What's your Payboo experience?

[maverick256]

Hey everyone, so I'm probably due for a large purchase of camera and lens this year some time. I live in NYC, so B&H seems like an obvious choice. I want to get their Payboo card to get that sweet sweet savings on the sales tax.

But, from looking at online reviews, it seems that there are some issues with Payboo ever since it was switched to Comenity. There were bad experiences including application, website, and payment stuff, and credit scores getting dinged. There are complaints about the interest rate as well, but I never carry a balance on any of my cards so that doesn't bother me.

I did a general search on this forum about Payboo, and mostly saw pretty good things? but I just want post a thread to explicitly ask about your experience with Payboo so I know what I might expect.

Thanks so much!

 

[jrkliny]

I signed up and used the new Payboo to buy a new camera. I paid off the balance immediately and have had no issues. Clearly you do not want to carry a balance due to the very high interest rate.

 

[maverick256]

That's good to know! Did you signed up for the card after the switch to Comenity?

 

[jrkliny]

Yes. I also had the old Payboo card and used it with no issues.

 

[HRC2016]

While I can't speak directly I've never been enticed by Payboo or similar cards.

My regular card automatically doubles the manufacturers warranty, which has saved me a couple hundred dollars on some purchases. Plus, the cash back.

That adds up to more than the sales tax in my book.

 

[Wildkits]

Hey everyone, so I'm probably due for a large purchase of camera and lens this year some time. I live in NYC, so B&H seems like an obvious choice. I want to get their Payboo card to get that sweet sweet savings on the sales tax.

But, from looking at online reviews, it seems that there are some issues with Payboo ever since it was switched to Comenity. There were bad experiences including application, website, and payment stuff, and credit scores getting dinged. There are complaints about the interest rate as well, but I never carry a balance on any of my cards so that doesn't bother me.

I did a general search on this forum about Payboo, and mostly saw pretty good things? but I just want post a thread to explicitly ask about your experience with Payboo so I know what I might expect.

Thanks so much!

I had the card before and after the switch in banks. There were issues with the transition including a significantly reduced credit limit (I was planning to max out the previous, higher balance), which resulted in my getting less than 100% of the tax paid but more than 75%.

Since that initial purchase, I've no problems with the card with taxes on multiple purchases excused without a glitch. Suffice to say that I've saved many $100s (almost certainly over $1000) using the PayBoo tax coverage program. No other rewards card benefit comes close in value to what I've saved using the PayBoo card. Of course, it keeps me tethered to B&H for most of my electronics purchases. It was a close call on a recent Apple Mac Studio computer. I ended up buying directly from Apple using an educational discount, but the difference in price was very small.

In short, I recommend the card and program for anyone who pays their credit balance in full each month.

 

[john isaacs]

Hey everyone, so I'm probably due for a large purchase of camera and lens this year some time. I live in NYC, so B&H seems like an obvious choice. I want to get their Payboo card to get that sweet sweet savings on the sales tax.

But, from looking at online reviews, it seems that there are some issues with Payboo ever since it was switched to Comenity. There were bad experiences including application, website, and payment stuff, and credit scores getting dinged. There are complaints about the interest rate as well, but I never carry a balance on any of my cards so that doesn't bother me.

I did a general search on this forum about Payboo, and mostly saw pretty good things? but I just want post a thread to explicitly ask about your experience with Payboo so I know what I might expect.

Thanks so much!

I had the card before and after the switch in banks. There were issues with the transition including a significantly reduced credit limit (I was planning to max out the previous, higher balance), which resulted in my getting less than 100% of the tax paid but more than 75%.

Since that initial purchase, I've no problems with the card with taxes on multiple purchases excused without a glitch. Suffice to say that I've saved many $100s (almost certainly over $1000) using the PayBoo tax coverage program. No other rewards card benefit comes close in value to what I've saved using the PayBoo card. Of course, it keeps me tethered to B&H for most of my electronics purchases. It was a close call on a recent Apple Mac Studio computer. I ended up buying directly from Apple using an educational discount, but the difference in price was very small.

In short, I recommend the card and program for anyone who pays their credit balance in full each month.

I recommend setting the card up with automatic payments so you never miss a payment and incur interest, penalties, and credit ding. I always set mine up for full payment, but if you don't maintain sufficient balance in your bank account then at least set it up for minimum payment.

 

[CraigDB]

I think I got my card right around the time of the switch and that had delayed by several months the card and account details. B&H was still able to access the card info and process payments; it's just that I didn't have the account number. Billing had also been delayed during that period, but no interest charges were accrued.

Once that was cleared up, I've made other purchases and have had no issues. My experience has been positive. This account is only used for B&H purchases and always paid in full.

 

[WarrenPeas]

Hey maverick256,

I had the original PayBoo and eventually cancelled it. I decided to re-apply when they switched to Comenity. The process was fine. I had a large purchase which I payed off before a month's time. Last thing you'll ever want to incur is the ginormous penalty fees. I always pick up from the store, and I'm sure as hell please saving the NYC tax!

--
IG: @AlexFotozNYC

 

[plantdoc]

One catch is if you return items you get credit on the payboo card which I don’t think can used elsewhere

greg

 

[maverick256]

Ah that's interesting, but I guess if I'm returning something to B&H it's probably to switch out for another camera/lens. That sales tax gets to be pretty non-trivial with bigger ticket items, so it's a reasonable tradeoff for me I think.

 

[maverick256]

Yeah I basically treat credit cards as debt cards, never liked the whole paying interest thing. Looks like I'll definitely sign up for the card a few weeks before buying the system. Thanks everyone for sharing your experiences!

 

[Wildkits]

Ah that's interesting, but I guess if I'm returning something to B&H it's probably to switch out for another camera/lens. That sales tax gets to be pretty non-trivial with bigger ticket items, so it's a reasonable tradeoff for me I think.

They're just like every other credit-card issuing financial entity.

If I decide I don't want something, chances are that I'm returning the item before I've paid my PayBoo bill. If not--and I'm not buying another item shortly thereafter--Comenity will (and has) send/sent me a refund check on request.

 

[BGD300V1]

and pay them in full at the end of the month.

Interest rates on all CC are horrendous. Payboo is 29.99 APR that means that your 3800$ Z8 will cost you almost $5000 if you take a year to pay it off.

 

[maverick256]

Haha yeah, credit card debt is basically the worst debt there is for interest rate. Yet, a significantly fraction of people choose to carry balance and pay that interest. Well, I guess that's one reason banks are so profitable...

 

[Tony Bologna]

I had both. I find the newer bank easier to navigate personally. I buy an item and pay it off after two weeks once I've decided to keep it. Apart from forgetting my password it's been very easy and one more reason I shop at B&H instead of the competition.

 

[JasonTheBirder]

People like to say that Payboo is great because they pay off their balance in full. That's great but...the reason why Payboo has so many benefits is because it takes advantage of the desperate and it catches some of them with extremely high interest rates.

Just think about that next time you buy a camera "without tax". It's because you took advantage of a desperate person to save a buck.

 

[BGD300V1]

I don't see the logic in that at all.

If I pay off a CC in full that is a transaction between myself and the issuer.

A third party who does not do so or does not use a lower cost credit card has nothing to do with that transaction. The difference in interest rates would likely (card dependent) cover the cost of the tax.

I also can't see buying a camera on credit as an act of desperation.

 

[ZodiacPhoto]

My experience with Payboo is great. Like most users, I pay off my balance in full each time, so no interest charges. Also, my wife is a college professor, so she uses B&H students and teachers discount. The total savings can't be matched anywhere else, period!

However, be aware, that if you decide to return something after you just paid it off, your money is refunded to the same payment method (Payboo card), so you can spend them again at B&H only!

 

[Wildkits]

My experience with Payboo is great. Like most users, I pay off my balance in full each time, so no interest charges. Also, my wife is a college professor, so she uses B&H students and teachers discount. The total savings can't be matched anywhere else, period!

However, be aware, that if you decide to return something after you just paid it off, your money is refunded to the same payment method (Payboo card), so you can spend them again at B&H only!

As I stated earlier, this assertion is inaccurate. Yes, the refund is to your Payboo account or to the same method of payment. This is standard retail practice.

However, if you do not use the positive balance for a subsequent Payboo purchase, you can request and receive a check refund. I have personally experienced this practice within the last two years. Thus, unless something has drastically changed with banking practice (and law) they cannot keep your money.