B&H refunds all sales tax for all customers

ha ha ha, I read things so quick and I somehow missed that part.  Yeah that is a bit high.  So 1000% you need to pay this off each month before close of billing!

Sounds good up till I saw the 30%.  Yikes!  

Adorama have something like this? 

30% APR with Fico 750+?  That's bad APR.  I feel bad for those with lower credit scores if they can get approved.  I like the idea of this card, but that APR is just bad.  While I try to pay off my balance each month, it never always happens.  On a large purchase if you make minimum payments for a few months, the interest could be more than the tax would have been.  

Chase Audate wrote: 30% APR with Fico 750+?  That's bad APR.  I feel bad for those with lower credit scores if they can get approved.  I like the idea of this card, but that APR is just bad.  While I try to pay off my balance each month, it never always happens.  On a large purchase if you make minimum payments for a few months, the interest could be more than the tax would have been.  

   good point

No thank you.  I value my money.   $30 is pretty rough!  That's how they are able to do this.  Charge crazy interest rate and most will not pay off in 30 days, they are banking on that.  

Gene.Culley wrote: $30 [sic] is pretty rough!  That's how they are able to do this.  Charge crazy interest rate and most will not pay off in 30 days, they are banking on that.  

Well, yes, 30% is rather high, but what does that have to do with you? If an individual can manage their money, make payments on time to avoid interest charges, and essentially borrow money for free, how is there a problem? I take advantage of these sorts of things all the time and I haven't paid interest charges due to a mistake in years. But I figure there's something wrong with me as I always know how much money I have, and what activity is happening in my checking accounts in the near future.

But what do I know?

garyrhook wrote:

Gene.Culley wrote: $30 [sic] is pretty rough!  That's how they are able to do this.  Charge crazy interest rate and most will not pay off in 30 days, they are banking on that.  

Well, yes, 30% is rather high, but what does that have to do with you? If an individual can manage their money, make payments on time to avoid interest charges, and essentially borrow money for free, how is there a problem? I take advantage of these sorts of things all the time and I haven't paid interest charges due to a mistake in years. But I figure there's something wrong with me as I always know how much money I have, and what activity is happening in my checking accounts in the near future.

But what do I know?

Making those who don't pay off their charges in a month sound like idiots isn't right.  I know there are people out there who are in tough circumstances and need to use their cards as short term loan and incur interest charges.  Man, I've been there a few times over the years.  Doesn't make me any less understanding of my finances.  Just circumstances.  But with that said, I can't speak on what Gene was specifically talking about, plus he had $30 vs 30%, which I'm guessing was a typo.  For me, 30% is high too, and for me, I would likely put thought into wether or not I got this card.  In case poo hit the fan after I made a purchase using this card and let's say one of the above 'circumstances' happened again, where I needed to help someone, or roof needed replacement last minute, and my finances goes upside down.  I would not want anything on that 30% card, vs floating the cost with one of my AMEX or Chase Visa cards that have crazy low interest rates.  That is how that APR has to do with me.   Look towards the future and be ready if poo strikes.

As I see it, just pay it off.  Crap happens, but it seems like a good idea.  30% is high though.  

garyrhook wrote:

Gene.Culley wrote: $30 [sic] is pretty rough!  That's how they are able to do this.  Charge crazy interest rate and most will not pay off in 30 days, they are banking on that.  

Well, yes, 30% is rather high, but what does that have to do with you? If an individual can manage their money, make payments on time to avoid interest charges, and essentially borrow money for free, how is there a problem? I take advantage of these sorts of things all the time and I haven't paid interest charges due to a mistake in years. But I figure there's something wrong with me as I always know how much money I have, and what activity is happening in my checking accounts in the near future.

But what do I know?

Came in to say this. Sometimes the only reason I use a particular card is for the rewards etc, but I pay the cc off within 1-3 months. I only look at interest if I feel I can't comfortable pay it off in 6 months or less. 

I'm with you.  For the most part, I'm paying things off within the first 3 months.  80% of the time ,  it (estimate) is paid off within first month.  Even still, 30% is so high.  That is bad credit APR.  Not exciting.  But getting $$ for the taxes I paid is a nice twist.  

Who else is offering program like this?

Total liking this idea, not excited about the interest rate.  No surprise there.  But conceptually, this is great model if you pay back your card within a 1-3 months.   

Seems like a decent concept to me. +1 the comment with the other retailers doing this.  

This isn't a deal?  The savings are being paid by that nasty interest rate.  


"ValuePenguin found that more than 40% of all US households carry credit card debt, with the average American household carrying a balance of $5,700. For only indebted households, which excludes people who pay their balances in full every month, the average debt is $9,333."
https://www.businessinsider.com/average-credit-card-debt-in-every-state-ranked-2018-8

More on this subject:
https://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php

https://www.cnbc.com/2018/01/23/credit-card-debt-hits-record-high.html

Good research James, kind of like Vegas, they are banking off most won't pay off their balance and will carry a  balance at that 30% APR.