Question on Barclay financing

Discussion in 'Buying Tips and Advice' started by gonzal, Aug 6, 2014.

  1. gonzal macrumors newbie

    Joined:
    Aug 6, 2014
    #1
    So I think I'm going to purchase a mac through Barclay. My understanding is that if I pay everything before the deferred interest period ends then I will not need to pay interest and so Barclay doesn't make any money. Is this true or is there some kind of catch?

    My plan is to get the credit. Pay the minimum monthly balance and then a year from now pay everything else off at once... once I get a decent sum of money next summer.

    Do they charge you anything for giving you credit or do they hope that I will make a late payment or go past the promotional period?

    Thanks!
     
  2. JAT macrumors 603

    Joined:
    Dec 31, 2001
    Location:
    Mpls, MN
    #2
    No catch if you pay on time. The statements do a good job of showing exactly when you have to pay to avoid interest. I forget if there is an annual fee, but the docs should tell you that.

    The catch if you don't pay it all is that they will charge the entire interest from the beginning, and it is a high rate. So, pay on time.
     
  3. 1k9 macrumors member

    Joined:
    Feb 24, 2014
    #3
    You must also make the minimum payments on time or all bets are off
     
  4. campyguy macrumors 68040

    Joined:
    Mar 21, 2014
    Location:
    Portland / Seattle
    #4
    I purchased a refurb 15" rMBP in March, BC gave me a line of credit in about 10 minutes. I opted to pay about one-third and financed the rest. No fees, no BS, no extra marketing (which I opted to not sign up for).

    Painless, no hassles. They gave me 18 months, I'll pay it off in a few more months. I'm paying well over the minimum amount. Great deal for me, I'd recommend considering it to a friend if they qualify. I'm happy.
     
  5. nostresshere macrumors 68030

    Joined:
    Dec 30, 2010
    #5
    Just did a BestBuy card and took the 10% back deal. I will pay off the entire balance when the bill comes in.
     
  6. gonzal thread starter macrumors newbie

    Joined:
    Aug 6, 2014
    #6
    Around how much is the minimum monthly payment for the barclaycard? or do you guys know what the percentage is?
     
  7. brentsg macrumors 68040

    Joined:
    Oct 15, 2008
    #7
    I would imagine that's directly related to how much you borrow and what the payment terms are.
     
  8. JAT macrumors 603

    Joined:
    Dec 31, 2001
    Location:
    Mpls, MN
    #8
    You should not be basing any decisions on minimum payments. If that is all you can afford to pay, you can't afford to buy on credit.

    However, I believe there is no monthly payment due on most of the Apple interest-free deals.
     
  9. rei101 macrumors 6502a

    Joined:
    Dec 24, 2011
    #9
    If you own $1000 and you have to pay $15 minimum per month.... pay $50.

    Then after a year pay the rest. Your credit score will sky rocket. Mine is 780.

    I had a balance of $8K. I was paying $250 per month above minimum payment, when I had about $4K left, I payed everything at once. Now I bout a BMW convertible without down payment and paying only $260 a month because of my good credit.

    Credits cards loan you money, they want their money back and if you are nice they will be happy. That is how is working now days, that means you are a good client. If you pay everything for several years your credit score will be ok but no as good as if you are willing to return asap.
     
  10. campyguy macrumors 68040

    Joined:
    Mar 21, 2014
    Location:
    Portland / Seattle
    #10
    The monthly payment on my original $2000 balance is $20 with an 18-month term. I was offered far more for a starting balance, but $2k was all I was seeking at the time. I pay far more than that per month, but there's no pressure for me to pay more.
     

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