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How does BillMeLater work?

V

vjcsmoke

Supreme [H]ardness
Joined
Dec 5, 2006
Messages
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I noticed that this is an option for payment on some sites like Tigerdirect, etc. now.

How does it work exactly? Will it work with Bing cashback?

Also, let's say you buy a $500 item with BillMeLater. Can you pay that back in monthly installment plans? How is the interest, etc. split?

Thanks in advance to anyone who knows. I'm considering using this and I want to get the Bing cashback and hopefully not have to pay everything back at once.
 
It's a 90 day no payment required loan with 0% interest for the 90 days. You can choose to pay anything you like a month but not required to do so. If the full amount is not paid in full by the 90 days then you will also owe the backdated interest, I hope that helps :)

The 90 days was in my case when I went through Newegg not sure if it's the same accross all retailers.
 
Thanks. So I'll have 90 days to pay before interest kicks in, huh? Interesting...
 
I'd be extra careful reading their fine print with terms and conditions. Since the company issuing you a credit line is not a bank, they don't have to follow standard federal regulations for credit cards. So in addition to an insane APR, they may have some ways to screw you over. As a theoretical example, if you miss a payment by a single day, they may charge you full interest since they day they opened a credit line and stuff.
 
just buy it with debit/cash/cc payed off in full every month..

i don't understand the benefit of buying things on credit...
 
If you catch something on sale with 0% interest and it's not "payday" yet...
 
coolxboxgamer said:
just buy it with debit/cash/cc payed off in full every month..

i don't understand the benefit of buying things on credit...
Click to expand...

It's complicated but the idea is to take advantage of these 0% offers so you aren't spending all the money at once and hurting your buying power in the process. I'm referring to financing something at 0% that you actually do have the money for. Successful businesses and corporations effectively utilize credit lines every day, it's certainly not a sign of weakness but a smart buyer if used responsibly. You used "cc payed off in full every month" as an example, this isn't much different.
 
I've done this twice now through newegg (they have the 1 year ordeal). Currently still paying down my laptop. But I have til December and like my PC i procrastinated it for a few months.

Good idea to do IMO.
 
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