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    Default Harvey Norman?

    How do we buy by installments from Harvey Normal? Do we need credit cards from certain banks to do it? What are the procedures?

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    Quote Originally Posted by nie
    How do we buy by installments from Harvey Normal? Do we need credit cards from certain banks to do it? What are the procedures?
    You can use credit cards to purchase from Harvey Norman. Standard Chartered has a 0% installment plan with Harvey Norman.

    If you intend to buy by in-house installments, Harvey Norman does work with Citibank and approval might take 3 days to a week.

    Andy Ho

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    Quote Originally Posted by nie
    How do we buy by installments from Harvey Normal? Do we need credit cards from certain banks to do it? What are the procedures?
    Take a look at their newspapers' advertisment. It's listed there. Credit cards from certain banks can be used to purchase under installments. Some cards allow up to 12 months, others 24 and some even 36. If you have a credit card that is acceptable, use it and they are interest-free provided you pay your monthly payment promptly. Don't use their in-house installment scheme. It's not worth it 'cos of the interest they charge unless you don't have a credit card. U could end up paying a free hundred dollars in interest at the end of it depending on the value of the item you purchase.

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    Quote Originally Posted by redstorm
    Take a look at their newspapers' advertisment. It's listed there. Credit cards from certain banks can be used to purchase under installments. Some cards allow up to 12 months, others 24 and some even 36. If you have a credit card that is acceptable, use it and they are interest-free provided you pay your monthly payment promptly. Don't use their in-house installment scheme. It's not worth it 'cos of the interest they charge unless you don't have a credit card. U could end up paying a free hundred dollars in interest at the end of it depending on the value of the item you purchase.
    Redstorm is very right. Don't go for the in-house installment unless you really have no choice. The annual interest rate from Citibank is 6%. If you intend to do a 3 year loan, it is 18%. On top of that, you need pay a S$45 admin fee to the bank. If you are disciplined enough to pay your credit card bills promptly, you should not run into inexorbitant interest charges.

    Andy Ho

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    Quote Originally Posted by Andy Ho
    Redstorm is very right. Don't go for the in-house installment unless you really have no choice. The annual interest rate from Citibank is 6%. If you intend to do a 3 year loan, it is 18%. On top of that, you need pay a S$45 admin fee to the bank. If you are disciplined enough to pay your credit card bills promptly, you should not run into inexorbitant interest charges.

    Andy Ho
    I don't get you, Andy. Are u saying that if you use your credit card to buy on installment you pay lesser interest than using the in-house installment scheme? If that is what you meant, then you are wrong. If you use your credit card to buy thru installment, if u pay up promptly every month, there is no interest. The total installments add up is the same as if you pay the goods in cash. I know 'cos I have had purchases made thru' installment using credit cards and did not pay a single cent in interest as I paid my monthly installment promptly.
    Last edited by redstorm; 15th February 2004 at 08:06 PM.

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    Quote Originally Posted by redstorm
    I don't get you, Andy. Are u saying that if you use your credit card to buy on installment you pay lesser interest than using the in-house installment scheme? If that is what you meant, then you are wrong. If you use your credit card to buy thru installment, if u pay up promptly every month, there is no interest. The total installments add up is the same as if you pay the goods in cash. I know 'cos I have had purchases made thru' installment using credit cards and did not pay a single cent in interest as I paid my monthly installment promptly.
    What you are saying is exactly what I am telling NIE. I don't understand what you meant by wrong. Or is it that I did not phrase it in a way you could understand? Whatever, it is the same as what you meant.

    Andy Ho

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    relax andy, we do understand your point there.

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    Quote Originally Posted by Andy Ho
    What you are saying is exactly what I am telling NIE. I don't understand what you meant by wrong. Or is it that I did not phrase it in a way you could understand? Whatever, it is the same as what you meant.

    Andy Ho
    No offence meant, Andy. I got totally confused by your mention of 6% interest rate per annum by Citibank and the payment of $45 admin fee to the bank. Are u saying that Harvey Norman's inhouse installement scheme is arranged thru' Citibank? I have never bought anything from Harvey Norman either thru cash or installment and so am not familiar with their inhouse installment scheme. Have had previous purchases from SAFE thru' their inhouse installment scheme and the monthy deductments were thru my monthly salary.

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    Quote Originally Posted by redstorm
    No offence meant, Andy. I got totally confused by your mention of 6% interest rate per annum by Citibank and the payment of $45 admin fee to the bank. Are u saying that Harvey Norman's inhouse installement scheme is arranged thru' Citibank? I have never bought anything from Harvey Norman either thru cash or installment and so am not familiar with their inhouse installment scheme. Have had previous purchases from SAFE thru' their inhouse installment scheme and the monthy deductments were thru my monthly salary.
    Yes, you are right! You got it right this time. Don't worry pal, I am cool. I am just bad in phrasing myself in a diplomatic way. Do not be offended if I happened to sound offensive.

    Harvey Norman got 2 types of installment plan apart from credit card. Their in-house installment is only open to their furniture items. For cameras you have to go through Citibank. Citibank charges 6% annually but if I am not wrong, a 3 year plan would mean you have to pay 18% annually. I once just asked out of curiousity on the price of Nikon F5 (although I got one) for a 3 year plan and the total that I need pay comes out to about approx S$5400!! Never take on the in-house installment if you are buying from Harvey Norman.

    Warmest regards,

    Andy Ho
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    but recently my gf paid for her digicam using interest free credit card that is 24mths with totalling not exceeding what that price is supposed to be tagged even w/o installments.

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    Only credit card from bank offer interest free installment.
    From what I know only credit card from the following bank offer interest free installment: UOB, DBS/POSB, Standard Chartered, and Citibank.

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    Quote Originally Posted by Andy Ho
    Yes, you are right! You got it right this time. Don't worry pal, I am cool. I am just bad in phrasing myself in a diplomatic way. Do not be offended if I happened to sound offensive.

    Harvey Norman got 2 types of installment plan apart from credit card. Their in-house installment is only open to their furniture items. For cameras you have to go through Citibank. Citibank charges 6% annually but if I am not wrong, a 3 year plan would mean you have to pay 18% annually. I once just asked out of curiousity on the price of Nikon F5 (although I got one) for a 3 year plan and the total that I need pay comes out to about approx S$5400!! Never take on the in-house installment if you are buying from Harvey Norman.

    Warmest regards,

    Andy Ho
    My CS Gallery
    No problem, mate. I agreed with you about buying thru' inhouse installment scheme. I remember my last inhouse installment purchase with SAFE and I ended up paying about $500 more when I cleared all my debts. It's better to purchase thru' credit card installment. But then again some ppl don't own a credit card and have to resort to the inhouse scheme.

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    For those who don't have credit card, go get a friend who own a card to buy first and you pay him back every month lor.

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    Quote Originally Posted by disclog
    For those who don't have credit card, go get a friend who own a card to buy first and you pay him back every month lor.
    This is a little easy to say but people are usually selfish when hugh some of money is concerned. My friend was conned by his 20 years best friend and lost millions within a few months without him knowing until it was too late. I shall not elaborate for privacy reasons but what I am saying is sometimes, just sometimes, your best friend may be the one who bite you the hardest.

    Andy Ho
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    Credit card scheme:
    0% per interest
    no need pay slip / cpf statement

    In house installment scheme:
    with interest
    need to show pay slip / cpf statement

    clearer?


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    Folks,
    Let me help you guys on this. There 2 types on repayment scheme in which Harvey Norman, Courts, Best Denki has.

    1) The so call in-house loan way. Usually finance company like Hitachi Credit will provide this type of loans. For example if say, you buy this camera say for $2500 & you want to pay in 48 mths(4yrs) You must take note on the interest rate. If say the interest is charge at at 8% per year. $2500 x 8% = $200 per year. So you want to pay in 4 yrs - ($200x4) $800 + $2500 = $3300
    You pay $68.75 per month for the next four years. This is just a rough guide. I have not include their so call admin charges. So there you go. You will be stuck with this thing for the next four years. As long you have not fully paid, you are not allow to sell!!!! Also new model would have appeared and you still stuck with the old model. If you settle earlier, there will be charges.

    2)The credit card way - Yes, it is interest free. Say you buy a camera for $3000 & want to pay in 12 months. The logic is $250 x 12 months. After that, it's fully paid. How it works is that every month, the bank will billed you for the monthly charges of $250/month x 12 months....... HOWEVER FOLKS, pls take note, if you are those whose card has existing outstanding & paying minimum amount in your bill every month, I suggest you don't used as interest will still be charge in your card. Why? You might asked. It is because of your exiting amount owning as long it is not fully settle before the next due date, interest will be imposed. So what is the interest free????
    Unless you are those whom has no outstanding amount owning or fully pay the bill on due date. this scheme will work for you.

    So guys, there you have it. I hope this will explained all concern that you guys have. Remember just don't get yourself in financial mess.

  17. #17

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    Nothing is free in this world

    If u take the 0%, u have to purchase at Recommended Selling Price or around there (depends on yr bargaining power)

    For a Nikon D70, would be $2288.

    If u pay in cash, u can actually bargain to as low as $2150 or even lower.

    The bank will only pay Harvey Norman $2150 or even lower, depending on their bulk purchase agreement. The difference is what the bank earn for interest.

    of course u can get a lower price by paying cash, but if yr budget does not permit, u can still get yr dream camera by paying slightly higher.

    so, it's actually a win-win solution.

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