High risk investment to fund new camera?

[Trever1t]

what's wrong with using credit? If done wisely you can only win win. Many places or cards offer low interest or NO interest for a period of time. Best Buy has 18 month no interest.

To those that say never use credit, how do you buy a home without it? A car? So why not a camera? Or lens?

You need to be crazy to use a credit card which ranges from 18 to 21 percent interest. With low or no interest for a period of time, the card company is betting that if you run up a tab on your card, it will be more difficult to change to a different card company and they can then start charging their exhorbitant interest rate.

A card at about 5% interest based on your line of credit is a better deal.

skieur

Who said anything about 18%???

I think you missed the "when done wisely" part.

I think so tooo!

 

[MichiganFarts]

^^I think he's trying to tell you about deferred interest. When you talk about 0% interest it seems to be common to assume you know nothing about deferred interest.

 

[Trever1t]

lol, I know about deferred interest, I just pay it off and incur none.

 

[skieur]

You need to be crazy to use a credit card which ranges from 18 to 21 percent interest. With low or no interest for a period of time, the card company is betting that if you run up a tab on your card, it will be more difficult to change to a different card company and they can then start charging their exhorbitant interest rate.

A card at about 5% interest based on your line of credit is a better deal.

skieur

I think you missed the "when done wisely" part.

I think you missed that we have different views of "when done wisely".

skieur

 

[thingsIsee]

12 months no interest means just that – if you pay off the entire first and only purchase.

Ie.. you sign up for the card buy the camera $1000. Or whatever and pay off the entire $1000 before the 12 months are up. If not the interest rate will apply to the entire original purchase price. If you buy a lens, filter, bag or what not one day later or 12 months later you will have interest on that /those items.

If you have the control/ability to buy and pay it off in 12 months or less and not use the card again. (layaway same thing only no handling/service fee

 

[Darkhunter139]

I started with 25 on full tilt, got up to $100, then realized there is no good way to cash out in the US so I went and lost it all in a high stakes room haha.

 

[MichiganFarts]

12 months no interest means just that – if you pay off the entire first and only purchase.

Ie.. you sign up for the card buy the camera $1000. Or whatever and pay off the entire $1000 before the 12 months are up. If not the interest rate will apply to the entire original purchase price. If you buy a lens, filter, bag or what not one day later or 12 months later you will have interest on that /those items.

If you have the control/ability to buy and pay it off in 12 months or less and not use the card again. (layaway same thing only no handling/service fee

You're giving out incorrect information here. Consumer cards are not usually one-shot no-interest deals. They have deals depending on how much you spend.

Home Depot has a standing 6mo. no interest period on any and all purchases over $299. They often do 12mo. periods of the like, which has nothing to do with whether it's your first, or 50th purchase. It's been their long standing offer. I've had up to 3 separate purchases on my Home Depot card, and not one of them accrued interest.

Best Buy's no interest offers tend to have a higher minimum purchase, with a longer no-interest period. So if Best Buy has a 18mo. no interest period for purchases over $399 or more, I actually can do two consecutive no interest transactions, as long as both total over $399.

The only time your scenario would be correct is if the card specifically states that the offer is limited to your first offer. None that I've ever applied for have.

 

[MichiganFarts]

I started with 25 on full tilt, got up to $100, then realized there is no good way to cash out in the US so I went and lost it all in a high stakes room haha.

Yeah, I've had issues cashing out too. There's lots of hoops these places have to jump through to get you your money. However, the last time I tried cashing out $100, I actually was credited $25 extra when they couldn't process the transaction.