Newegg.com Preferred Account?

O

Odin75

Gawd
Joined
Mar 27, 2007
Messages
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Ok, I'm soon about to build myself a rig. So, I've buy most of the stuff from newegg, since is a trusted site, and I've been buying from them for a while now.

So, do any of you have a "Newegg.com Preferred Account"?

I mean, I'm not interested in the 1.1% saving since...well...that is basically nothing. I'm more interested in the 6 months no payment.
So, how does this work exactly?
Do I buy from them, and I don't need to pay anything, but just make sure that everything is payed before the 6 months? Or do I make montly payments?
Do I need to have some type of credit-card before applying? Or they give you one? I currently only have a checking account and a saving account in Bank of America(I live in USA)

Well, all the help that you can give me is apreciated. Give me any details that might be important. Or just say if it's really worth it or not. Do I have a better way to buy a $3k build?

Thanks in advance
 
It works just like 6 months same as cash at most places, as long as you pay your balance before the time period is up you will not have to pay any interest. I have had my account now for almost a year with no issues.
 
I have it, I was approved for a credit line which was alot more then I needed but its better then nothing.
I'm waiting for the Intel price cuts to order m whole system from NewEgg for $1400 and take advantage of the 6 months no int/no pay.

Come on Apr 22nd!!!!
 
But the thing is, I have never bought anything like that. I pay cash almost everything, and when I don't use cash is just for regular buying in newegg, so I'm not familiar with this.
So, what if I have only $2k in my account and the item costs $3k. Do I buy it, and the money stays in my account, and after 6 months they take it out?
Or Do I have the option to pay is however I like as long as is before the 6 months are over? Meaning, I make no payments for 5 months, and just decide to pay everything the last month. Can I do that?

Thanks for the answering.
 
It's a line of credit, and just like at most other stores be they online or brick and mortar, you just have to pay the balance of the item before the 6 months is up. After that time elapses if you haven't paid it off yet then you will have to pay interest... ALL the interest from the date of the original purchase.

If you've got bad credit you won't be approved for a preffered account anyway. :)

Read more here:

http://promotions.newegg.com/NEPA/PA06/index.html
 
AKWarlord said:
I have it, I was approved for a credit line which was alot more then I needed but its better then nothing.
I'm waiting for the Intel price cuts to order m whole system from NewEgg for $1400 and take advantage of the 6 months no int/no pay.

Come on Apr 22nd!!!!
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im with you there man... spet i gotta get my parents to buy the stuff for me... since i dont have a credit card hahaha...

anyways yeah unless you cant get a line of credit you will ahve the 6 months to pay up
 
Well, I'm not sure if I have credit. As I said, all I have is a "checking account", and a "savings account". I don't have any credit card. Does that work, or not? If it does, does buying stuff with MacDonalds and stuff like that cuts it, or not?
 
Odin75 said:
Well, I'm not sure if I have credit. As I said, all I have is a "checking account", and a "savings account". I don't have any credit card. Does that work, or not? If it does, does buying stuff with MacDonalds and stuff like that cuts it, or not?
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Its nothing like mcdonalds, obviously you dont have any credit history so you will be denied.
 
I have a credit account with Newegg.com.

Basically, if you spend $500+ on a purchase, you don't have to make any payments for 6 months, and if you pay it off before those 6 months are complete, then you don't pay any interest charges.

Also, they'll upgrade your shipments to "rush processing" with no cost. Small potatoes, but it's a nice gesture of courtesy.


In order to get that kind of credit from them, though, you do have to have some sort of credit history. This is where having a credit card really helps you, since you can start building your credit history, by making payments on time, and not getting into trouble with late / delinquent payments, etc.

If you are a college student, you can get a Visa or Mastercard with a low spending limit (typically 500 bucks), and can use the card to buy things, while paying off the balances. This way, you get a history of managing your credit responsibly.

Eventually, that "student credit card" is going to become more of a "regular" credit card, especially once you get your first real job.

Once you have some decent credit history, then you'll find that there are many places that are going to be more willing to extend a line of credit to you, since they know that you have demonstrated some responsibility in the past.
 
I've got one, and finally used it for the first time a few weeks ago, bought some CDs. Statement arrived in the mail a few days ago, no different than any B&M that offers a credit line. If you can get one, use it, get the discount, and build some credit :)
 
Ohh ok. Now I get it, and thanks to all the ones that gave me an answer.

But still, DAMN!

Seems like I'll have to find another way to pay for that rig. And there's no a lot of options since I'm only 17, but this is not a problem since I'm going to be 18 next month. But still.
Seems like I'll have to use some relative, maybe my uncle or someone to do this. He has really good credit. And I mean, I'll only be missing like $500 max. Which I can pay him in like 1 month.

Ok, so how long does it take to get accepted? And is there anything bad about doing this? Any little detail that I'm missing?

Thanks again to all of you.
 
the application process is instant, if you are approved it will tell you and you can start using your account immediately. wait until at least next week to buy though as prices are expected to drop on some key components.
 
be aware that if you do this, it will make it tougher to get credit elsewhere - lenders are going to look at it as a line of credit - i.e. if you're approved for $2000, that's $2000 that counts against you if, say, you want a car loan.
 
shadowfax said:
be aware that if you do this, it will make it tougher to get credit elsewhere - lenders are going to look at it as a line of credit - i.e. if you're approved for $2000, that's $2000 that counts against you if, say, you want a car loan.
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Not true at all.
The more credit cards with 0 balance you have the better it looks on you and for your future loans.
My girlfriend is a bank manager, so I know.
 
Close, but not ENTIRELY true...

Part of your credit score is not only outstanding debt, payment history, late payments, etc... but also your total AVAILABLE credit.

Having one or two credit cards carrying a balance (not exceeding 50% of the credit line) and showing activity are better than having 5 credit cards with a zero balance.

You should never keep open accounts you don't need or know you will never use again.

Let's say you have 5 CC's with $10,000 credit lines each. That's $50,000 in available credit that you can use at your discretion at any time, and they have a zero balance.

Depending on your salary level, you could actually be denied, say, a car loan with a notation saying "Too much available credit". In other words, you could buy the car, and then go out and spend $50,000 on bling for it, and then not be able to make the payments.

From what I'm told this is one of the primary things creditors look at. The ability to pay at the worst case scenario based on your credit file.

NOTE - I am not a finance geek, and I have never played one on TV.

AKWarlord said:
Not true at all.
The more credit cards with 0 balance you have the better it looks on you and for your future loans.
My girlfriend is a bank manager, so I know.
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Thats all fine and dandy but wait till you FORGET to pay! IMO it's a ripoff, newegg's great but I think this is a great place for them to make money, if you catch my drift.
 
Another warning about those "6 months no interest, no payment" plans.

Someone already brought up the well known gotcha. If you don't pay off the balance of THAT purchase item in the 6 months, you are charged the interest from the date of sale.

Now, here's where they get you, and this is buried deep DEEP in the agreement that no one ever reads.

Let's say you go to Store-X, and buy an exercise bike for $500 under 6 months no payment, no interest. As you know, interest acrues from the purchase date, you just don't pay it unless you don't pay it of by the end of the 6 month period.

Now, since you opened an account, Store-X issues you a credit card with, say, a $5000 balance.

Cool, ya say. Then the fridge breaks, and you go drop $1800 on a replacement. No biggie, that's what a CC should be for, emergency stuff.

BUT now, when you send in the payments, do they credit the payments to the Exercise Bike you paid under the 6 month no interest plan? NO! They apply all of the payment to the Fridge that you bought under normal purchase.

So here you are paying and paying and paying. Your balance is going down, but none of that is being applied to that 6 month no interest purchase.

All of a sudden the 6 months is over, they haven't applied any of the payments to that purchase (it all went to the fridge), and you see a finance charge hit based on 6 months of interest for that bike.

Crap like this is why some states (and to a lesser extent, congress) is starting to look at the recent practices of credit card companies.

And they should. Hard.
 
TechLarry said:
Crap like this is why some states (and to a lesser extent, congress) is starting to look at the recent practices of credit card companies.

And they should. Hard.
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Yeah...what could that be considered as...false advertising? Since you where tricked into thinking the payments went to the bike?
 
FIDDYOWNZ said:
Thats all fine and dandy but wait till you FORGET to pay! IMO it's a ripoff, newegg's great but I think this is a great place for them to make money, if you catch my drift.
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If you forget then you are irresponsible and cant be trusted with one.
I know to pay bills when they are due, and this 6 month things NE offering is great.
 
TechLarry said:
BUT now, when you send in the payments, do they credit the payments to the Exercise Bike you paid under the 6 month no interest plan? NO! They apply all of the payment to the Fridge that you bought under normal purchase.

So here you are paying and paying and paying. Your balance is going down, but none of that is being applied to that 6 month no interest purchase.

All of a sudden the 6 months is over, they haven't applied any of the payments to that purchase (it all went to the fridge), and you see a finance charge hit based on 6 months of interest for that bike.

Crap like this is why some states (and to a lesser extent, congress) is starting to look at the recent practices of credit card companies.

And they should. Hard.
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What a load of bullshit, good lord. :rolleyes:

Anyways junior, if he buys his whole PC there in one order he has everything in one payment plan.
 
AKWarlord said:
If you forget then you are irresponsible and cant be trusted with one.
I know to pay bills when they are due, and this 6 month things NE offering is great.
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Hmm. People make mistakes. Are you willing to say that you have never forgotten anything?

Forgetfulness is not irresponsibility. It is human nature.
 
Ohh ok. Thanks for all the info, I didn't know that.
Well, I have enough money on my checking account to pay for my whole rig, but I won't be able to have money to pay for a monitor. So yeah, I'm going to buy the PC myself, with my own money, and get some help to pay for a monitor. I mean, I'll still have some money left, but not enough to pay the monitor 100%. Maybe 50% or 60% of it. So I just need a little help on the rest. And trust me, I won't forget. And there is no problem with not paying since I'll be able to pay for the remaining of the purchase within 1 month. So, I won't even use the remaining 5 months.

But the problem is:
My uncle(he might help me buy it) probably has already something to pay on his credit card, and even if I pay him in time, the credit card company might put the money in the wrong place, and make him pay interest...right?

Also, can he apply for that line of credit with newegg so he can do this for me, and then cancel it after everything is done? Just so that he doesn't look like he has more money that he actually has and give him problems in the future. So, can I, and if I do, will there be any concequesces of canceling an account?

Thanks in advance
 
You think it's bullshit? It's not. It's based on a real-life scenario. Mine. I just didn't mention the exact store.

And don't call me Junior...

AKWarlord said:
What a load of bullshit, good lord. :rolleyes:

Anyways junior, if he buys his whole PC there in one order he has everything in one payment plan.
Click to expand...
 
Let keep this civil, alright?
I'm not sure that he meant to call you junior. More likely referring to the OP, who, admittedly is a teenager.
 
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