Bill Me Later / New Egg Preferred Account

[steeb0z]

Has anyone had good/bad experiences with these methods of payment? Ive googled and found one or two other forums with little info but nothing here so so far. BML has no payments for 90 days, while the NE one has 6 months. They are both basically a credit card right? I have no credit card right now / little credit history and I am in need of a new pc. I have the money to pay off some of the cost, but not enough right away and this money would be much better spent on other bills and expenses. However, I could afford to pay it off in portions over time. My question is, is this worth it? Or will the interest / finance charges kill me...I'd hate having to pay an extra ~20 percent (wow) or more for missing payments (not likely) or paying it entirely before the required date (also not likely).

Would this be a correct explanation - Newegg sells things given there is credit approval, they then sell the "loan" (at a discount) to whoever they are hooked up with for finance. This "discount" covers the interest for the however long (in this case 6 months). In exactly 6 months, the person that "bought" your loan, will collect the full amount, and you can pay it in full on that day interest free, otherwise you get murdered with high interest rates...and then end up being screwed just like a high interest cc...unless of course the debt is payed off.

Any advice would be appreciated, thanks

 

[jhayx7]

Originally posted by: steeb0z
Has anyone had good/bad experiences with these methods of payment? Ive googled and found one or two other forums with little info but nothing here so so far. BML has no payments for 90 days, while the NE one has 6 months. They are both basically a credit card right? I have no credit card right now / little credit history and I am in need of a new pc. I have the money to pay off some of the cost, but not enough right away and this money would be much better spent on other bills and expenses. However, I could afford to pay it off in portions over time. My question is, is this worth it? Or will the interest / finance charges kill me...I'd hate having to pay an extra ~20 percent (wow) or more for missing payments (not likely) or paying it entirely before the required date (also not likely).

Would this be a correct explanation - Newegg sells things given there is credit approval, they then sell the "loan" (at a discount) to whoever they are hooked up with for finance. This "discount" covers the interest for the however long (in this case 6 months). In exactly 6 months, the person that "bought" your loan, will collect the full amount, and you can pay it in full on that day interest free, otherwise you get murdered with high interest rates...and then end up being screwed just like a high interest cc...unless of course the debt is payed off.

Any advice would be appreciated, thanks

I purchased my new PC from NewEgg and did the 6 months no intrest. It is what you would expect, you create a login to your account and they send you a bill every month, just like a credit card. I did it because I could always use the credit and I can spread the $1600 over 6 months instead of one lump payment.

 

[R Nilla]

I had tried signing up for an account a while back but had no credit card, and probably no credit history, and was denied. Good luck.

 

[jlazzaro]

they say no payments for 6 months, but anyone who actually follows that rule is an idiot.

at the end of the 6 months, your rate will jump to 20%+ and you will be charged all the interest for the 6 months you didnt make payments. basically, if you do the 6 months, pay it off before the 6 months is over.

 

[Saga]

Originally posted by: steeb0z
Has anyone had good/bad experiences with these methods of payment? Ive googled and found one or two other forums with little info but nothing here so so far. BML has no payments for 90 days, while the NE one has 6 months. They are both basically a credit card right? I have no credit card right now / little credit history and I am in need of a new pc. I have the money to pay off some of the cost, but not enough right away and this money would be much better spent on other bills and expenses. However, I could afford to pay it off in portions over time. My question is, is this worth it? Or will the interest / finance charges kill me...I'd hate having to pay an extra ~20 percent (wow) or more for missing payments (not likely) or paying it entirely before the required date (also not likely).

Would this be a correct explanation - Newegg sells things given there is credit approval, they then sell the "loan" (at a discount) to whoever they are hooked up with for finance. This "discount" covers the interest for the however long (in this case 6 months). In exactly 6 months, the person that "bought" your loan, will collect the full amount, and you can pay it in full on that day interest free, otherwise you get murdered with high interest rates...and then end up being screwed just like a high interest cc...unless of course the debt is payed off.

Any advice would be appreciated, thanks

My advice? Spend a few minutes to actually READ the terms and condition of the application and you will answer your own questions.

 

[steeb0z]

jhayx7 - Ive read the limit is 1000, Im assuming this is not true then? I didnt see anything in the TOS about it.

Rnilla - Heh, well looks like I'm doomed without a pc for another few months then

Jlazzaro - Yeah thats what I understand. 6 Months would be plenty amount of time to pay it off either all at once or over time. Just not within the next 1-2months. More like 3-4.

Izusaga - I read it, but wasnt sure if I was understanding it correctly, which is why I posted. :/

 

[jlazzaro]

you can go far beyond 1000 its whatever they qualify you for.

i bought a tv from them and paid it off with a month to spare. all in all, it was an easy process.

 

[purbeast0]

Is this the actual "billmelater.com" company Bill Me Later? or is it some specific newegg thing?

 

[ric1287]

i was approved for 2500 a while back, and used it to buy a new pc. But whenever i try to use it now it gets declinded. Kinda weird, still have to call and find out why its doing that.

 

[jhayx7]

Originally posted by: steeb0z
jhayx7 - Ive read the limit is 1000, Im assuming this is not true then? I didnt see anything in the TOS about it.
:/

Nope, not true. I got approved for about 2800.

 

[purbeast0]

Originally posted by: purbeast0
Is this the actual "billmelater.com" company Bill Me Later? or is it some specific newegg thing?

?

 

[codeyf]

Originally posted by: purbeast0
Is this the actual "billmelater.com" company Bill Me Later? or is it some specific newegg thing?

They have both. Bill Me Later and a NE Credit account.

 

[purbeast0]

Originally posted by: codeyf

Originally posted by: purbeast0
Is this the actual "billmelater.com" company Bill Me Later? or is it some specific newegg thing?

They have both. Bill Me Later and a NE Credit account.

If it's Bill Me Later (billmelater.com) I would steer clear of them.

They screwed me recently and I had late fees accumulated up to $90, but I got them to take it off because they screwed up but I still had to pay this $20 that shouldn't have been on my bill in the first place.