Why would B&H promote this??

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Black Elk
Black Elk Regular Member • Posts: 124
Re: Why would B&H promote this??
1

Tuloom wrote:

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.

Excellent response.

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Jonsi
Jonsi Senior Member • Posts: 4,103
Re: Why would B&H promote this??
2

Black Elk wrote:

Amazing the direction this thread has taken...............rich/poor, paying/not paying credit card charges, number of children in a family.

.... people claiming they'll never shop there again...

Bet the OP never saw this coming.

We all did.

Happens every time these types of threads occur.

lilBuddha Veteran Member • Posts: 4,368
Re: Why would B&H promote this??

Marek M wrote:

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.

And thank you for perpetuating the attitude that make is hard to create real change and helps hide the theft of the opportunity by those who benefit from the myth.

We are beyond DPR scope.

Yep.

lilBuddha Veteran Member • Posts: 4,368
Re: Why would B&H promote this??

Tuloom wrote:

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.

You realise, In hope, the irony of stating your opinion on this.

Tuloom Veteran Member • Posts: 3,153
Re: Why would B&H promote this??
1

lilBuddha wrote:

Tuloom wrote:

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.

You realise, In hope, the irony of stating your opinion on this.

No, I didn't!  Thanks, Alannis!

I'm a better person now.

lilBuddha Veteran Member • Posts: 4,368
Re: Why would B&H promote this??

Tuloom wrote:

lilBuddha wrote:

Tuloom wrote:

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.

You realise, In hope, the irony of stating your opinion on this.

No, I didn't! Thanks, Alannis!

I'm a better person now.

Call me skeptical

Tuloom Veteran Member • Posts: 3,153
Re: Why would B&H promote this??
1

lilBuddha wrote:

Tuloom wrote:

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.

You realise, In hope, the irony of stating your opinion on this.

Are you saying it's like rain on your wedding day or a free ride when you've already paid?

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

lilBuddha wrote:

Marek M wrote:

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.

And thank you for perpetuating the attitude that make is hard to create real change

What did you do to create that "change"?

How did I ever stop you?

and helps hide the theft of the opportunity by those who benefit from the myth.

We are beyond DPR scope.

Yep.

n3eg
n3eg Senior Member • Posts: 2,598
Re: Why would B&H promote this??

BrownieVet wrote:

While I pay $105 annual membership fee...

As a long time card holder, you can do some arm twisting and get them to waive fees.

Threatening to cancel a card can also give you some leverage.

Been there, done that.

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LoneTree1 Senior Member • Posts: 1,115
Re: Why would B&H promote this??

Black Elk wrote:

CMCM wrote:

From the credit card company's point of view (Synchrony Bank), they know that 38-40% of people carry a balance, so they'll make it back in interest fees that are much higher than the tax amount. B&H is huge, so no telling what kind of deal they struck with Synchrony.

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.

Camera sales are toilet-bound.  They need alternate revenue streams.  Exploiting the least valuable customers is a last-ditch kind of thing.

BrownieVet Senior Member • Posts: 1,824
Not a Wrestler here!

n3eg wrote:

BrownieVet wrote:

While I pay $105 annual membership fee...

As a long time card holder, you can do some arm twisting and get them to waive fees.

Threatening to cancel a card can also give you some leverage.

Been there, done that.

No need for me to do arm twisting. My Bank Card provider has a NO Annual Fee card but I prefer the NO Hassle peace of mind my $105 Annual Fee provides.

_

Have been with this bank card provider since 1993. My wife and I travel extensively. This bank had reversed over $25K fraudulent charges from merchants abroad.

Karl Huber Forum Member • Posts: 88
Re: Why would B&H promote this??

So B & H can accumulate more gelt.

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Sara Valentine Contributing Member • Posts: 880
Potentially a bad deal for B&H

if all the card users are paying their balances, the interest won’t be there to offset these credits and B&H will be losing out on around 6-10% of the revenue.

OP Timzee Senior Member • Posts: 1,052
Re: Why would B&H promote this??

Black Elk wrote:

Bet the OP never saw this coming. Of course, this is DPREVIEW and anything can happen.

Nah, unfortunately the thread drift, the combative or insulting comments were all to predictable. Stopped replying to those posts a long time ago.

There's some truly knowledgeable and helpful participants here who generously share that knowledge but unfortunately many threads get intertwined with some members who for whatever reason can't seem to resist making negative comments of a personal nature.

Mercifully the thread count is inching towards the 150 "put it to bed" point. 

dumpsterfire
dumpsterfire Junior Member • Posts: 36
Re: Why would B&H promote this??

mamallama wrote:

They pay your sales tax to get you indebted in an outrageously high interest credit card. What could go wrong?

Pay the balance immediately and the interest rate attached to this card is a non-issue.

People who have difficulty figuring that simple fact out, or difficulty in general managing their finances, may find themselves caught out. But those people will struggle regardless of this fantastic new B&H program.

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

LoneTree1 wrote:

Black Elk wrote:

CMCM wrote:

From the credit card company's point of view (Synchrony Bank), they know that 38-40% of people carry a balance, so they'll make it back in interest fees that are much higher than the tax amount. B&H is huge, so no telling what kind of deal they struck with Synchrony.

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.

Camera sales are toilet-bound. They need alternate revenue streams. Exploiting the least valuable customers is a last-ditch kind of thing.

I like your use of the word "exploit."

It's one of the best words in the dictionary to use when discussing this--for want of a better phrase--tax-dodging card?

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sybersitizen Forum Pro • Posts: 13,453
Re: Why would B&H promote this??

Timzee wrote:

Black Elk wrote:

Bet the OP never saw this coming. Of course, this is DPREVIEW and anything can happen.

There's some truly knowledgeable and helpful participants here who generously share that knowledge ...

So, I'm wondering ... how has that shared knowledge worked out? Do you now get the why of this program? Do you feel more accepting about it than you did when you started the thread? When you were informed that virtually every store credit card (as opposed to general purpose credit card) charges pretty much that same APR of close to 30%, did that relieve some of your concerns? Are you concerned about the other thing regarding the ethics of consumers being credited (reimbursed) for the exact cost of their local sales tax (if any) rather than the more common approach of getting a set cash back percentage of a transaction? Are you concerned about who actually pays for that reimbursement? (*) Have you thought about the possibility that this program, AFAIK only currently offered at B&H, could become a common offering among many other retailers? How will you feel if it becomes a ubiquitous way of doing business?

(* At the end of the day, consumers and regular folks in general are the ones who always end up paying for everything.)

Mercifully the thread count is inching towards the 150 "put it to bed" point.

True. I wonder if you'll have the opportunity to respond before then.

Marty4650
Marty4650 Forum Pro • Posts: 15,400
You are 100% wrong
1

LoneTree1 wrote:

Black Elk wrote:

CMCM wrote:

From the credit card company's point of view (Synchrony Bank), they know that 38-40% of people carry a balance, so they'll make it back in interest fees that are much higher than the tax amount. B&H is huge, so no telling what kind of deal they struck with Synchrony.

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.

Camera sales are toilet-bound. They need alternate revenue streams. Exploiting the least valuable customers is a last-ditch kind of thing.

I have no idea what world you live on, but giving a generous rebate to a customer isn't "exploitation."

It is the exact opposite.

It is a reward designed to attract or retain a customer. It is price competition in the marketplace. And it is entirely voluntary. If you prefer to pay more, then some other vendor will gladly charge you more.

Very few forms of "exploitation" are voluntary.

Most of us live in a world where a 2% or 3% cashback bonus is considered generous. Yet you claim a bonus that could be as high as 11.63% in some parts of California is somehow "exploitation."

What B&H is doing here is cutting their OWN profit margin to gain a competitive advantage over their market rivals. This will surely cost them money, since their cut of that 29.99% APR wouldn't be very much more than Amazon's cut of the 24% APR that bank cards impose.

Amazon may not care about it, but I bet Adorama has considered doing the same thing, since they are only a mile away from B&H, and compete for the same walk in customers.

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Marty4650
Marty4650 Forum Pro • Posts: 15,400
Re: Potentially a bad deal for B&H
1

Sara Valentine wrote:

if all the card users are paying their balances, the interest won’t be there to offset these credits and B&H will be losing out on around 6-10% of the revenue.

There is absolutely no doubt about it. They would lose 6-10% of their revenue IF all their credit card users used the Payboo Card and paid their balance in full when they got their statements.

But I think that a thorough and careful cost analysis has already been done by B&H and whoever owns Payboo. They already know what percentage of customers pay bills in full, and what percentage carry a balance from month to month. So the actual cost to B&H might be much smaller, perhaps half that much. And some of that cost might be offset if Payboo shares some of that "extra interest rate" with B&H. Or if the overall marketing plan generates significantly more volume.

It surely is a risk that B&H has decided to take. And the odds are, they already thought it out before making the decision. And you are right. They are taking a risk.

If it does cost them too much, they can simply end the program, after giving their customers appropriate notice. Many other cash rebate plans have been started and stopped long before this one came into existence.

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mamallama
mamallama Forum Pro • Posts: 55,858
Re: You are 100% wrong

Marty4650 wrote:

LoneTree1 wrote:

Black Elk wrote:

CMCM wrote:

From the credit card company's point of view (Synchrony Bank), they know that 38-40% of people carry a balance, so they'll make it back in interest fees that are much higher than the tax amount. B&H is huge, so no telling what kind of deal they struck with Synchrony.

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.

Camera sales are toilet-bound. They need alternate revenue streams. Exploiting the least valuable customers is a last-ditch kind of thing.

I have no idea what world you live on, but giving a generous rebate to a customer isn't "exploitation."

It is the exact opposite.

It is a reward designed to attract or retain a customer. It is price competition in the marketplace. And it is entirely voluntary. If you prefer to pay more, then some other vendor will gladly charge you more.

Very few forms of "exploitation" are voluntary.

Most of us live in a world where a 2% or 3% cashback bonus is considered generous. Yet you claim a bonus that could be as high as 11.63% in some parts of California is somehow "exploitation."

Are you saying the "no tax" benefit applies to every purchase? I think it just applies to internet purchases from B&H? As such I think your as much as 11.63% bonus is not accurate.

What B&H is doing here is cutting their OWN profit margin to gain a competitive advantage over their market rivals. This will surely cost them money, since their cut of that 29.99% APR wouldn't be very much more than Amazon's cut of the 24% APR that bank cards impose.

Amazon may not care about it, but I bet Adorama has considered doing the same thing, since they are only a mile away from B&H, and compete for the same walk in customers.

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