Worth buying DSLR with CC 0% installment ?

[VainKid]

as above. anyone doing that ? please advice

 

[sk2004]

I do. I use installment to pay for my expensive lens..However, places that offer CC installment might be selling the stuff more expensive as compared to shops that only accept cash or NETS. So you need to work out the sum and see if it is really worth doing that...

 

[Chan Mali Chan]

me too... just before hari raya, i bought a Canon 500D kit 2 at harvey norman for S$2099/36mths, monthly abt S$58... before i bought it, i've went to various places for price checking, MS color S$1890 cash, cathay photo S$1860 cash, Canon Service Centre S$1667 with old canon pns trade in... in the end i chose harvey norman due to the 36mths 0% instalment..

 

[xhui]

Do remember new bodies/lenses are released pretty often. When you sign on that dotted line, and the time you finish your installments, will you keep your body/set for that long or will you be "stuck" with the installments and be paying for an "outdated" camera. Factor in 1, 2, 3 years down the road (depending how long is your installment) if you'll still be hanging on to that body/camera you sign for. Just my 2c.

 

[benruane]

I do. I use installment to pay for my expensive lens..However, places that offer CC installment might be selling the stuff more expensive as compared to shops that only accept cash or NETS. So you need to work out the sum and see if it is really worth doing that...

Agree with this. I got my new PC a couple of months back this way, too. But as with anything to do with credit cards, just be careful, you know? Insofar as the ticket price isn't inflated, and you don't let the cumulative monthly installments build up (i.e. from a few installment purchases), then 0% installments are a gift from above! If the banks want to give us an interest-free loan, then sure. Just make sure you can sustain the monthly payments over the installment period, cos credit card debt is a killer if you get out of your depth.

For me, I ask myself a very conservative question: can I afford to pay for this [whatever] with cash, upfront, now? If YES, then absolutely I'll let the bank stump up the cash now for the [whatever]. Better for me as I can keep that cash and earn some interest on it (paltry though it may be), right? I'd limit the installment to 12-mths, tho. If NO, then I won't take the installment and will save the cash until I can afford it. Patience is a virtue, albeit a pain-in-the-ass type of virtue. Which also makes me want to add that these plans can encourage impulse buys. So, I'd only do this for something I'm planning to buy anyway and for something that I am SURE is something I need.

If you're in any doubt, don't do it. Last thing you want is lawyer letters from the banks, eh?

 

[CS TAN]

Well, one more thing to factor in - CC annual charge. Once you are on installment payment, some banks will not be waiving the annual CC charges and if you cancel the CC with installment still on, there might be a penalty for early payment. So, at the end, there might be extra charges even if you are not paying interests.

 

[VainKid]

thanks for everyone's advice. instead of 36 month, do they allow 12 / 24 month? sorry i'm dont intend to flip my camera once every few years. planning to buy one for weekend / year end travelling purposes only. not a regular shooter. Anyway among courts harvey best denki etc.. which company gives the best deal during IT fair ? planning to hoot in dec coming SITEX

 

[VainKid]

Well, one more thing to factor in - CC annual charge. Once you are on installment payment, some banks will not be waiving the annual CC charges and if you cancel the CC with installment still on, there might be a penalty for early payment. So, at the end, there might be extra charges even if you are not paying interests.

Hi thanks for your concern i just received my citi clear card recently so i still have some time left and i planning for a 12 month plan only as i dont wanna drag too long

 

[Sunny815]

make sure u dont charge only the installment lor.. use the card on other stuff without installment too.. then can ask them to waive off the annual fee..

 

[VainKid]

make sure u dont charge only the installment lor.. use the card on other stuff without installment too.. then can ask them to waive off the annual fee..

thanks for the tips... grr i am new to cc also

 

[Jeremy1]

Well, one more thing to factor in - CC annual charge. Once you are on installment payment, some banks will not be waiving the annual CC charges and if you cancel the CC with installment still on, there might be a penalty for early payment. So, at the end, there might be extra charges even if you are not paying interests.

Not really, as I had done that before. They will still waived for you.

I find that 12/24/36 month installment is good as a form of your cash management.

Of course paying cash, the price will always be lower.

 

[clioboy]

just don't let the cc payment lapse

 

[xhui]

thanks for everyone's advice. instead of 36 month, do they allow 12 / 24 month? sorry i'm dont intend to flip my camera once every few years. planning to buy one for weekend / year end travelling purposes only. not a regular shooter. Anyway among courts harvey best denki etc.. which company gives the best deal during IT fair ? planning to hoot in dec coming SITEX

actually its not only these places (courts, harvey norman, best) that offers 0% cc installment plans. so far places like CathayPhoto, MS Color has them as well. Just call and ask if any price difference if you're paying with the installments. (at least i know CP doesn't increase the price when they hear you paying with CC, but of course more discounts can be given if you pay by cash/nets).

 

[Rubber_Duck]

Installment 36 months... that is very long..!!!!

During the 36 months there will be many update model coming out......:sweat:

The diff will be abt $200.. this extra cash you can buy memory card, filter, Dry cabinet and etc......

But still is your choice.....

 

[infinity]

Hi, imho, don't keep the payment period for too long (as mentioned by some) unless you like the feeling of being in debt!
It's always good to pay in cash, alternate is CC but opt for a period comfortable to you (I see 6 / 12 months norm and still ok). Remember Jack Neo's movie - Money Not Enough I? Everything pay by CC, you lost count of your "real" finances! Be careful......

 

[sagiluck]

the closet match with street price will be during comex/sitex etc, the fact that buying with cc installment from bigger players such as HN means it will be at SRP but you still get the freebies and normally they will also waive your first month installmment (worth 5% for 24 mths plan )

edit : 0% installment are addictive but must really know how to control. one item might cost only 45/mth ( eg 1k ish DSLR for 24 mths) but if multiple item at once...... they you might lost control.. ended up monthly paying hundreds before you swipe the card.

 

[lsisaxon]

Well, one more thing to factor in - CC annual charge. Once you are on installment payment, some banks will not be waiving the annual CC charges and if you cancel the CC with installment still on, there might be a penalty for early payment. So, at the end, there might be extra charges even if you are not paying interests.

Bottomline.. Use the cards with cheaper annual fee to service the IPP. Then you can terminate the more expensive cards when you need to.