Bill me later

Hey guys. Almost positive im gonna get the T61 and i just wanted to know how that "Bill Me Later" option that it gives you when you go to checkout works. It sounds pretty straight foward, but i just want to know how much interest you have to pay and if there is some catch that they dont tell you about.

 

I just ordered a Fujitsu Laptablet with it and I couldn't believe how easy and simple it was. Don't even have to fill out an application. Just last 4 digits of SSN # and a phone # they can reach you at. I opt'd for this since "No payments for 6 months" was going on. Then the next day, a lady calls asking to confirm the purchase. And that was it...!

 

Wow it's really that simple? do you have to pay interest?

 

They never called me for confirmation. Was instant approval. No payments for 5 or 6 months (how ever long the promo was) and no interest if you pay off balance before expiration. Yes, very straight forward. Exactly what it says is what you get.

 

Wow that sounds great! Nothing to hold me back from getting it besides my unfortunate innability to hold a decision...

 

If you dont pay off the balance before the time period, they tack on th 22% interest that has accrued since inception. If you pay in full then you owe -0- over and above the cost of the machine.

 

I was also looking into Bill Me Later a few weeks ago. Some people had bad experiences, some good. One thing I noticed was that you should make sure not to wait til near the end to pay. They have some sort of right to hold your payment for a while before crediting it. They apparently do that frequently to make you "late" in your payment.

Just something to keep in mind if you do choose to use this service.

 

To clarify what hunts said..

If you don't pay off your balance by 6 months, interest that has been accruing since Day 1 will be tacked on. So, let's say you bought it June 30 at 1000$. If you pay off 999 on December 30, you will have the FULL INTEREST from $1000 over those 6 months. I'm pretty sure though if you paid 999 on July 1 they would only charge you 6 months of interest on $1, but you get the idea.

Your best bet is to break the computer payment into 5 chunks and pay one chunk each month, or if you're expecting money at a certain time, I guess you can wait.

xxooxx's advice is pretty sound though, I wouldn't wait till the end, I would check the terms of service and see if there's anything in there about holding a payment for any particular period of time. Be damn sure though to not pay with a personal check, that may hold it up. Use a cashier's check from your bank or an electronic payment.