Anyone knows how?
- Thread starter sanfong
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They will charge full amount but your CC will bill you in monthly instalments. They get the full amount from CC first.
your monthly salary only $250 ? :bsmilie:
just a joke. you can call CC hotlines to increase the limit any time.
BTW, my advice is no money, dun buy. Save enough $, then you are ready.
default is limited to 2 months. You can call up the CC hotlines, if I am not wrong, 1 of the IVR option is increase credit.
Credit Card can pay more than credit limit, else how the wedding couples settle the wedding dinner at restaurant.
You need to call your bank and request for a temporary increase in the limit and submit the quote for the dinner.
ya forget mention is temporary increase.
I used to call CC hotlines to temporary increase my credit limit before I go travel oversea.
does this installlment they offer free of interest, say for 1-2 yrs.? just like Courts, Harvey one..???
Suggest you save enough $$$ before going into all these investments. Once you find yourself stucked with photographic equipment, you will try to source for more fundings to upgrade or enhance the equipment. Many got trapped into this credit facility.
I think better get away from Courts if you want instalment. They "kill people put fire", calculate the monthly pay back, its almost double the actual cost!
I think better get away from Courts if you want instalment. They "kill people put fire", calculate the monthly pay back, its almost double the actual cost!
not really... CC offers a 0% interest installment plan on Courts or any other shops...
I think better get away from Courts if you want instalment. They "kill people put fire", calculate the monthly pay back, its almost double the actual cost!
If you want to take on instalment as the last resource, it would be good to try to take as short a repayment period as possible like 1 yr or 6 months if they still have that. The longer the instalment period you take on might seem really cheap but if you work it out in total...you are luck if you are only paying twice as much as what that item(s) is worth. In more cases like a 4 yrs repayment you are paying alot more then that. Just imagine buying something that lastyou maybe 2 yrs of use and you are still paying for it two years later hehe...
Take a shorter loan period if you really have to or save up with what you earn and then buy it. YOu would be surprise that most purchase that you sometime feel or self "reason" yourself you really need it or have to have it...if you just delay the purchase by saving up a few months for it...you could end up not buying it and thank yourself for doing so. That is how instalment offer by stores or credit card works...it is to get you into a frenzy mode or get it all worked up about how good a deal they are giving that you put your common sense aside and sign on the dotted line.
For those who are using that lower-end credit card with that maximum $500. If you are already using one or have a few in your wallet. This is the best lesson youhave of learn how to handle credit and how to use it or NOT. Because by the time you earn enough to qualify for those normal card that give you as much as 2 times your monthly salary. You will be in a world of hurt that will not go away in a short time...it could keep you in debt year in ...year out for a long time..and I am not talking a few years...try a life time of just servicing interest every month with people chasing you for money every month end. I know of people are have been indebt to these credit card company for more then 10 yrs. In my younger days I was one myself but thank goodness it was a smaller sum which I paid off. But imgaine being stuff with so much debt that you have to stay in your job as it pay you enough to keep afloat and if you want to get another job you have to make sure you get paid the same or more. Now imagine if you hate your job but can't leave as no other job pays you enough to jump out. I have 1 friend who is without a girl friend simply because he has not enough money to have a date as 70% of his salary goes to paying off all his credit cards each month end.
As I say...if you have a problem handling just a single $500 limit credit card..imagine it getting worst when you have the power to get more. And trust me you will...as credit card company are not using the credit breareu to get your credit infor. If you have a clean one...ifyou get one card..it is not uncommon for more company to find that out and send you card or approve you even before you thought about signing up.
Be a master of what you want and need to have but not a slave to your wants and needs. Having less or less superior does not make you a loser or someone who is not serioues enough to take up this hobby of photography. How good you are is really not alway about being better then others but is a challenge within you and you have a life time to win it. You don't alway need to have the next best thing to take the best pictures. No use flashing your new equipment about town or be seen at a public event that takes place once in a while with your expensive camera gear and then go home to see that pile of credit card bills waiting for you and a phone that is on silent mode most of the time as you keep getting unlisted numbers calling you reminding you when you are paying your credit card on time. It is not worth it.
What is WORST...all Credit card company will report your credit default to the credit bureau. Good or bad review will be sent to the bureau to update your credit report. This will mean anyone will be able to check on your borrowing habit or report..this mean it can effect your ability to get more credit or loan like for a car or home..etc. Even imagine this is happening at a young age. By the time you want to buy a car or a home when you marry. This will have an impact on you like it or not.
Hate to be the wet blanket here lah.... I am not saying you should not borrow or take up a loan with a company or bank but do it with common sense.
Not true. Where in the world wouild a Credit Card company not make money or give you something for nothing. Well that is what every bank would want you to think so.
They will make money from you in one way or another. And in this case of the 0% of course they make money from you too apart from what they will get from the retailer.
Say we have 2 persons with credit cards. One has a new card with a 5000 credit line to it and the another have the same 5000 limit but have used up 2500. They both go into a camera shop to buy a camera each. Say it cost 3000. Who do you think will qualify for the 0% instalment from the CC company? The first one would as he have 5000 unused thus they can straightway deduct the 3000 from his 5000 available credit line and work out a instalment repayment plan.
For the second guy, he will not as his balance available is only 2500. Short 500. I don't think a tempoary credit increase can be use for this as a credit limit is only for 30 days ( these days..last time citibank give up to 3 month but heard it was so abuse that they stop it..far as I know) .So the second guy will not get the 0% from the CC. ( Unless he top up his card to have more then 3,000 balance less)
This is the problem...alot of people don't know that you must have the available credit balance left in order to get qualify for that 0% scheme. It is NOT A SEPARATE credit amount from your existing credit line. WHY not? Well this is how they make their money!. They will make you pay for the interest from that 3000 they deducted from your CC's credit line of 5000. It is like holding that 3000 as "hostage" till you finish your full instalment payment. I hope I explain that correctly.
As you know, how much you charge to your CC is what interest will be calculate each month. And what balance you still owe them, you could fully repay it all back and 'reset' your credit line to it's original amount or as MAJORITY would do ( as bank would gamble you will do this) you only pay the minimum sum each month. Doing so of course would mean you have alot still left unpaid..this is where the bank love you for it as this is where they make their money on the interest you still owe and the late payment if happen to past the due date for making payment. With citibank for example...each card you have with them..if you are late. Say you have two cards.. each will cost you $50+ in late fee. So just being later a day, you already down an additional 100+! plus addition of the interest on what's owed...and lord knows how much more that would be depending on what portion of the credit you have used up and also imagine you have 2 credit line with a few banks at the same time. It works out to a sum that you could have easily bought a 18-200mm Nikkor VR zoom by cash each month!
So that means since you bought the $3000 item, your credit card only have 2000 left for use for other things. Now even ifyou don't use the card and keep the balance at 2000, the 3000 you use up for the instalment will bear interest which you have to pay. SO!!~ silly don't you think when they say you pay "0%" but you actually do indirectly .....plus whatever late payment if you don't pay the instalment on time! Welcome to the real money world of banking. So you pay, the minimum sum for each month's payment in interest for whatever you use to purchase with your balance 2,000...PLUS... the monthly instalment amount ...AND PLUS....if you are late there is the late fee as well. It all adds up.
Now each month you pay back, your credit balance will get "replenished" so by the time you complete your 0% instalment in a 6 month, 1 yr or 2..for example, well you slowly get it back up to 5000. ( if you never use the card at all that is.)
Another reason why they do this is really to kick people started to using the card. What better way to offer it to get you going is to tempt you with your own desire for some big ticket item broken into smaller repayments. heh The idea is once you start...there will be a ( maybe large?) percentage of those who will keep doing so. That's why they do all those kind of advertisement. They are suppose to appeal to your wants and your needs. (remember that wonderful ad where they show a son buy his old dad a Harley Davison...touching yes?) Ad like this don't call out to your sense of logical and frugal thinking about the good and bad of spending on borrowed money.
I saw this documentary not too long back which is not shown here nor was it on cable as it is very anti-bank in the US and it involves a number of world big name banks. It it said banks have a name for a group of borrowers they hate. The bank calls them "dead beat" if I am not mistaken. It may surprise you to know that those folks they call "dead beat" are the ones who use thier CC responsibly, pay on time and never default on their repayment. They hardly make much more on them. The one banks love are those that use the cards, max out the card, owes the card balance and are late. This is really where they make the money.
So...think carefully before you start believer that in these world, you can still get freebies from BANKS! heheh....
Does everyone know which part of the bank business is their biggest life blood money earner? ..Credit card.
for me, credit card is just to help me make a payment (i.e. I don't have to carry the cash around) rather than as a means of "spreading" the payment out... especially if we are talking about buying "toys"... for big payments for necessities or for work needs, sure, its going to help spread the damage, but have to work out the financial implications...
actually I don't think its true anymore... the business is too competitive to produce fat margins nowadays... I think the current big money spinner is private banking... sorry for OT... ;p
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