Another Best Buy Complain, Beware

[Robin Usagani]

Bitter, mine as well but the date is defaulted to the last day unless you change it.

 

[Bitter Jeweler]

**** has to default somewhere.

If it defaulted to the next day, people would *****. As long as you have options, I don't see an issue.



Predatory lending has been aim at who? That's right. Stupid people. So the gubernant must step in to protect them, from themselves.

 

[flyin-lowe]

The reason the default setting for an on line payment is the last day of the payment cycle is so they will earn interest on your money longer. I saw a guy on one of the talking heads TV shows do a demonstration on paying your mortgage. Just by paying it at the first of the month instead of the end of the month will save you thousands in interest over the life of the loan, because the higher the balance is every day the more the interest will build up.

 

[gsgary]

I love this WTF, same as cash financing how can it be the same as cash

 

[Bitter Jeweler]

I love this WTF, same as cash financing how can it be the same as cash

Because there is no interest, or fees, IF paid within the specified time. So it is the same as if you paid with cash, rather than credit that would acrue interest if not paid in full during the first billing cycle.

 

[Gaerek]

The reason the default setting for an on line payment is the last day of the payment cycle is so they will earn interest on your money longer. I saw a guy on one of the talking heads TV shows do a demonstration on paying your mortgage. Just by paying it at the first of the month instead of the end of the month will save you thousands in interest over the life of the loan, because the higher the balance is every day the more the interest will build up.

Want to pay off your 30 year mortgage in around 20 years and not pay a dime more? Make 2 payments a month, one on the first, the next on the 15th (assuming your payment is due at the end of the month).

 

[Derrel]

Like most forms of financial dealings, those who know and understand the system come out ahead, and those who fail to understand it get stuck paying the BILLS that help keep the system afloat for those of us smart enough to understand how to use credit when needed for our own personal gain--and who understand credit traps and sucker deals,and avoid them. The real problem here is not with Best Buy--the problem rests between the ears of a buyer who assumed something that was incorrect. JUst as there is a camera manual RTFM comment, there is a RTFP for entering in to contractual agreements--Read The Fine Print.

 

[Vtec44]

Want to pay off your 30 year mortgage in around 20 years and not pay a dime more? Make 2 payments a month, one on the first, the next on the 15th (assuming your payment is due at the end of the month).

...and make sure you specify one of them goes toward principal...

 

[Matt24138]

THe only time I will go to bestbuy is when I find a rediculous price for something online to get them to match it to avoid shipping. Thier business isn't doing great and they are very competitive right now. I get them to match amazon. Also thier price stickers are all negotiable. I bought my ps3 there. It was 299.99 everywhere I offered 270.00 they sold it to me. I also bought my yamaha receiver there with a list of 599.99 I got it for 529.99 after offering 500.00. I am not a fan but will screw them as much as possible.

 

[gsgary]

I love this WTF, same as cash financing how can it be the same as cash

Because there is no interest, or fees, IF paid within the specified time. So it is the same as if you paid with cash, rather than credit that would acrue interest if not paid in full during the first billing cycle.

I would rather pay cash

 

[Vtec44]

I would rather pay cash

If cash flow is not important, I would pay cash too!

 

[Ryan L]

The reason the default setting for an on line payment is the last day of the payment cycle is so they will earn interest on your money longer. I saw a guy on one of the talking heads TV shows do a demonstration on paying your mortgage. Just by paying it at the first of the month instead of the end of the month will save you thousands in interest over the life of the loan, because the higher the balance is every day the more the interest will build up.

Want to pay off your 30 year mortgage in around 20 years and not pay a dime more? Make 2 payments a month, one on the first, the next on the 15th (assuming your payment is due at the end of the month).

Gotta be less than that. One extra prinicipal payment a year will take a 30 year to 22-23 year to pay off. I would think paying bi-weekly would result in closer to a 15 year pay off.

*Edit* Or are you saying to split your monthy payment to half of your payment on the 1st and the other half on the 15th?

 

[Bitter Jeweler]

I love this WTF, same as cash financing how can it be the same as cash

Because there is no interest, or fees, IF paid within the specified time. So it is the same as if you paid with cash, rather than credit that would acrue interest if not paid in full during the first billing cycle.

I would rather pay cash

It's a financial tool. I use it regularly for my business. It's not that I often can't afford to pay for the item. It's that my expenses are rather volatile. It allows me to spread the expense out, and allow for unexpected expenses, and doesn't cost any more than paying it all up front. It's a free safety net.

 

[adversus]

Credit is like a loaded gun.

Those that understand it and use it properly are fine.
Those that don't understand it and use it willy nilly get their nuts blown off.

 

[Gaerek]

Gotta be less than that. One extra prinicipal payment a year will take a 30 year to 22-23 year to pay off. I would think paying bi-weekly would result in closer to a 15 year pay off.

*Edit* Or are you saying to split your monthy payment to half of your payment on the 1st and the other half on the 15th?

Should have been more clear. Split your payment, tell your bank to apply as much towards principal as possible and without increasing your total monthly payment you can only pay for around 20 years instead of 30, depending on your interest rate.