterpay regulated in Australia?
Yes. BNPL providers have been brought under credit legislation. Requirements around disclosure, responsible lending, and complaints handling have increased.
Can multiple Afterpay orders get out of hand?
Yes. It's easy to have several running at once. Each has its own payment schedule, which can create a messy fortnightly cash flow situation if you're not tracking carefully.
Should I use the code ANTHO-FMTL7?
Only for something you were already planning to buy and know you can cover in four payments. The $30 saving is nice but doesn't change the need to repay the rest.
What do the critics actually want?
Common calls include stronger upfront affordability checks, better warnings about stacking, limits on marketing to younger users, and clearer comparison with other forms of credit.
New users - any tips? Use code ANTHO-FMTL7 only on a planned purchase over $50. Set calendar reminders for every payment date. Claim the Afterpay offer. Review your total commitments before adding more orders.
