newegg's "bill me later"

[WhiteFireDragon]

i want to buy stuff but i don't have enough money until my next paycheck. i read over the bill me later and from what i understand, there will be an interest and the faster you take to pay it off within that 3 months, the less interest will accumulate. $2 will be the minimum interested payed. if this is wrong, then can someone explain the "bill me later" fees and/or catch to it in simple english instead of all the technical stuff? here is the link to the terms and conditions:

https://secure.newegg.com/application/BML/BMLFNGENP35.aspx

 

[cybereclipse]

like i always suggest... just wait until you have the money
then you dont have to worry about interest

 

[Emperor_nero]

like i always suggest... just wait until you have the money
then you dont have to worry about interest

I agree with you. People used to be into saving money and waiting. That's what I suggest.

 

[mep916]

With "Bill Me Later," the interest on the balance is deferred for three months. If you do not pay off the FULL balance within that period, the interest will be attached to your account. If you do pay off the full balance, you will not pay any interest.

 

[WhiteFireDragon]

ah ok. since "bill me later" is technically a bank lending money, would i have to open an account with them and having credits checked?

 

[bomberboysk]

I think it does an online credit check, You need to create an account with billmelater, but i dont think its like a bank account or whatnot, but you can always read bill me laters FAQ: https://www.billmelater.com/about/index.xhtml

 

[mep916]

ah ok. since "bill me later" is technically a bank lending money, would i have to open an account with them and having credits checked?

Yes, you will have to open an account based on a credit check.

 

[oregon]

So you can wait two months and not pay any interest or fees? That sounds way too good to be true. Are you sure its not just like credit cards where you always pay 2% interest and if you have a balance then you pay 18%?

 

[lovely?]

nope its 0% until the fourth month then you get hit with interest from all four months i believe.

 

[mep916]

nope its 0% until the fourth month then you get hit with interest from all four months i believe.

Yep. During the three month promotional period, interest on the balance accumulates at 21.99%. If the FULL balance is not paid within that period, the interest is attached to your account. After the promotion, even if you only owe one dollar, they will still charge you the interest for the three months. If you pay off the full balance, however, you will not owe any interest.

Risk v. Reward.

 

[Geoff]

They know people will not want to pay off a $5000 computer in 3 months anyways, they will want to pay just a few hundred dollars a month.

 

[Twist86]

IMO NEVER SPEND MONEY YOU DON'T HAVE!!!!!

90% of people in debt spend what they don't have then are slaves to interest and its hard to get outta debt

 

[G25r8cer]

Or just cancel the account once you have payed it off. LOL My mom's bf signed up for Best Buy. 18months no interest. He used it to buy his new PC. He pays double the minimum. As soon as he got the Best Buy card in the mail (a couple days after signing up) he cut the card up and threw it away. LOL

 

[The_Beast]

I used the "buy now pay later" I think it's a great thing but only if you MAKE THE PAYMENTS

which I have been

 

[mep916]

I used the "buy now pay later" I think it's a great thing but only if you MAKE THE PAYMENTS

which I have been

IF you follow the terms, it's a good way to build credit. It's not worth it if you end up paying the interest, IMO.

 

[The_Beast]

IF you follow the terms, it's a good way to build credit. It's not worth it if you end up paying the interest, IMO.

If you have to pay the interest you might as well save up your money and pay upfront

I still have 4 months to pay off my computer