Apple Financing for the 27" iMac

[haphazard]

Hey guys,

I'm new to the forums and fairly new to Apple. Sure, I've had the iPod and I currently have an iPhone 4, but I've never had a Mac computer. My current Toshiba laptop just burned out its motherboard after 6 years and I'm looking to make the jump to the 27" iMac.

I'm going to go all out with the specs (Intel Core i7 and AMD Radeon HD with 2GB) on the 27" iMac since I'm expecting it to last me for quite some time, but I wanted to get your opinions on Apple financing options.

As of right now, you can finance any purchase over $999 for 12 months without interest. If you can't pay the entire amount off by the allotted time (a year), they start adding a 23% interest rate to your credit card. The card is provided by Barclays Bank of Delaware.

It sounds like a great deal since it spreads the cost out in smaller payments and I didn't have to shell out the $2,000+ upfront. However, I've never dealt with Barclays and I was wondering if it's hard to get approved? I do have a steady income, but I don't really have any savings (Thanks New York City...). If anyone has done financing with Apple and Barclays, please let me know how your experience was, how the process went and if there were any surprise charges or costs you had to deal with.

Thanks in advance!

 

[miles01110]

If you have no savings, why are you spending your money on a Mac?

Other than getting your priorities straightened out, there are a number of threads about financing a Mac with the Barclay card. Experiences have been up and down.

http://www.google.com/search?q=barc...=ie7&rls=com.microsoft:*:IE-SearchBox&ie=&oe=

 

[CWallace]

I financed my late 2009 iMac (~$2400) using the 12-month financing. I made regular monthly payments and did not use the card for any other purchases until I had paid the balance in full (over 11 months to ensure I had it paid off one full payment cycle early).

 

[haphazard]

If you have no savings, why are you spending your money on a Mac?

Other than getting your priorities straightened out, there are a number of threads about financing a Mac with the Barclay card. Experiences have been up and down.

http://www.google.com/search?q=barc...=ie7&rls=com.microsoft:*:IE-SearchBox&ie=&oe=

I should have been more clear, I have emergency savings for important things (i.e., rent). However, I live in Manhattan and it is pricey. If I could spread out a payment for an iMac instead of dropping $2000 all at once, it'll make my life a whole lot easier. Since there's no interest, it seems great. I just wanted to get people's opinions about it and if there was any surprises I should worry about.

But thanks for making assumptions about my priorities.

I financed my late 2009 iMac (~$2400) using the 12-month financing. I made regular monthly payments and did not use the card for any other purchases until I had paid the balance in full (over 11 months to ensure I had it paid off one full payment cycle early).

That was exactly what I was thinking. Did you run into any speed bumps or was it exactly like they advertised?

 

[miles01110]

Since there's no interest, it seems great.

Right. What could go wrong when you apply for a credit card you don't need?

But thanks for making assumptions about my priorities.

I bet I'm not the only one. Buying things you don't have the money for is never a good idea (see: U.S. government).

 

[CWallace]

Did you run into any speed bumps or was it exactly like they advertised?

There were no issues, but I didn't put any other charges on the card (so the only charge for the entire year was the initial purchase from the Apple Store) so I always knew the balance was just the remainder of my initial purchase, made payments every month a few days before the due date and ensured there was no remaining balance owed one month early.

 

[Texran]

Barclays

I opened account there when I bought a laptop, set up autopay from my bank and paid off in 6 months. Charged my current iMac and setup the same.
Contrary to what some others have said. I could have paid cash for both, as well as for some vehicles I've financed, but whenever you can live, or work off someone else's money for free, or low interest. Do it.
Just be sure and payoff on time, or that 23% accrued interest is going to be harsh.

 

[Icaras]

If you have no savings, why are you spending your money on a Mac?

Other than getting your priorities straightened out, there are a number of threads about financing a Mac with the Barclay card. Experiences have been up and down.

http://www.google.com/search?q=barc...=ie7&rls=com.microsoft:*:IE-SearchBox&ie=&oe=

Why are people here so quick to judge people who decide to use credit? Does everyone who uses a credit card automatically mean they are in financial crisis? I should ask, do you even have experience using credit cards?

Not only does the OP outline the advantages of paying in small installments, but you also forget to recognize that many cards these days, including Barclay, utilize rewards programs (Barclay has a pretty nice iTunes rewards program. I know, as I used to have one). I have 5 credit cards that all have their own rewards programs, and I have earned well over 4 digits of rewards without digging myelf into a hole of debt. In the end, I've earned MORE income from using credit than I have lost in money in paying fees and APR.

This is the entire reason why I ONLY use credit and not cash or debit. Just because someone decides to use credit doesn't mean they lack financial stability. As long as you know how to control your spending and strategize your card's strength while understanding all the fine print, using credit correctly is smarter than using cash or debit. It can earn you money back in the form of rewards and also builds your credit rating; something that we desperately need to show in this country (speaking of the U.S.)

Edit: Another reason to use credit?: My AMEX nets me an instant 2 year warranty on all major computer or electronics purchases. Great little beneift. I haven't needed to purchase Applecare in a long time because of it. Money saved.

 

[DePaulBlueDemon]

Man, so much ignorance. Anyway, if you're credit score is good enough I would apply for a different credit card than the Apple credit line.

See Citi Forward:

https://creditcards.citi.com/credit-cards/citi-forward/

It has 0% interest for 7 months (less than the Barclay, I know) but offers 5 points per dollar for purchases at bookstores. Amazon is a bookstore, catch my drift? [CLARIFICATION: This is not a conjecture. Amazon lists itself as a bookstore and all purchases count as 5 points regardless of what you buy. Google it]. If you spend $2,000 you'll get at least 10,000 Thank You Points which is good for $200 of gift cards (to sell on eBay, or to do as you wish). They even have gas cards which is supremely helpful, but I bet you don't drive much, or at all, in Manhattan. See what kind of cards are offered:

https://www.thankyou.com/

I've been doing this for 5 years: