Bill Me Later - Beware!
Dec 8, 2012 09:26:46 #
If you use eBay, you've probably seen their push for Bill Me Later, now owned by eBay. They offer 6 months interest free, and after that charge interest. Stay away from this.
A friend bought several items using it, and after 6 months he was hit with $181 in interest. Although he sent them lots of money during that 6 month period, they didn't apply it to pay off any single item. He had tried to communicate with them to make sure the payments were applied to specific items, but he never got a response. I don't know what the interest rate is, but it must be way up there.
It's a shame to see eBay doing something shady like this.
A friend bought several items using it, and after 6 months he was hit with $181 in interest. Although he sent them lots of money during that 6 month period, they didn't apply it to pay off any single item. He had tried to communicate with them to make sure the payments were applied to specific items, but he never got a response. I don't know what the interest rate is, but it must be way up there.
It's a shame to see eBay doing something shady like this.
Dec 8, 2012 09:59:14 #
Thanks for the heads up Ive just used it for a couple of purchases and will make sure I pay off right away
Dec 8, 2012 10:00:02 #
Did your friend contact them about this? I have talked to their customer service and they seem reasonable
Dec 8, 2012 11:20:01 #
Gtole wrote:
Did your friend contact them about this? I have talked to their customer service and they seem reasonable
Several emails went unanswered. I use the regular PayPal, and it comes right out of checking account, so there's no interest.
Dec 8, 2012 13:35:12 #
Are you sure it wasn't interest free if payed-off within six months? If he goes over the six months then no deal, pay as usual.
Dec 8, 2012 14:16:40 #
Bangee5 wrote:
Are you sure it wasn't interest free if payed-off within six months? If he goes over the six months then no deal, pay as usual.
Yes, that was the deal. The thing is, he bought several items, so when he made payments, how was that money applied? He emailed them saying he want it to go toward the first items he bought, but apparently, that didn't happen.
Well, it's his problem, but a lesson learned.
Dec 8, 2012 14:42:54 #
Many credit card companies do the same thing. (Capitol One for instance)
Even if you paid the original amount off any other charges will be billed at whatever ridiculous rate ( 19-20%)
Even if you paid the original amount off any other charges will be billed at whatever ridiculous rate ( 19-20%)
Dec 8, 2012 15:30:36 #
Gtole wrote:
Many credit card companies do the same thing. (Capitol One for instance)
Even if you paid the original amount off any other charges will be billed at whatever ridiculous rate ( 19-20%)
Even if you paid the original amount off any other charges will be billed at whatever ridiculous rate ( 19-20%)
And still the banks manage to dig themselves into a hole.
Dec 8, 2012 15:40:38 #
Well when you give 10 million dollar bonuses to executives that's what you get
Dec 8, 2012 15:43:28 #
Gtole wrote:
Well when you give 10 million dollar bonuses to executives that's what you get
It's a financial back-scratching club.
Dec 8, 2012 15:48:08 #
I just read the CEO of Capitol one received 341 million dollars in executive compensation in 5 years. And you wonder how he earns that....by screwing the people that use their services.
Dec 8, 2012 16:00:21 #
Gtole wrote:
I just read the CEO of Capitol one received 341 million dollars in executive compensation in 5 years. And you wonder how he earns that....by screwing the people that use their services.
Exactly. Banks spend millions every year hiring companies that find them ways to increase profits through bank fees.
Dec 8, 2012 16:44:20 #
I used to have a Bank of America card and a Chase card. I paid them off and cut them up. I love them paying postage on advertising and then I send them their paperwork back in the pre-paid envelope. Sometimes I put in other credit card company advertisement in with theirs.
Sarge69
Sarge69
Dec 8, 2012 17:39:22 #
sarge69 wrote:
I used to have a Bank of America card and a Chase card. I paid them off and cut them up. I love them paying postage on advertising and then I send them their paperwork back in the pre-paid envelope. Sometimes I put in other credit card company advertisement in with theirs.
Sarge69
Sarge69
I use my cards for the rebates/rewards they offer. I save 2 - 5% on gas, food, and Rx purchases.
Dec 9, 2012 05:32:50 #
Bill me later. I bought a Nikon d5100 payed it off
in 5 months . Had no proublems. There are lots
of stores that have 6 months with out interest.
Home Depot is one
in 5 months . Had no proublems. There are lots
of stores that have 6 months with out interest.
Home Depot is one
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