Barclay Financing?

[Nikomanz]

Anybody used the 24 month financing option to purchase their new phone or have used it in the past?

I was granted a credit line and 24 months to finance my new 6 and it's the first time I do it with Apple so I don't know what to expect (other than I need to pay off my phone within 2 years).

 

[GoCubsGo]

You should pay of your phone before the interest charges hit, actually.

Barclay is just a credit card. They've gotten better about some of the predatory charges they've managed to get away with in earlier years, but they're generally not the best credit card you can have in hand.

 

[nostresshere]

Not sure what country or what carrier you are using.

ATT Next plan is basically free financing.

 

[ZombiePete]

You should pay of your phone before the interest charges hit, actually.

That is an important point to remember. The Barclay card interest rates are high and retroactive, meaning that you'll pay around 20% extra for the phone. Not worth it when you can get interest-free financing from the carriers.

 

[youknome]

Anybody used the 24 month financing option to purchase their new phone or have used it in the past?

I was granted a credit line and 24 months to finance my new 6 and it's the first time I do it with Apple so I don't know what to expect (other than I need to pay off my phone within 2 years).

From all the contracts I have seen you're more or less going to be paying the same amount of money on a 24 month contract as opposed to buying a sim free iPhone with a sim only contract. It works out near enough the same, plus no interest either.

 

[Nikomanz]

You should pay of your phone before the interest charges hit, actually.

Barclay is just a credit card. They've gotten better about some of the predatory charges they've managed to get away with in earlier years, but they're generally not the best credit card you can have in hand.

Yeah, but unfortunately I'm an international student so I need the unlock phone when I travel in and out of the US so the only "financing" I had was through Barclay.

I was actually planning to pay it off early in 2015 which would be well within the timeframe window to avoid the crippling interests.

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That is an important point to remember. The Barclay card interest rates are high and retroactive, meaning that you'll pay around 20% extra for the phone. Not worth it when you can get interest-free financing from the carriers.

Do you think If I pay it off completely very early (within 12 months I'm planning to pay it all off) would I avoid those interest rates?

 

[Chupa Chupa]

Not sure what country or what carrier you are using.

ATT Next plan is basically free financing.

Except that it's locked to ATT until you pay it off.

 

[ZombiePete]

Do you think If I pay it off completely very early (within 12 months I'm planning to pay it all off) would I avoid those interest rates?

Yes, if I remember correctly it's twelve months no interest. Just don't forget!

 

[Nikomanz]

Yes, if I remember correctly it's twelve months no interest. Just don't forget!

What got me into the deal was the fact they were offering 24 months for purchases over $499 within the first 30 days of applying which would make it even nicer if for some reason I get one or two months with less expected income.

But I will give them a call and make sure the details of the repayment. I think it'll be worth it for the iPhone 6.

 

[seebee3]

Just check your first bill (and anyone thereafter) as the expiration date of the "promotional APR" will be listed. It will make it easy to track. One more thing - the expiration date will most likely not be on a due date (unless you change your due date) so make sure that you pay off the whole balance on the due date before the expiration date.

 

[Nikomanz]

Just check your first bill (and anyone thereafter) as the expiration date of the "promotional APR" will be listed. It will make it easy to track. One more thing - the expiration date will most likely not be on a due date (unless you change your due date) so make sure that you pay off the whole balance on the due date before the expiration date.

Thanks for the tips, I'll be sure to keep an eye on what you said.

 

[Shadowbech]

As long as you pay if off within the time frame of the promotion 12-24 month then you shouldn't be hit with the interest. Just make sure make monthly payments on-time.