Rolex by installment?

[feudallordcult]

Hi, just called my AD to check if her THG outlet accept cc for payment. She said yes. but personally, i am not for the idea of cc installment for obvoius reasons.

1) if the limit of a cc is $5k and the watch is paid by 3k installment then only left 2k credit; not advisable if you are one who is a frequent traveller;

2) payment by installment MUST remember to pay on time otherwise the interest rates are like the "ah long" and unfortunately it's legalised;and

3) the monthly installments will inevitably eat into yr monthly income so if you got other essential items that warrants yr attention as housing loan, car loan(this is a B*TCH!), children(this is an investment ) etc then better not opt for cc installment.

When i got my first credit card abt 6yrs ago, i paid for my laptop using cc payment...i missed a certain payment for ONLY 2days and the penalty for late payment was bananas! tat was the first & last time i used my cc to pay for anything. it's just not worth the hassle.

[seb]

eh? i tot banks will charge the monthly instalments to ur monthly bill along with ur other charges. it was like tat i paid my laptop on instalments.

one question though, will the banks charge an admin fee if i choose to pay up the full amount at any one time?

cos i definitely will not pay the annual fee when the time is up

[triton]

1) if the limit of a cc is $5k and the watch is paid by 3k installment then only left 2k credit; not advisable if you are one who is a frequent traveller;

let's see, if u pay 3k monthly installment for 1 year, it means the watch u getting is easily 36k. if 2 years, it is a 72K watch.

or are u saying 3k spread over 1 year? which means 250 monthly. in other words, if cc limit is 5k, then the limit now is 4750 monthly.

[triton]

one question though, will the banks charge an admin fee if i choose to pay up the full amount at any one time?

i dont think there is a admin fee. however, u may require to pay a penalty fee. alternatively, u can choose to put the entire amount in the cc and the rest of the bills, u pay monthly. this way, u just lose opportunity costs for the amount you put in.

[seb]

i dont think there is a admin fee. however, u may require to pay a penalty fee. alternatively, u can choose to put the entire amount in the cc and the rest of the bills, u pay monthly. this way, u just lose opportunity costs for the amount you put in.

oic, i could foresee that the banks would use this as a bargaining chip to either make people pay for the cc's annual fee or the penalty fee. blood suckers

[triton]

oic, i could foresee that the banks would use this as a bargaining chip to either make people pay for the cc's annual fee or the penalty fee. blood suckers

u need to know how to make use of the cc to your watch purchase needs.....

[feudallordcult]

eh? i tot banks will charge the monthly instalments to ur monthly bill along with ur other charges. it was like tat i paid my laptop on instalments.

one question though, will the banks charge an admin fee if i choose to pay up the full amount at any one time?

cos i definitely will not pay the annual fee when the time is up

the banks will only charge an admin fee and may reduce your credit limit if you write in to state that u wanna pay in full at a pre-mature date. anyway, I deposited 2k into my credit card acc n the bank subsequently deducted the outstanding amts automiatically. not sure abt annual charges but i would cancel my card on the spot if they refuse to waive it. think there may be some banks offering cc with no annual fees now.

Hi Bro triton, sorry but my grasp of england is almost like the country's soccer team...lousy. what i meant was if Mr X's card has a limit of 5k and he buys a 2k watch via interest-free cc installment, this means he would only have 5-2=3k of credit limit left in the card. hope this clarifies the issue of credit limit.

[jazz_samz]

To add on, if the CC have a program with the merchant, paying via installment is absolutely interest free and NO service fee whatsoever...
If you wish to purchase an item where your prefered CC don't have an interest free program with that merchant, you can put a request via phone or letter and you may pay back your purchase via interest free.. BUT at a service charge of 3 to 5%. (I did enquire abt this not too long ago).

Hence your CC limit would be left with initial limit - amount of goods paid by installment as bro feudallordcult stated.. but it will gradually increase as you repay your installment monthly.

the banks will only charge an admin fee and may reduce your credit limit if you write in to state that u wanna pay in full at a pre-mature date. anyway, I deposited 2k into my credit card acc n the bank subsequently deducted the outstanding amts automiatically. not sure abt annual charges but i would cancel my card on the spot if they refuse to waive it. think there may be some banks offering cc with no annual fees now.

Hi Bro triton, sorry but my grasp of england is almost like the country's soccer team...lousy. what i meant was if Mr X's card has a limit of 5k and he buys a 2k watch via interest-free cc installment, this means he would only have 5-2=3k of credit limit left in the card. hope this clarifies the issue of credit limit.

[Oceanklassik]

Real Experience

Its so coincident. I jus kena this episode with my CC account.

I received a bill with annual fee charges abt 2 weeks ago and wrote in to waive it (like i used to do for past 2-3 yrs). It always resulted in 100% waiver. But this time, the bank called n inform no waiver and to pay up the full amt. I said I'd terminate the card n was reminded tat i still got instalments for my earlier purchase. I said I'll then pay up the balance in full, one shot, and was told tat I'd be charged a $100 admin fee !!!

I'm likely going to terminate te card W/O A DOUBT!

[Darkangel]

Seems like CASH is the way to go...but I prefer CC coz my dad can get 5 points every dollar spend. So if i buy a $1k watch...can get 5k points

[Oceanklassik]

Lucky to hv a son like u...

[Darkangel]

Lucky to hv a son like u...

Is that gd or is that bad? hahaha

[jazz_samz]

Is the bank CxxxBxxx or Dxx???

I hate using cards from this two companies... worst of the lot is AME X

Its so coincident. I jus kena this episode with my CC account.

I received a bill with annual fee charges abt 2 weeks ago and wrote in to waive it (like i used to do for past 2-3 yrs). It always resulted in 100% waiver. But this time, the bank called n inform no waiver and to pay up the full amt. I said I'd terminate the card n was reminded tat i still got instalments for my earlier purchase. I said I'll then pay up the balance in full, one shot, and was told tat I'd be charged a $100 admin fee !!!

I'm likely going to terminate te card W/O A DOUBT!

[seb]

Its so coincident. I jus kena this episode with my CC account.

I received a bill with annual fee charges abt 2 weeks ago and wrote in to waive it (like i used to do for past 2-3 yrs). It always resulted in 100% waiver. But this time, the bank called n inform no waiver and to pay up the full amt. I said I'd terminate the card n was reminded tat i still got instalments for my earlier purchase. I said I'll then pay up the balance in full, one shot, and was told tat I'd be charged a $100 admin fee !!!

I'm likely going to terminate te card W/O A DOUBT!

as a matter of principle, i would bloody kick some fuss...pay the bloody admin fee...terminate the bloody card with IMMEDIATE bloody effect and tell the bloody operator that this episode would be printed in local newspapers

was it just me or the after effects of watching Rambo IV

[triton]

can we take CC issue to another thread? thanks.