What Are The Best Credit Card Alternative Payment Methods?

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alternative payment methods

Do you need to buy something right now but don’t have the cash upfront? There are multiple ways to make a purchase without having cash available. Credit cards are a great way to build your credit score but they also come with high-interest rates. 

Let’s take a closer look at high bypass expensive credit card fees and use alternative payment methods. 

How do alternative payment methods work?

Different types of payment exchanges have been happening since the beginning of time. Trading of precious metals, food, animals, and even paper have been exchanged as a sort of barter system. Now, with modern advancements and technology, it is easy to use another form of exchange using the internet as a resource. Corporations have created a multitude of alternative payment methods.

Many businesses and organizations want consumers to have a great purchasing experience, regardless of their financial situation. The buy now – pay later option is continuing to grow and become more popular as time goes on. 

What makes a good alternative payment method?

These different types of alternative payment methods must check a few different boxes in order for it to be considered a solid alternative payment method. Here, is a small checklist that you can follow:

Ease of access

As stated previously, technology has made a lot of different things “normal” that used to be impossible 15 years ago. If you have found an alternative payment method that will work for your needs then make sure that it will be easy to use once you get up to the counter or the check-out page. Gone are the days where you needed to pull cash out of the bank to pay a friend or go to the store to buy a new outfit. 

Nowadays, you can easily transfer funds, pay a friend and make rent on time with electronic payments.

Financial situation

You will need to make sure that this method is going to align with your current financial situation. If you are going to use a buy now – pay later application then check to see if you are going to actually be able to pay later.


How many businesses accept this method of payment? Currently, cryptocurrency is an alternative payment method, but very few people accept it. This does not make it a good method because you might not be able to even use it. As the education, technology, and availability of crypto increases, as will the need for it! 

Not sure how to get started in crypto? Sign up for MoneyLion crypto and we’ll walk you through how to easily buy, trade, and earn cryptocurrencies like Bitcoin. 


Why are you using this method of payment? Does this payment method serve the purpose that you need it to? Many buy now-pay later applications to have a limit on the total dollar amount. If you are looking to make a purchase with this kind of method, will it serve its purpose or will it be a waste of time getting it all set up?

With MoneyLion’s buy now pay later feature, you can easily make 4 equal installment payments up to $600 on eligible purchases — coming soon, sign up for the waitlist

3 best credit card alternative payment methods

To help your search for alternative payment methods easier, we have included our top alternative payment methods below:

Credit Builder Loan 

This option gives you cash when you need it and gives you an opportunity to build your credit at the same time. It is a two for one opportunity to help your current financial situation.  

Best For: Credit Builder Loan is best for those who need a couple of hundred dollars and the opportunity to build their credit score.

Special features: You will get a competitive rate for the loan and this will be able to be paid off in 12 months with installment payments. 

Pricing: Your competitive interest rates will be determined based on a few qualifying questions including banking history, employment status, and income. 


Instantly get up to $250 with no interest on this cash advance option. Have you ever been in a situation where you needed a quick $1000? We all have been there. These unplanned expenses happen to all of us. They make it easy to get the money instantly. 

Best For: Instant funding up to $1000

Special features: Any type of income will help you qualify for Instacash, including government benefits. As long as there are consistent deposits in your bank account then it will help your chances of getting approved.

Pricing: $0

Pay right but pay different

There are many different ways to make purchases, but not all are treated equally!  Make sure that you’re doing your research on the best way to spend your money without getting slammed with high-interest rates and fees. 

To avoid astronomically payday lending fees or expensive credit card interest rates, borrow a Credit Builder Loan! Our loans will help you keep your credit score on point, give you access to 0% APRs, and 24/7 credit monitoring– for only $19.99/month!


MoneyLion Pay Later loans issued by WebBank. A soft credit pull will be conducted which has no impact on your credit score. MoneyLion Pay Later loans have an annual percentage rate (APR) ranging from 19.99% – 35.99%. Terms and conditions apply.

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