As in my previous reply, I have called them, read the terms and conditions, and there's nothing amiss.
The only catch is that you have to know which are "real deals" , ie, have to research if that particular gadget can be had at a cheaper price as it's quite clear at a glance not everything is "cool" as we all know at shops are selling at way below actual retail price.
There're some exceptions though (every 2 months).
1. You mentioned the price was $5,999, then with installment, total payable is $4,299? It seems to be a good deal, but then what is the actual price you can get for the same TV from shops elsewhere? Could it be lower than $4,200?
2. Do you have to pay subscription half yearly? I remember for DBS ready credit, you need to pay $60 every six months, although the first 6 months is free after sign up.
Below was my experience when I took up DBS ready credit many years ago, I am not sure whether is there a change of policy now:
1. I was first approached by a sales person to sign up, the tactic was to tell me that it is free for the first 6 months, and I get a freebie (worth few ten $), then she told me that it does not cost me $ to just sign up and get the freebie, I can cancel after 6 months.
2. That sounds like good ideal, anyway there is nothing to lose, right???
3. After signed up, never use the facility and I totally forgot about it.
4. Suddently, I received a billing for next 6 months subscription of $60, that reminded me to cancel it, so I called the help line, was told that it already went into the beginning of next 6 months period, the girl on the other side told me that no point cancel now, because I still have to pay the $60, why don't I wait until the end of this 6 month, then cancel.
5. So I took her advice, afterall, already paid, why not wait for the end of 6 months then cancel.
6. Again, I totally forget about it, and received the bill again for next 6 months subscription, I knew it is too late to cancel. That same situation 6 months ago happened again to me, this time l paid the $60 and cancel it on the spot.
All in all, I paid $120 for the freebie, I was still on the losing end.
Like I said, that LG TV was just an e.g.; not the item I's interested in -- just plucking out the extreme.
And I have also mentioned that one must do a homework on the "actual market price" before committing. There are actual bargains to be had.
No joining, annual, admin fee, whatever. That I can acertain; unlike ReadyCredit, DBSAssist, etc.
In your case, if the T&Cs don't explicitly state that it will auto-rollover; you actually can insist on cancellation and refuse to pay the next 6 months.
I'm garnering experience from credit cards - they will also bill the next year's annual fees and you can say you want to cancel on the spot - they have never said "Oh but you have to pay even if you cancel" not even once in my experiences.
Of course, if the T&Cs says autorollver, then it should have been a big warning bell during the time of signup that there's this potential exposure.
That's true. With the exception of one, I never pay 4 other credit card annual fees
Last edited by yyD70S; 6th November 2007 at 03:27 PM.
OK. I don't know about that LG stuff. Their retail price could be (and most probably is) inflated. IN any case, I'm not interested in that item; way beyond my budget.
I was actually interested in this:
Seagate FreeAgent Go 160GB
$15 x 11 plus $14 x1 = $179 (ie, their price)
retail price (as stated by them; don't flame me) = $229
I have checked with some shops in Sim Lim Sq (though www.hardwarezone.com) and the average price is $219. Even if it can be had for $200/-, it's still a saving. OK, it's a small saving for all the hassle of keeping a positive balance in the account ... but this is a small sum... I could just put $230/- into that account and let it be.
Yes, it's small deal.... but being a finance person, I kinda like squeezing every drop for my $.
Just my point.
P.S. There are better deals... just that I do not have the time to go though actually checking their worth. Like one member here mentioned earlier... its predefined gadgets and not things we want to buy ourselves...
Just you don't buy on impulse... so happen that I as looking at this Seagate stuff...
This type of easy credit, the interest can go up just like that. Last time Cashline from DBS is the lowest n now, almost hitting 20% n I still stuggling to pay up. Get it only when no choice else save up for the stuffs u wanted. $ =
Only Sony device mostly, haha!
Well, the catch is, you're the catch!
Simple rule of thumb: If you can't afford it now, you can't afford it. Period.
This is why I still maintain the percentage of people in Singapore who can truly afford cars has not changed since 20 years ago. Only the percentage of people who "think" they can afford cars have grown.
I struggled with credit card debt in the past when I graduated from Uni with kosong in the pocket. It took me almost 4 years to get past it. These seemingly "convenient" offers are just pure poison. Just when you think you're almost done with one, another "justifiable" easy cash offer from the legal ah-longs (i.e., banks) show up. It's a vicious cycle.
Oh well. In the end, choose your poison. What do I know, I'm just a crummy salaried worker
But I may be wrong in this particular case. Just sharing some past experience.
The only other catch I can think off is, if you are on this programme then they may charge you the annual fee for the Credit line, which you have to pay.
Thank you very much to all who thrashed it out here.