Why would B&H promote this??

Started 2 months ago | Discussions thread
Michael Fryd
Michael Fryd Forum Pro • Posts: 11,256
Re: Why would B&H promote this??

BrownieVet wrote:

Timzee wrote:

* * * snip * * *

Searched here and found a few discussions related to Payboo and I have to admit it sounded good UNTIL I looked into the terms. The annual Percentage Rate (APR) for
Purchases is 29.99 per cent! Further searches reveals the average APR these days is 17.73% which is high enough, but 30%?!

The APR of my credit card is 11.9% but since I always pay the entire balance as soon as the bill arrive, I never pay a single red penny for interest. Have been doing that for 49 years. While I pay $105 annual membership fee, I get over $2K rebate. I only make purchase when I have money for that purchase.

Now obviously if one pays the balance before the due date they can avoid this ridiculous surcharge,

If I were you, I'll use the card to save on the sales tax BUT pay the bill in full before the due date. So as not to forget, pay the bill as soon as it arrive.

Would I use it? Well, I guess if I was buying an expensive item from their store I'd have to consider it, but at the same time it would leave me with a bitter taste by promoting this "service".

Don't take it personal. Use it to your advantage.

Just my $.02...

The fine print for the payboo card is online at https://etail.mysynchrony.com/cs/groups/public/documents/et_tcdoc/e054945.pdf

For "promotional purchases" they charge interest from the purchase date, even if you pay each statement in full at the end of the month.

It is not clear to me whether the sales tax rebate makes the transaction a "promotional purchase."   If it is a promotional purchase, you pay interest from the data of purchase, even if you pay in full each month.

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