Barclay Financing?

Discussion in 'iPhone' started by Nikomanz, Sep 15, 2014.

  1. Nikomanz macrumors regular

    Nikomanz

    Joined:
    Mar 9, 2012
    Location:
    Washington, D.C.
    #1
    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).
     
  2. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #2
    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.
     
  3. nostresshere macrumors 68030

    Joined:
    Dec 30, 2010
    #3
    Not sure what country or what carrier you are using.

    ATT Next plan is basically free financing.
     
  4. ZombiePete macrumors 68020

    ZombiePete

    Joined:
    Aug 6, 2008
    Location:
    San Antonio, TX
    #4
    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.
     
  5. youknome macrumors 6502

    youknome

    Joined:
    Nov 22, 2010
    #5
    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.
     
  6. Nikomanz thread starter macrumors regular

    Nikomanz

    Joined:
    Mar 9, 2012
    Location:
    Washington, D.C.
    #6

    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.

    ----------


    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?
     
  7. Chupa Chupa macrumors G5

    Chupa Chupa

    Joined:
    Jul 16, 2002
    #7
    Except that it's locked to ATT until you pay it off.
     
  8. ZombiePete macrumors 68020

    ZombiePete

    Joined:
    Aug 6, 2008
    Location:
    San Antonio, TX
    #8
    Yes, if I remember correctly it's twelve months no interest. Just don't forget!
     
  9. Nikomanz thread starter macrumors regular

    Nikomanz

    Joined:
    Mar 9, 2012
    Location:
    Washington, D.C.
    #9
    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.
     
  10. seebee3 macrumors newbie

    Joined:
    Sep 13, 2014
    #10
    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.
     
  11. Nikomanz thread starter macrumors regular

    Nikomanz

    Joined:
    Mar 9, 2012
    Location:
    Washington, D.C.
    #11
    Thanks for the tips, I'll be sure to keep an eye on what you said.
     
  12. Shadowbech macrumors 68040

    Joined:
    Oct 18, 2011
    #12
    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.
     

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