Newegg Credit Card?

[Psittac]

*consensus in this thread is only do it if you can easily pay it off and not let it get to interest

 

I had a random thought today about checking if newegg has financing.  I want a new computer, don't need it by any stretch of imagination, but I want an AMD/Lian-Li build so bad I can taste it.  So I googled it and found a Newegg Credit Card which is by all right's a financing plan.  Since I don't want to raid the savings account and don't want to pay interest this is looking rather tempting. 

 

Does anyone have experience with this? It say's it's available on select items, how selective are they with the inventory available?  How can you tell an item is available to use on the card without having the card?  It say's there is 6-mo-12-mo-18mo-24mo only 6 or 12mo no interest depending on purchase price?

 

Anyways I might pull the trigger on this if it's legit and I'm not severely restricted on selection.

 

Thoughts or input?

 

edit: oh and are there hidden fee's?

edit again: I read everything I could find and it's just legal mumbo jumbo about what happens when the end of zero interest is up.  Also I would pull the trigger now if that new lian-li case wasn't out of stock

[TetraSky]

Quote

1 Offer applies only to single-receipt qualifying purchases. No interest will be charged on the promo purchase if you pay the promo purchase amount in full within 6 Months. If you do not, interest will be charged on the promo purchase from the purchase date. Depending on purchase amount, promotion length and payment allocation, the required Minimum Monthly Payments may or may not pay off purchase by end of promotional period. Regular account terms apply to non-promotional purchases and, after promotion ends, to promotional balance. For new accounts: Purchase APR is 29.99%; Minimum Interest Charge is $2. Existing cardholders should see their credit card agreement for their applicable terms. Subject to credit approval. We reserve the right to discontinue or alter the terms of this offer any time.

 

If I'm reading this correctly, it says that if you don't pay the entire balance within the 6 months/year, they will charge you interest... on the full amount from the date of purchase and not the remaining balance.
So even if you had like, $50 left to pay on a $1000 purchase, they would kick you down with 300$ in interest after a year?

[GoodBytes]

Buy what you NEED, not feel.

 

You'll be in debt and pay for months or years the system original price, when your system is worth peanuts in comparison when it was new due to new hardware being released. Depreciation is NOT considered in your monthly payment.

 

In addition, credit card companies (the actual one, not Newegg, Newegg just slap their logo on it and get money for every person getting a card), will help you miss your payment and pay 20-25% interest rate on your payment for missing one. For example: the webpage will be often down for maintenance or very slow. Or you'll get your statements at first, but magically your next one will be missing ("""lost in mail"""), and so on. NOTE: This is not true for actual bank credit cards. I am talking about credit card from many third parties, like the ones that store like: Sears, Newegg, BestBuy, Dell, etc. The credit card company makes money by you paying their interest rate. So why would they run their website payment system on anything faster than a 486 on a 56K modem, Of course, as mentioned they are exceptions, some are genuine, but usually it is not the case when it comes to these stores credit card.

 

Do you know how people get nice things all the time? They are not in debt (beside home and car.. and even then... it is more getting a short period) They wait until they have the money and buy, and usually that time comes when they really NEED something. Debt is your worst enemy. Making a monthly budget is annoying at first when you are not used to it, but you get used to it, and allows you save money, and allows you to get great things.

You really should look into:

• Make a budget.
• Understanding the basics of investments and savings.
• Understanding depreciation of a good or service.

This is usually though in schools here in Canada, at least to my knowledge, I don't know where you are.

 

The only reason why I use my credit card are:

• Purchase online.
• Purchase stuff with the banks money, not mine, so if fraud occurs, it the bank problem, not mine to try and convince and defend (that is why I try and avoid Interact card)

That is all. I pay my credit card as soon as possible. Once I went on a trip and forgot after a while. then remembered, and paid in time, but guess what, that one time magically took several days to process the transfer of funds from my account to my credit card (despite the same bank), and I "missed" the deadline, and now I got slap interest rate.. I had I call to have that corrected, which they did promptly as I have a pristine record and 0 debt. Like I said, debt is your worst enemy, it goes always against you.

[GoodBytes]

2 minutes ago, TetraSky said:

 

If I'm reading this correctly, it says that if you don't pay the entire balance within the 6 months/year, they will charge you interest... on the full amount from the date of purchase and not the remaining balance.
So even if you had like, $50 left to pay on a $1000 purchase, they would kick you down with 300$ in interest after a year?

That is correct. This is usually the deal in US and Canada, where the interest rate is based on the ORIGINAL price and not what remains to pay. They are exceptions, of course, but many are as you mentioned.

[TheKDub]

Wouldn't go with it. If you want a credit card, you'd be best off getting it from something such as a credit union.

[Daniel644]

5 minutes ago, TetraSky said:

 

If I'm reading this correctly, it says that if you don't pay the entire balance within the 6 months/year, they will charge you interest... on the full amount from the date of purchase and not the remaining balance.
So even if you had like, $50 left to pay on a $1000 purchase, they would kick you down with 300$ in interest after a year?

pretty standard deal for those Zero Interest Financing deals.

[it_dont_work]

6 minutes ago, TetraSky said:

 

If I'm reading this correctly, it says that if you don't pay the entire balance within the 6 months/year, they will charge you interest... on the full amount from the date of purchase and not the remaining balance.
So even if you had like, $50 left to pay on a $1000 purchase, they would kick you down with 300$ in interest after a year?

Yeah that's pretty much how hire purchase works (at least what we generally call this in AU). Good for people who are reasonably well organised with their finances and have some self discipline, much easier to get for people with low income and bad credit history. These two points are what always bothered me when I was still working within the finance sector (insurance and debt recovery), much easier to get for the people who will most likley defualt, not needed for those who could securly pay it off.

[Psittac]

I just pieced together a build and it comes to about $170/mo, I'm doing just fine financially and can make that or dip into savings.  edit: sounded like an ass

 

<snip>

 

I'm 37 no wife no kids no alimony no debt and haven't been on a date in 16 years.  I won't miss the payment due date.

 

The real question is should I make an effort to find a girlfriend or stay in a relationship with my command center.

[it_dont_work]

2 minutes ago, Psittac said:

 fine financially and can make that or dip into savings.

 

Wasn't making a comment on your position, just a general thing that annoys me about this type of financing, that the people who are most likely to be hurt by it can get it very easily. 

[Daniel644]

24 minutes ago, GoodBytes said:

Buy what you NEED, not feel.

 

You'll be in debt and pay for months or years the system original price, when your system is worth peanuts in comparison when it was new due to new hardware being released. Depreciation is NOT considered in your monthly payment. In addition, credit card company (the actual one, not Newegg, Newegg just slap their logo on it, and get money for every one getting a card), will do what it can to miss your payment, and pay 20-25% interest rate on your payment for missing one. Like the webpage will be often down for maintenance, or very slow, or no send you the bill (""""lost in mail"""), and so on. The credit card company makes money by you paying their interest rate.

 

Do you know how people get nice things all the time? They are not in debt (beside home and car.. and even then... it is more getting a short period) They wait until they have the money and buy, and usually that time comes when they really NEED something. Debt is your worst enemy. Making a monthly budget is annoying at first when you are not used to it, but you get used to it, and allows you save money, and allows you to get great things.

 

I am honestly really surprised you didn't have a course in your high school on how to:

• Make a budget.
• Understanding the basics of investments and savings.
• Understanding depreciation of a good or service.

 

The only reason why I use my credit card are:

• Purchase online.
• Purchase stuff with the banks money, not mine, so if fraud occurs, it the bank problem, not mine to try and convince and defend (that is why I try and avoid Interact card)

That is all. I pay my credit card as soon as possible. Once I went on a trip and forgot after a while. then remembered, and paid in time, but guess what, that one time magically took several days to process the transfer of funds from my account to my credit card (despite the same bank), and I "missed" the deadline, and now I got slap interest rate.. I had I call to have that corrected, which they did promptly as I have a pristine record and 0 debt. Like I said, debt is your worst enemy, it goes always against you.

NOTHING wrong with cards like this, provided you handle things right, I have had a Discount Tire Direct and a Wayfair card for a few years now (handled by 2 different companies) and have an Amazon card on the way now, the thing to do is to not spend money you don't already have in the bank and just use these cards so you don't have to blow all the money you have in your accounts to get what you want, this leaves you with a cash buffer incase something bad happens and if not you just pay over the course of the payment period or sooner (I always paid my stuff off in like half the time).

 

These cards have actually SAVED me money in the long run, the Discount Tire Direct card gets me an extra $50ish dollar rebate when I order a set of Tires, the Wayfair card saved me like 20 or 40 bucks off the First Purchase, the Amazon card got me a $40 gift card and 5% cashback on anything I don't do financing options on, which is far better then the 1.5% cashback of my credit card. the trick is to learn to not rely on the card as a way to pay for stuff, KNOW you have the money before you spend it.

[GoodBytes]

2 minutes ago, Daniel644 said:

NOTHING wrong with cards like this, provided you handle things right, I have had a Discount Tire Direct and a Wayfair card for a few years now (handled by 2 different companies) and have an Amazon card on the way now, the thing to do is to not spend money you don't already have in the bank and just use these cards so you don't have to blow all the money you have in your accounts to get what you want, this leaves you with a cash buffer incase something bad happens and if not you just pay over the course of the payment period or sooner (I always paid my stuff off in like half the time).

 

These cards have actually SAVED me money in the long run, the Discount Direct card gets me an extra $50ish dollar rebate when I order a set of Tires, the Wayfair card saved me like 20 or 40 bucks off the First Purchase, the Amazon card got me a $40 gift card and 5% cashback on anything I don't do financing options on, which is far better then the 1.5% cashback of my credit card. the trick is to learn to not rely on the card as a way to pay for stuff, KNOW you have the money before you spend it.

I have edit my post for clarifications, and rephrased some of my sentences as after a re-read (which I should have done before hitting the submit button) didn't express what I wanted to say.

 

Many of the credit cards your mentioned has annual fees. Of course, the trick is to get the rebate, pay and cancel. However, doing this reduces your credit score when done too often.

[Daniel644]

Just now, GoodBytes said:

I have edit my post for clarifications, and rephrased some of my sentences as after a re-read (which I should have done before hitting the submit button) didn't express what I wanted to say.

 

Many of the credit cards your mentioned has annual fees. Of course, the trick is to get the rebate, pay and cancel. However, doing this reduces your credit score when done too often.

NOPE, not one of my cards have an annual fee, that is something I make damn sure of before getting a card, I will NOT get a card that I have to pay for, which Is why I don't have the Mastercard Black Card I received an offer for a month or 2 back.

[Psittac]

12 minutes ago, it_dont_work said:

Yeah that's pretty much how hire purchase works (at least what we generally call this in AU). Good for people who are reasonably well organised with their finances and have some self discipline, much easier to get for people with low income and bad credit history. These two points are what always bothered me when I was still working within the finance sector (insurance and debt recovery), much easier to get for the people who will most likley defualt, not needed for those who could securly pay it off.

One thing that I hate is rental places like Rent A Center, For only $75/mo you can have this 55" flat screen! Then they list the value as $3k or something so you feel like it's a steal.  Meanwhile you can get a 55" 4k tv for a few hundred and be done with it.  It's a predatory chain entirely

[GoodBytes]

18 minutes ago, Psittac said:

-snip-

You do whatever you want buddy. If money is no issue, than just wait. Beside new CPUs and GPUs are coming out soon in any case.

But, the moment you get a girlfriend you'll see your saving will diminish a lot. You'll have a home of your own, a car of your own, maybe kids... and yes, while you get to merge your incomes with your gf becoming, and I hope, wife, you'll soon realized that it is not enough.

 

You live in the golden years in savings. This is where some people start doing massive savings to do these big home down-payments one day and get a mortgage of <=10 years (assuming the market allows, and home fits your budget)

[Daniel644]

2 minutes ago, Psittac said:

One thing that I hate is rental places like Rent A Center, For only $75/mo you can have this 55" flat screen! Then they list the value as $3k or something so you feel like it's a steal.  Meanwhile you can get a 55" 4k tv for a few hundred and be done with it.  It's a predatory chain entirely

those rent to own places are the REAL scams. They are just horrible and should definitely be avoided.

[GoodBytes]

2 minutes ago, Psittac said:

One thing that I hate is rental places like Rent A Center, For only $75/mo you can have this 55" flat screen! Then they list the value as $3k or something so you feel like it's a steal.  Meanwhile you can get a 55" 4k tv for a few hundred and be done with it.  It's a predatory chain entirely

Common practice, sadly. Heck Infomercials do it all the time."All this for only 20$! But wait, if you call in the next 15min, we will double the offer! And include a free magic knife, a 600$ value, yours for only 20$!"... either that knife is 15$, and the rest makes it to 20$, or the actual product is 5$, and you, Mr. Infomercial man, are making a package, but regardless, let's not even get there, it isn't a 600$ value.

[Mira Yurizaki]

If a store is offering some kind of financing, I only take it if it's no interest for a certain period of time and I can pay it off completely in that time period.

 

Which is about half the reason I like Dell. And maybe I should hate them for it because they seem to have a promotion when I'm itching for a replacement of something.

 

EDIT: I'm sure someone's going to jump on me so I'll go ahead with it: the danger of no-interest periods is that it really may be deferred interest (https://twocents.lifehacker.com/don-t-fall-for-deferred-interest-credit-card-offers-1662997098). So if you are going to take a no-interest financing option, make sure you can actually pay it off by the period or it's actually no-interest for the period.

[bqtchef]

The card issued from Synchrony I did exactly what you are thinking of doing. I built my system without any restrictions and paid off the debt within the allowed time. Late charges will occur if you are huh late but that's about it. Amazon has a better deal with the same financial company (Synchrony) still paying this one off.

[Daniel644]

8 minutes ago, bqtchef said:

The card issued from Synchrony I did exactly what you are thinking of doing. I built my system without any restrictions and paid off the debt within the allowed time. Late charges will occur if you are huh late but that's about it. Amazon has a better deal with the same financial company (Synchrony) still paying this one off.

same company that does the Discount Tire Direct cards. the website can be flacky at times so I always made it a thing to pay like a week in advance and never had an issue, I think most people that complain about it are waiting till the due date to pay and then can't get in or some other issue that causes the transaction not to post in time.

[GoodBytes]

4 minutes ago, Daniel644 said:

same company that does the Discount Tire Direct cards. the website can be flacky at times so I always made it a thing to pay like a week in advance and never had an issue, I think most people that complain about it are waiting till the due date to pay and then can't get in or some other issue that causes the transaction not to post in time.

You are correct, but usually the situation of people waiting until the end, is because they are waiting for their paycheck, as the previous ones where used to pay other credit card payments. 1 debt is usually easy to deal with, but when you have many, it becomes difficult, and one is not used to making a budget, it becomes hard to keep track of everything.

[Psittac]

Not to disrupt the conversation here,

(could you guys elaborate on going with the Synchrony company instead of newegg?)

 

But I'm not going to pull the trigger, the lian-li case is out of stock and the new nvidia card's are coming out.  I was thinking of cutting down to a bare bones build IE: no ram, gpu, psu or ssd (have a rig I could snipe from) but again, no lian-li case which is why I want this machine.  Then I would just put those things on the card down the road when the new gpu launches or the fancy addressible ram pops up.

 

I would just do an upgrade on that x99 machine but I'm thinking of starting a lan once my basement is finished and the more gaming machines the better.  I'm still thinking about it though as I'm down to $70/mo for payments.  Maybe do a core upgrade to my x99 and wait? That case though.......... needs so bad

 

edit: don't think my main rig could be a lesser gpu though........  Also the whole lan thing is to get a new group of friends or convince my existing ones to hang out here, everyone I know is married with a family and buisy.  Gotta do something to meet a girl

[Donut417]

1 hour ago, Psittac said:

*consensus in this thread is only do it if you can easily pay it off and not let it get to interest

 

I had a random thought today about checking if newegg has finiancing.  I want a new computer, don't need it by any stretch of imagination, but I want an AMD/Lian-Li build so bad I can taste it.  So I googled it and found a Newegg Credit Card which is by all right's a financing plan.  Since I don't want to raid the savings account and don't want to pay interest this is looking rather tempting. 

 

Does anyone have experience with this? It say's it's available on select items, how selective are they with the inventory available?  How can you tell an item is available to use on the card without having the card?  It say's there is 6-mo-12-mo-18mo-24mo only 6 or 12mo no interest depending on purchase price?

 

Anyways I might pull the trigger on this if it's legit and I'm not severely restricted on selection.

 

Thoughts or input?

 

edit: oh and are there hidden fee's?

edit again: I read everything I could find and it's just legal mumbo jumbo about what happens when the end of zero interest is up.  Also I would pull the trigger now if that new lian-li case wasn't out of stock

You need to check the interest rate in case you dont pay it off in time. Like most stores are 25-30% interest. Compare that to one you can get from a bank if you have good credit. My Chase card is like 16%, BUT I get 1% back in points that I can convert to cash or gift cards. It also come down to credit limit. From what I read you dont want to spend more than 30% of your limit or it could negatively affect your credit score. When I built my last machine I ended up putting some on my credit card and paid with a debit card for the rest. I mean using your credit will help you maintain and build it better. But you have to be smart. If you dont have the money in the bank then dont do it. Every purchase I make on my card I know I can cover with my bank account. 

 

[Daniel644]

50 minutes ago, Psittac said:

Not to disrupt the conversation here,

(could you guys elaborate on going with the Synchrony company instead of newegg?)

 

But I'm not going to pull the trigger, the lian-li case is out of stock and the new nvidia card's are coming out.  I was thinking of cutting down to a bare bones build IE: no ram, gpu, psu or ssd (have a rig I could snipe from) but again, no lian-li case which is why I want this machine.  Then I would just put those things on the card down the road when the new gpu launches or the fancy addressible ram pops up.

 

I would just do an upgrade on that x99 machine but I'm thinking of starting a lan once my basement is finished and the more gaming machines the better.  I'm still thinking about it though as I'm down to $70/mo for payments.  Maybe do a core upgrade to my x99 and wait? That case though.......... needs so bad

 

edit: don't think my main rig could be a lesser gpu though........  Also the whole lan thing is to get a new group of friends or convince my existing ones to hang out here, everyone I know is married with a family and buisy.  Gotta do something to meet a girl

Synchrony is the finance company that actually issues the card, if you get a Newegg card or a Discount Tire Direct or a Amazon Store Card Synchrony is the website you will go to to manage the card, make payments and all that kind of stuff. basically they are the "bank" providing the card with the Stores name on it.

[Psittac]

1 hour ago, Daniel644 said:

Synchrony is the finance company that actually issues the card, if you get a Newegg card or a Discount Tire Direct or a Amazon Store Card Synchrony is the website you will go to to manage the card, make payments and all that kind of stuff. basically they are the "bank" providing the card with the Stores name on it.

Can you just get a card directly from them? Or are the comparison's strictly to show the legitimacy of the program?

[Daniel644]

8 minutes ago, Psittac said:

Can you just get a card directly from them? Or are the comparison's strictly to show the legitimacy of the program?

you can go to the MySynchrony.com website but to apply for a card you have to chose which store you want a card for. they don't have a traditional credit card that can be used at all stores.