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Hide your wallet: Massive online ‘sale of the year’ starts at midnight

Images: Afterpay, Getty

Just when you thought you’d recovered from ClickFrenzy, there’s this.

Afterpay is launching a massive 48-hour sale beginning midnight tonight with savings to be made on thousands of brands.

“Guess who’s back?! BIGGER, better & over 48 hours! YAY,” the payments platform announced on Facebook.

It described the sale as the “biggest sale of the year,” with retailers planning to offer savings of up to 50 per cent.

Here are some of the best sales:

Boohoo will have 50 per cent off “every single thing”.

Cotton On will have 50 per cent off selected styles.

Vans will have 50 per cent off selected styles, as will Surf, Dive N Ski, Hype DC and Michael Hill.

Factory Buys, Von Zipper and ELEMENT will also have 50 per cent off on some styles.

But let’s not all lose our minds

Afterpay, a payment platform which allows users to purchase items and repay over four weekly installments, has been described as the “marijuana of credit” by the Barefoot Investor, Scott Pape.

He said that it’s like a “gateway financial drug”.

“It’s effectively training young people to rely on the bank’s money rather than banking on themselves,” he warned on his blog last year.

“Case in point: Afterpay claims their average purchase is $150. A hundred and fifty clams!

“Seriously, if you need instalments to cover $150, you need to check yourself before you wreck yourself.”

ASIC is also having a hard look at Afterpay and similar platforms after the number of consumers using the platforms increased 500 per cent within three years.

“Although our review found many consumers enjoy using buy now pay later arrangements and plan to continue using them, there are some potential risks for consumers in using these products,” ASIC Commissioner Danielle Press said.

“The typical buy now pay later consumer is young with 60 per cent of buy now pay later users aged between 18 to 34 years old. We found that buy now pay later arrangements can cause some consumers to become financially overcommitted and liable to paying late fees.”

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