Why would B&H promote this??

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mamallama
mamallama Forum Pro • Posts: 55,874
Re: Why would B&H promote this??

Jonsi wrote:

mamallama wrote:

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years. For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

Needs ?!

You realize this is a thread about financing camera equipment, right ?

Not feeding your family.

It morphed, however, into general credit card debts and to someone proud of being debt free without regards to just about camera equipment.

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sludge21017
sludge21017 Senior Member • Posts: 1,815
Re: Why would B&H promote this??
4

Store credit cards are near this APR you quote.

If you don't want $50 to $100 (insert your state tax rate) back on $1000 purchase, then don't get it. No one is forcing you.

The rest of us will enjoy the discount.

lilBuddha Veteran Member • Posts: 4,369
Re: Why would B&H promote this??

mamallama wrote:

tbcass wrote:

Timzee wrote:

tbcass wrote:

That is true and but have no sympathy for them. On the positive side it makes reward credit cards possible for those of us who can manage our finances properly.

How nice that you can manage your finances properly and don't have to count yourself among the many thousands of people who carry credit card debt as a way of getting by paycheck to paycheck. Yeah, but I'm sure they're all just irresponsible and just don't know to manage their finances.

That's right. In the long run it costs far more to pay credit card interest which, for many people, is the reason they live paycheck to paycheck. What is the answer. Don't buy anything you can't pay for even if that means living hand to mouth. If you depend on credit cards to get by then apparently you don't understand simple math and how to live on a budget. Rather than buying now with a credit card make payments to yourself until you have the cash to pay for it.

That is true for those who can pay for everything they need at the moment. For some others, sadly, not so much.

Credit can indeed be a problem for lower income people who need it to buy things they need. And camera gear could be one of those things.

However, before this card they had to find a way to finance the cost so nothing has changed. No one needs to use this card.

lilBuddha Veteran Member • Posts: 4,369
Re: Why would B&H promote this??
1

Marek M wrote:

mamallama wrote:

Marek M wrote:

mamallama wrote:

That is true for those who can pay for everything they need at the moment.

For some others, sadly, not so much.

They should work on their needs. I do not buy things that are not priced for me. I have not had any debts for many many years.

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years.

Absolutely. It is very fitting in a downright silly discussion of a credit card interest at a camera store. We are not talking basic needs here. We are talking about needs that can be easily suppressed.

For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

Fiscal irresponsibility would be number one. There are surely many cases of hardship, circumstances beyond control. But most, I venture to say, are not.

You obviously have no concept of how being poor works. Fiscal irresponsibility is not the number one cause of poverty by a long shot. Being born poor is the number one cause of poverty. The myth of upward mobility being only an application of will is ignorant.

seuadr Contributing Member • Posts: 614
Re: Why would B&H promote this??

lilBuddha wrote:

Marek M wrote:

mamallama wrote:

Marek M wrote:

mamallama wrote:

That is true for those who can pay for everything they need at the moment.

For some others, sadly, not so much.

They should work on their needs. I do not buy things that are not priced for me. I have not had any debts for many many years.

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years.

Absolutely. It is very fitting in a downright silly discussion of a credit card interest at a camera store. We are not talking basic needs here. We are talking about needs that can be easily suppressed.

For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

Fiscal irresponsibility would be number one. There are surely many cases of hardship, circumstances beyond control. But most, I venture to say, are not.

You obviously have no concept of how being poor works. Fiscal irresponsibility is not the number one cause of poverty by a long shot. Being born poor is the number one cause of poverty. The myth of upward mobility being only an application of will is ignorant.

all they have to do is stop being poor! 

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Jonsi
Jonsi Senior Member • Posts: 4,126
Re: Why would B&H promote this??

mamallama wrote:

Jonsi wrote:

mamallama wrote:

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years. For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

Needs ?!

You realize this is a thread about financing camera equipment, right ?

Not feeding your family.

It morphed, however, into general credit card debts and to someone proud of being debt free

I see.  He offended you.

PieterB
PieterB Senior Member • Posts: 1,456
Re: Why would B&H promote this??

Timzee wrote:

Spent tens of thousands of dollars over decades at B&H and have never had anything negative to say about them. However when I received my last order from them ($300) there was a card inserted promoting this "Payboo" card that one could use to save sales tax in some instances.

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%?!

Now obviously if one pays the balance before the due date they can avoid this ridiculous surcharge, but hey-- I can't imagine why B&H would want to have anything to do with this card.

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".

Just my $.02...

That is the big difference between the USA and most European countries. Every month all I am due to the credit card company will be automatically paid to the credit card company.

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tbcass
tbcass Forum Pro • Posts: 43,211
Re: Why would B&H promote this??

mamallama wrote:

That is true for those who can pay for everything they need at the moment. For some others, sadly, not so much.

I suspect it's uncommon for people to pay for something they need rather than want with a credit card when they can't pay it off right away. All the people I know who got themselves into a credit card hole did it by overextending themselves buying things they don't need. Let's remember this got started because of some credit card offered by B&H. I can't think of anything we truly need sold by B&H except possibly somebody just starting out as a pro photographer who's only camera just broke. In that case they still should pay off the credit bill as fast as possible or get a personal loan from a bank that has a much lower interest rate.

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Tom

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tbcass
tbcass Forum Pro • Posts: 43,211
Re: Why would B&H promote this??
1

mamallama wrote:

Marek M wrote:

mamallama wrote:

That is true for those who can pay for everything they need at the moment.

For some others, sadly, not so much.

They should work on their needs. I do not buy things that are not priced for me. I have not had any debts for many many years.

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years. For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

He should be proud because he got that way by being responsible with his finances. There are legitimate reasons why someone can get into financial trouble but using a credit card in such circumstances is a bad idea because it only delays the inevitable.

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Tom

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tbcass
tbcass Forum Pro • Posts: 43,211
Nothing to do with credit card debt.
1

lilBuddha wrote:

You obviously have no concept of how being poor works. Fiscal irresponsibility is not the number one cause of poverty by a long shot. Being born poor is the number one cause of poverty. The myth of upward mobility being only an application of will is ignorant.

That has nothing to do with getting into credit card debt because those people won't even qualify for one. Even if they could they would be better off getting public assistance. Most of the people that get into trouble with credit card debt are middle income. Poor people are, out of necessity, a lot smarter about handling their finances.

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Tom

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lilBuddha Veteran Member • Posts: 4,369
Re: Nothing to do with credit card debt.

tbcass wrote:

lilBuddha wrote:

You obviously have no concept of how being poor works. Fiscal irresponsibility is not the number one cause of poverty by a long shot. Being born poor is the number one cause of poverty. The myth of upward mobility being only an application of will is ignorant.

That has nothing to do with getting into credit card debt because those people won't even qualify for one. Even if they could they would be better off getting public assistance. Most of the people that get into trouble with credit card debt are middle income.

Whilst most of the debt is by people with more money, there is a lot of room between abject poverty and middle income. Plenty of room for people to obtain credit and yet still struggle.

Poor people are, out of necessity, a lot smarter about handling their finances.

Not in my experience. Poor people are on the same spectrum of responsibility that everyone else is. Some people manage well, others manage poorly, most somewhere in-between; same as every other income bracket.

Marek M Contributing Member • Posts: 960
Re: Why would B&H promote this??
1

lilBuddha wrote:

Marek M wrote:

mamallama wrote:

Marek M wrote:

mamallama wrote:

That is true for those who can pay for everything they need at the moment.

For some others, sadly, not so much.

They should work on their needs. I do not buy things that are not priced for me. I have not had any debts for many many years.

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years.

Absolutely. It is very fitting in a downright silly discussion of a credit card interest at a camera store. We are not talking basic needs here. We are talking about needs that can be easily suppressed.

For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

Fiscal irresponsibility would be number one. There are surely many cases of hardship, circumstances beyond control. But most, I venture to say, are not.

You obviously have no concept of how being poor works.

You have no clue.

I started at the bottom, new language, new country, no friends, no relations.

Fiscal irresponsibility is not the number one cause of poverty by a long shot.

Poverty has nothing to do what is discussed here. What we are discussing is camera store, with high value purchases. How did poverty get into this?

Being born poor is the number one cause of poverty. The myth of upward mobility being only an application of will is ignorant.

There are enough examples on both sides of the argument to void both yours and mine assertions.

Granted , multiple children are not a helping cause.

lilBuddha Veteran Member • Posts: 4,369
Re: Why would B&H promote this??

Marek M wrote:

lilBuddha wrote:

Marek M wrote:

mamallama wrote:

Marek M wrote:

mamallama wrote:

That is true for those who can pay for everything they need at the moment.

For some others, sadly, not so much.

They should work on their needs. I do not buy things that are not priced for me. I have not had any debts for many many years.

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years.

Absolutely. It is very fitting in a downright silly discussion of a credit card interest at a camera store. We are not talking basic needs here. We are talking about needs that can be easily suppressed.

For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

Fiscal irresponsibility would be number one. There are surely many cases of hardship, circumstances beyond control. But most, I venture to say, are not.

You obviously have no concept of how being poor works.

You have no clue.

I started at the bottom, new language, new country, no friends, no relations.

Because it can be done does not mean it is easily done for everyone.

Fiscal irresponsibility is not the number one cause of poverty by a long shot.

Poverty has nothing to do what is discussed here. What we are discussing is camera store, with high value purchases. How did poverty get into this?

Seriously? Read your interaction contained within this post, you mightn't have meant to discuss poverty, but it certainly reads that way.

Not everything sold at B&H is "high value". This tangent got started and has continues because of the binary thinking introduced early in the thread.

Being born poor is the number one cause of poverty. The myth of upward mobility being only an application of will is ignorant.

There are enough examples on both sides of the argument to void both yours and mine assertions.

That is not how evaluating circumstances works. The American comedian George Burns smoked cigars daily and lived to be 100, but it is asinine to then conclude that there is evidence that smoking being healthy.

Granted , multiple children are not a helping cause.

Again with the rubbish stereotyping and problematic views.

Black Elk
Black Elk Regular Member • Posts: 127
Re: Why would B&H promote this??
1

Amazing the direction this thread has taken...............rich/poor, paying/not paying credit card charges, number of children in a family. Bet the OP never saw this coming. Of course, this is DPREVIEW and anything can happen.

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Vaughan K.

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lilBuddha Veteran Member • Posts: 4,369
Re: Why would B&H promote this??

Black Elk wrote:

Amazing the direction this thread has taken...............rich/poor, paying/not paying credit card charges, number of children in a family. Bet the OP never saw this coming. Of course, this is DPREVIEW and anything can happen.

Not amazed by it. Non-sequiter is almost a feature here.

Laybourne
Laybourne Forum Member • Posts: 57
Re: Why would B&H promote this??

Marek M wrote:

Laybourne wrote:

Black Elk wrote:

Jonsi wrote:

Black Elk wrote:

Yup. Henry can spin this anyway he wants but the bottom line is that B&H is gonna make money off of this. I have no problem with a business making money......it is how they do it. Both will come out ahead. Caveat emptor. Looks like I will be going elsewhere for my camera gear.

Lol. These posts are always funny.

You don't get it.....the bottom line is profit. B&H is doing no one a favor in the long run.

Good post. Corporate social responsibility (CSR) has grown in prominence these days , which means it's important not just to make money, but to make it the right way.

What is wrong with the way BH do business?

It was their choice to do business with the bank in question. They could have said NO to the high interest rates.

Admittedly, I'm not an expert in predatory lending law, but here's what Wikipedia has to say: "While there are no legal definitions in the United States for predatory lending per se, a 2006 audit report from the office of inspector general of the Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined..."

Credit card interest? Please, they are not a bank. You do not pay a penny in interest if you are a responsible buyer.

They give you the rules up front. Nothing hidden.

How is it not making money the right way?

Businesses that can't see further than their own $$$ are out of step with the times.

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mamallama
mamallama Forum Pro • Posts: 55,874
Re: Why would B&H promote this??
1

tbcass wrote:

mamallama wrote:

Marek M wrote:

mamallama wrote:

That is true for those who can pay for everything they need at the moment.

For some others, sadly, not so much.

They should work on their needs. I do not buy things that are not priced for me. I have not had any debts for many many years.

Good for you. You sound so proud of yourself in letting us know that you have been debt free for many years. For various reasons, some are not as fortunate as you no matter how hard they work on their needs.

He should be proud because he got that way by being responsible with his finances. There are legitimate reasons why someone can get into financial trouble but using a credit card in such circumstances is a bad idea because it only delays the inevitable.

There is no need, however, to chastise those who are unable to be debt free while beating your own chest.

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Michael Fryd
Michael Fryd Forum Pro • Posts: 11,474
Re: Why would B&H promote this??
2

Laybourne wrote:

Marek M wrote:

Laybourne wrote:

Black Elk wrote:

Jonsi wrote:

Black Elk wrote:

Yup. Henry can spin this anyway he wants but the bottom line is that B&H is gonna make money off of this. I have no problem with a business making money......it is how they do it. Both will come out ahead. Caveat emptor. Looks like I will be going elsewhere for my camera gear.

Lol. These posts are always funny.

You don't get it.....the bottom line is profit. B&H is doing no one a favor in the long run.

Good post. Corporate social responsibility (CSR) has grown in prominence these days , which means it's important not just to make money, but to make it the right way.

What is wrong with the way BH do business?

It was their choice to do business with the bank in question. They could have said NO to the high interest rates.

Admittedly, I'm not an expert in predatory lending law, but here's what Wikipedia has to say: "While there are no legal definitions in the United States for predatory lending per se, a 2006 audit report from the office of inspector general of the Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined..."

Credit card interest? Please, they are not a bank. You do not pay a penny in interest if you are a responsible buyer.

They give you the rules up front. Nothing hidden.

How is it not making money the right way?

Businesses that can't see further than their own $$$ are out of step with the times.

It's an interesting question as to how much the state should treat citizens as children.

Some people are in situations where any loan to that individual is a high risk loan, as there is a noticeable chance of default.   Lenders need to charge higher interest rates for these loans, as some of these loans will either default, or incur significant collection costs.

Should the state make a blanket prohibition on such high interest loans, under the assumption that the individual would be making a mistake in taking out such a loan, or should the state allow such loans, under the assumption that not everyone is an idiot, and it sometimes makes sense to borrow money at high interest rates.

But that's a bit off topic.

The real topic here is where B&H is somehow morally wrong for making this program available. The program has the potential for saving people money by providing higher than average cash back rewards.  It also has the potential for allowing people to take out high interest loans they might be better off without.

By the way, the fact that something can be used both for good or bad is nothing specific to credit cards.   Diet programs can play an important role in a person's health.  Abused, the same diet programs can cause major health problems.

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Tuloom Veteran Member • Posts: 3,155
Re: Why would B&H promote this??
1

Black Elk wrote:

Amazing the direction this thread has taken...............rich/poor, paying/not paying credit card charges, number of children in a family. Bet the OP never saw this coming. Of course, this is DPREVIEW and anything can happen.

A lot of people believed it when mommy told them their opinions matter. Some just never grow out of it. I blame Dr. Spock.

Marek M Contributing Member • Posts: 960
Re: Why would B&H promote this??
1

lilBuddha wrote:

Granted , multiple children are not a helping cause.

Again with the rubbish stereotyping and problematic views.

Thank you for supporting unrestricted population growth and resulting poverty.

We are beyond DPR scope.

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