B&H and Payboo ridiculous interest rates

2 months 2 weeks ago #672781 by Pete Franko
When B&H first released this Payboo card, and all the photographers voiced concerns about the crazy 30% interest, well to be fair 29.99% interest, I thought this would be a short lived program.  Or at least one that they would learn from and adjust.  When you factor that the average APR these days is ~17%, and if you want my 2 cents, even that is high.  But 30% card with such a reputable store like B&H seems like water and oil.  

And let me say, I understand clearly how credit cards work.  Pay it off before the due date and  you can circumvent this crazy rate.  But still, this card feels like 'chop shop', which doesn't match my feelings towards B&H.

This won't be a service I use, if they got it cut in half, maybe.


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2 months 2 weeks ago #672788 by effron
If you aren't comfortable with those rates, certainly pass on the card. Many online stores offer the same high rate offers, not just B&H....

Why so serious?
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2 months 2 weeks ago #672802 by Ted Baker
Yeah, it is what it is.  Move on our just use another card with them. 


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2 months 2 weeks ago #672869 by Pete Franko
You're missing my point.  I understand I can use any one of 11 cards that are in my wallet, each paid off each month.  I'm simply surprised B&H kept the card is all I'm saying.  I thought they would have learned from their mistakes and replaced it.


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2 months 2 weeks ago #672871 by shelland

Pete Franko wrote: You're missing my point.  I understand I can use any one of 11 cards that are in my wallet, each paid off each month.  I'm simply surprised B&H kept the card is all I'm saying.  I thought they would have learned from their mistakes and replaced it.

How do you know they consider it a "mistake"? Maybe they consider it a success? Maybe lots of people are using it, keeping balances and making them all kinds of money on interest? Just because you don't, that doesn't speak for everyone else. 

Just like anything, if they aren't making money they will eventually either change or cut it. 

I certainly don't have any insight into the program myself. 

Scott

- Twin Cities, MN

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2 months 2 weeks ago #672935 by Chester Foster

shelland wrote:

Pete Franko wrote: You're missing my point.  I understand I can use any one of 11 cards that are in my wallet, each paid off each month.  I'm simply surprised B&H kept the card is all I'm saying.  I thought they would have learned from their mistakes and replaced it.

How do you know they consider it a "mistake"? Maybe they consider it a success? Maybe lots of people are using it, keeping balances and making them all kinds of money on interest? Just because you don't, that doesn't speak for everyone else. 

Just like anything, if they aren't making money they will eventually either change or cut it. 

I certainly don't have any insight into the program myself. 


:agree:  Yep, I was thinking the same thing! 


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