Macbook Financing

Discussion in 'MacBook' started by jimbo1mcm, Apr 11, 2015.

  1. jimbo1mcm macrumors 68000

    Joined:
    Mar 21, 2010
    #1
    I went with the Barclay Credit card option that is listed on the Apple Store buying page. It will allow you to pay it off within 18 months with no credit charge!. I have used it before. If you blow it and go past the 18 months you get hammered, but if you pay attention, it kind of takes the sting out of coming up with $1300+++.
     
  2. danielwerner macrumors regular

    danielwerner

    Joined:
    Oct 27, 2012
    Location:
    Stockholm, Sweden
    #2
    Why not just pay with money you actually have right now?
     
  3. jimbo1mcm thread starter macrumors 68000

    Joined:
    Mar 21, 2010
    #3
    Because I prefer using Barclay's money. They are betting that customers will go past the 18 month window and then they will collect all that interest. As it is, I will pay 0 interest.
     
  4. legioxi macrumors 6502a

    Joined:
    Mar 2, 2013
    #4
    If you can get 0%, you make more on interest if you invest your money and make minimum payments until the last month and pay it off before you get hit with the CC interest.

    This is assuming you have the $1300 already and invest it over the 18 month period.
     
  5. Mindinversion macrumors 6502

    Mindinversion

    Joined:
    Oct 9, 2008
    #5
    Because with Barclay you get 3x points on purchases @ the Apple Store, and every 2500 points you get $25 in gift card. You can choose either Apple Store card, or iTunes.

    That plus 18 month deferred interest, it's not a bad deal... Providing you pay it off on time.
     
  6. Mrbobb macrumors 601

    Joined:
    Aug 27, 2012
    #6
    As long as you are disciplined and pay if off within the allotted period, it's a good deal, no interest.

    I've done it a couple of times with big item purchases but I don't pay the minimum each month, that's asking for trouble, this is gonna bite you big toward the end. For a $2,000 purchase say, pay off in 12 months, I divide 2,000/12=$167 and that's the amount I pay them every month diligently.
     
  7. Fthree macrumors 6502a

    Joined:
    Mar 14, 2014
    #7
    I kinda bought my 2015 Macbook Pro in that fashion. I use my Amazon Visa and get points whenever i buy anything, especially big items. However if you do not pay on time the financing charge is around 14% or something so i make sure i buy then pay it off after the return period is over (14 days).

    Ended up getting $68 in amazon credit for that purchase.
     
  8. Mr. Buzzcut macrumors 65816

    Mr. Buzzcut

    Joined:
    Jul 25, 2011
    Location:
    Ohio
    #8
    I can see doing this with a car but hom much return are you going to get over 18 months on a measly $1300? Is the risk of forgetting a payment and time spent making payments worth the reward of a few dollars?
     
  9. GiantCow macrumors member

    Joined:
    Apr 10, 2015
    #9
    Not much risk if you're organized, and the feeling of using free money for 18 months is pretty great.
     
  10. Mr. Buzzcut macrumors 65816

    Mr. Buzzcut

    Joined:
    Jul 25, 2011
    Location:
    Ohio
    #10
    The feeling of zero debt is greater, IMO.

    Being organized is good, but paying unnecessary bills is time spent that could be used for more productive things, say posting here :)
     
  11. pasadena macrumors 6502a

    pasadena

    Joined:
    Sep 12, 2012
    Location:
    Socal
    #11
    +1
     
  12. Fthree macrumors 6502a

    Joined:
    Mar 14, 2014
    #12
    Its a good idea if you don't have the money on hand but know you will at the point when it needs to be paid off. Especially if the computer is helping him with work or school or something
     
  13. pasadena macrumors 6502a

    pasadena

    Joined:
    Sep 12, 2012
    Location:
    Socal
    #13
    Spending money you don't have is usually not a good idea.
     
  14. totten76 macrumors regular

    totten76

    Joined:
    Mar 12, 2015
    #14
    Well I think his point is that he could, but why not reap the benefits of using a card to purchase.
     
  15. pasadena macrumors 6502a

    pasadena

    Joined:
    Sep 12, 2012
    Location:
    Socal
    #15
    Yes, but I was replying to the poster above, not to the OP.
     
  16. thekev macrumors 604

    thekev

    Joined:
    Aug 5, 2010
    #16
    You said it takes the sting out, which makes little sense to me. You're lying to yourself here, and from your description, that amount will just slightly pad your bank account over that time.
     
  17. seth556 macrumors member

    Joined:
    Sep 22, 2014
    #17
    If you really need it then it might be a good option. But if you don't absolutely need it, I'd save up the money and then buy it. You never know when you'll be out of a job, the moon falls, etc; and it's never good practice to finance a depreciating asset. So even though it's 0% interest, factoring in the loss due to depreciating then it's really not.
     
  18. kenbrinkman macrumors regular

    kenbrinkman

    Joined:
    May 20, 2009
    Location:
    Daytona Beach, FL
    #18
    I used the Barclay apple rewards to purchase my rMB too. I think it's smart even though I could've paid outright for it anyway. The deal is at 3 points per dollar, you'll get a $25 apple gift card at 2500 points. So roughly at $833 spent on a computer, you'll get $25 back.

    I purchased the space gray 1.2/512 using the student discount of $50 so the total was $1549. With tax it would come to $1649, or 17 dollars shy of 5000 points for a $50 gift card.

    So I ended up buying the $19 USB-C to USB adapter with the rMB at student discount in order to get that extra $25 reward.

    All in all I got a free USB-C adapter and a $50 gift card for less than the base price of a 1.2/512 rMB with tax.

    Not a bad deal considering the 0% finance for 18 months even though I'll pay it off immediately.
     
  19. Mr. Buzzcut macrumors 65816

    Mr. Buzzcut

    Joined:
    Jul 25, 2011
    Location:
    Ohio
    #19
    This should be the default common sense answer. Even if you *need* a computer, you can buy used / refurb to make your budget go a bit further. Buying a bleeding edge, luxury tech item at launch when you can't easily afford it is doing yourself a disservice.

    If you don't *need* it right now but still want it, take a few months to save the money and buy it. Not only will you not be debt spending, there will most likely be the usual $100 - $150 discounts which is far more than you'd probably get investing $1300 for 18 months.
     
  20. destine2grow macrumors member

    Joined:
    Sep 15, 2014
    #20
    I am actually doing the same thing and yes Inhave the money in the bank. However I would like to earn rewards for a apple giftcsrd to use on future purchases.

    I also know the amount of money I need to pay every month to have the balance paid off in 18mths!
     
  21. legioxi macrumors 6502a

    Joined:
    Mar 2, 2013
    #21
    Who spends time paying bills? Setup an automatic payment and use a program like Quicken or Mint to monitor your accounts (something you should do regardless of buying a MBR).

    Though I'll admit, I bought on CC for points due to being an online purchase and I already paid the CC the full amount. I just see the other side for riding it out on 0%.
     
  22. scottyy macrumors member

    Joined:
    Mar 24, 2015
    #22
    I have used my Barclay card for every apple purchase I have made I the past 3-4 years. I will generally pay it off in two payments. It's all about revolving credit history.
     
  23. Mr. Buzzcut macrumors 65816

    Mr. Buzzcut

    Joined:
    Jul 25, 2011
    Location:
    Ohio
    #23
    This seems worse somehow. Either you set a reminder to pay your bill every month and feel comfortable it gets done or you set an automatic payment and monitor with Quicken or Mint. Seems like a wash as far as time. Then, what happens as you near zero balance? The auto payment just keeps going? Now you have to re-evaluate and update that.

    I stand by my statement that this is just too much work for such a small amount of money. I purchase things on credit that I know I can afford and pay in full each month. Zero risk, points, extra warranty, minimal time spent. And, of course, I am aware of my account balances as much as I need to be. Since I don't debt spend, I'm mostly reviewing for things unexpected.
     
  24. legioxi macrumors 6502a

    Joined:
    Mar 2, 2013
    #24
    Out of curiosity, do you just not pay monthly bills? Because if you do, paying this one manually isn't adding but maybe an extra 30 seconds to your monthly bill payments. Most people pay utilities, rent/mortgage and maybe a car payment/insurance anyways.
     
  25. Mr. Buzzcut macrumors 65816

    Mr. Buzzcut

    Joined:
    Jul 25, 2011
    Location:
    Ohio
    #25
    Sure, I have utilities, insurance, and credit cards. Most vary by amount and due date so I have to wait until the statement cuts to pay. The less of these I have the better. I think it's bad practice to hand out my bank info and ACH approval so I prefer to pay manually and remain in control.
     

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