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Barclays backing out of finance
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If you're talking about the Apple Rewards card, usually it's just the first 30 days after getting the card. But in the case of the Apple watch they sent an email to me stating that if I use it to purchase a watch the offer would include that purchase as well. I used the link in the email to navigate me to Apple's website. Only stipulation is that you have to leave at least part of the charge on there to get the 3x points apply to your account. Since it's interest free for at least 6 months with the promotion there's no worry about accruing interest on it. I'll just wait until next month to make the extra payment to pay it off.
Maybe too many people were using Barclays financing to flip watches? That's edging into small-business financing. The non-repayment risk in that is higher than a regular consumer who's simply buying a watch for themselves. Because entrepreneurs take risks.
Example: a watch-flipper maxing out their credit card to buy a 10k edition in the hopes of selling it for 15k. Some possible outcomes:
Example: a watch-flipper maxing out their credit card to buy a 10k edition in the hopes of selling it for 15k. Some possible outcomes:
- They sell it and pay off the loan. The bank loses anticipated future interest.
- They sell it but don't pay back the loan. Now the consumer has a free cash advance. Banks don't like that. Furthermore, they might lose the money in follow-on flipping activities. The bank then has an unsecured loan to deal with.
- They return it to Apple and pay back the loan. Projected future interest for the bank vaporizes. Not sure what happens to the fees they charge the retailer. In any case, it's a complete waste of time for the bank.
- They keep it past the return window hoping to sell, but the secondhand watch market collapses. Again, the bank now has a loan that the consumer can't repay. Sound familiar?
It could be because Barclays is a crappy bank. I really wish Apple would team up with a better institution. The whole "no interest when you first open the card and ridiculous interest charges thereafter" thing is lousy.
I hope your watch purchase goes through ok, OP.
I hope your watch purchase goes through ok, OP.
As someone that has never owned an iOS device, I don't care who has them. It just seems to me, that the same people that would finance something so trivial, are the same people that support the title loan and check advance companies.
That's a leap. I didn't finance mine (though I did use my AMEX for extra protection and travel perks and I paid it off already), but I do see the benefit of zero-percent financing for Apple merchandise. That's money you can leave in the bank or not pay in finance charges to your regular credit card company.
It's hardly in the same league as salary advance companies and their exorbitant interest. Those are illegal in many states now.
*As person who is the opposite of the one depicted in the quote*
We've heard it all before. Just be happy living your life instead of focusing on how others choose to handle their finances. Someone would probably appreciate that advice on a personal finance forum, where it is relevant. But here, you should probably keep from injecting your opinions about others personal affairs in a condescending way when not asked.
You can open multiple accounts with them.
I spent an hour on the phone with cancelling the other two cards.
I thought they were cancelled until i looked through yesterday's mail as saw letters from Barclay increasing the credit limit on those two cards.
In September/October this new card will be cancelled.
The Barclay rewards card is not a card I would recommend for every day use.
Ok off to drop my truck title off and head over to the paycheck loan shark, daddy needs some air jordans
Enjoy the day
In some cultures if you get into debt the person who encourages you to take that debt is jointly responsible for it. This makes sense to me:
Our entire economy is built on debt, 97% of the money in our economy is debt. Unless you inherit a fortune you will need to go into debt to buy a house, the vast majority of car buyers will go into debt to buy a car (even if they could buy an older car with their deposit money).
You don't need to let people make you feel bad about it, the shame is on the lender. Banks don't lend you their own money, it's new money created when you take out a loan and destroyed when you repay. Effectively you pay banks hundreds for a service that needed 0 man hours and costed them nothing, you paid them to take advantage of their monopoly over money creation.
Our entire economy is built on debt, 97% of the money in our economy is debt. Unless you inherit a fortune you will need to go into debt to buy a house, the vast majority of car buyers will go into debt to buy a car (even if they could buy an older car with their deposit money).
You don't need to let people make you feel bad about it, the shame is on the lender. Banks don't lend you their own money, it's new money created when you take out a loan and destroyed when you repay. Effectively you pay banks hundreds for a service that needed 0 man hours and costed them nothing, you paid them to take advantage of their monopoly over money creation.
I have a Barclays card. And the way that they explained it was if the Apple watch charge hit within the first days 30 days of opening the card. I can take advantage of their no internet finance agreement. But the watch is taking longer than 30 days from when I first got the Barclays card. I wonder if they will still honor the finance deal? It's not my fault that Apple is taking so long to fulfill and charge the card.
(Incidentally I have the money to pay it off in full. So I don't need a lecture about that. Just wondering if anyone knows if Barclays will honor their part of what they offered its new card customers.)
(Incidentally I have the money to pay it off in full. So I don't need a lecture about that. Just wondering if anyone knows if Barclays will honor their part of what they offered its new card customers.)
Why finance? If you can get 0% APR why not? It's free money. If you can get a low APR and you have investments that have a higher return than that APR the same principle applies.
I've worked in aviation for my whole life and dealt with some people who have net worth's in the billions. If they can finance a purchase or upgrade they will (even though stroking a check wouldn't be an issue for 7 figures) because their money does more for them elsewhere...
I've worked in aviation for my whole life and dealt with some people who have net worth's in the billions. If they can finance a purchase or upgrade they will (even though stroking a check wouldn't be an issue for 7 figures) because their money does more for them elsewhere...
I had used the Barclay Card last year to pay for a Macbook over a year and just paid it off a few months ago. I called Friday to ask if I could get another interest free purchase offer and they said yes. Even gave me a confirmation number for the offer. They said if the watch didn't ship within 30 days (thus charging to the card) to call and let them know and they would honor the interest free offer.
Not that people need to justify their finances on a gadget forum.. but I figured my perspective wouldn't hurt. I finance everything I spend every month on my primary credit card. I earn 10 bucks rewards cash for every thousand spent. This turns into about 40 a month earned... for free. I pay the card off monthly and I'm always one month ahead so I always have the capability to pay it off without waiting for a payday. Doing this earns me about 400-500 dollars a year.. completely for free. Also, I don't pay a dime in interest paying off monthly.
Last year, my girl and I drove from central calif to florida and back in a long ass road trip stopping in many northern states for a week here and there. My credit rewards paid for every penny of gas and and some food here and there and even had a decent amount left when we got home 3.5 weeks later.
Been doing this for a few years now and I always use my credit rewards as an additional vacation fund. Many people have many reasons for opting to use credit over cash. Using cash doesn't make you any better of a person so why judge just because not everyone is alike?
Anyways.. just throwing that out there.
Last year, my girl and I drove from central calif to florida and back in a long ass road trip stopping in many northern states for a week here and there. My credit rewards paid for every penny of gas and and some food here and there and even had a decent amount left when we got home 3.5 weeks later.
Been doing this for a few years now and I always use my credit rewards as an additional vacation fund. Many people have many reasons for opting to use credit over cash. Using cash doesn't make you any better of a person so why judge just because not everyone is alike?
Anyways.. just throwing that out there.
You seem over extended. Though I assume you have a nice paying job, so maybe you figure that will keep going and get better with raises and promotions to come. But still this seems like a lot of stuff if it is depleting reserves.
That said, financing may be a nice option if you want to keep funds in investments. I tend to keep a huge amount of my savings in the stock market.And I guess I financed my last phone. But the cell service made it so easy and interest free that there was really no reason not to do it.
The slush fund is definitely being stressed this summer.
Real life financial commitments are never in jeopardy
Again the financing was and is a great option for me knowing the money will be there in July at the latest. But then again if something comes up at the last minute it will be nice having the slush fund available to take advantage of the opportunity.
If I could not pay off $800 in 6 months or a year I surely wouldn't have made the purchase nor would I pay $270 for a hockey stick.
Hit the nail on the head. If you can't be paying for the watch out right, you shouldn't be getting the watch.
So, in other words, everything Apple makes?
Seriously though, I would amend that to house, car, education and high-priced items needed for establishing a business or job, i.e. a gardener may need to finance a lawn mower, a doctor office equipment, etc.
If you need finance for the watch you can't afford it, simple. You shouldn't be allowed it for a watch!
How do you know he doesn't own a home? I can think of two ways to be a homeowner without financing.
I just placed an order through Barclays and it's only pending me sending in the signed documents. Everything else seems to be fine. I'm based in the UK btw.
That is a fantastic thing to hear people say today, I wish so many more people were like you and I. Now having said that I do use credit cards and things like PayPal finance etc but I allow them to only stay until just before any interest comes due and I pay it off completely. Doing this has given me a breathtaking credit score that lets me get vehicles and things that I need with low or 0% interest rates.