PSA re BH Payboo Card new terms

[BarkingBeans Coffee]

In other words sign up for electronic statements and don't miss a payment. Save the tax but not worth it to finance through them.

Annual Percentage Rate (APR) for Purchases	Revised Terms, as of 07/22/24 35.99%
Paper Statement Fee	Up to $35.88 annually ($2.99 each month your balance is greater than $3.50 and a paper billing statement is mailed to you; you can avoid this fee if you are enrolled in paperless statements as of the last day of a billing period)

 

[madone]

IMHO, you should ONLY finance through them if you can pay it off in the terms (1yr) anyways even before these new terms. Getting hit with those back interest fees is not the way to go.

 

[MrFotoFool]

Almost 36% interest! Ouch! There must be enough people that don't pay off their card that they make money from this in order to offset the tax rebate for those who do pay off their card.

Thanks for the warning (not that I would have ordered a Payboo card, but hopefully this will help someone out there).

 

[RichF]

Think about it. To pay for my sales tax, 10%, it will cost either B&H or Comenity Bank (they offer the PayBoo card) need make a $ elsewhere. I doubt B&H contributes too much toward sales tax payment (my guess) so the bank needs to make off of fees and interest.

In the end someone has to pay and I am glad I get my purchases tax free (at least tax free to me).

 

[BarkingBeans Coffee]

Honestly if you can't pay it off immediately doesn't seem worth it; especially since you can use a CC with lower interest and various ones give you an extra year of warranty.

 

[jeffnles1]

In over 40 years of having credit cards, I have carried a balance over to the next month exactly one time. That was 32 years ago, my wife and I had just moved into a new house and bought kitchen and laundry applianced. I paid half the first month and half the second month. It nearly made me choke when the bill came the second month and I saw what the interest charge was.

I use a credit card for convenience and to collect the reward points. I never buy more than I can afford to pay off the same monthly statement upon which that purchase will show. CC companies hate people like me but that's OK. I'd rather the banks ding me on "credit score" than pay their high interest rates.

Jeff

 

[Mal Paso]

Payboo now requires a text or email code be sent for confirmation of my identity every time I log in. Only the state of california is that paranoid. I'm going to cancel the card.

 

[jeffnles1]

Payboo now requires a text or email code be sent for confirmation of my identity every time I log in. Only the state of california is that paranoid. I'm going to cancel the card.

most of my bank accounts and credit card accounts *heck even my wireless phone carrier&* require 2 factor authentication these days (oh and my auto/home insurance and my health care insurance as well).

 

[Patrick M]

I have an app from my bank in the uk and also the p#yal app. both require I confirm purchases. It’s takes merely seconds. I think it‘s a superb way to protect us. Works for me.

 

[RichF]

Payboo now requires a text or email code be sent for confirmation of my identity every time I log in. Only the state of california is that paranoid. I'm going to cancel the card.

Paranoid or safety conscious. I applaud them for the next safety step

 

[RichF]

In over 40 years of having credit cards, I have carried a balance over to the next month exactly one time. That was 32 years ago, my wife and I had just moved into a new house and bought kitchen and laundry applianced. I paid half the first month and half the second month. It nearly made me choke when the bill came the second month and I saw what the interest charge was.

I use a credit card for convenience and to collect the reward points. I never buy more than I can afford to pay off the same monthly statement upon which that purchase will show. CC companies hate people like me but that's OK. I'd rather the banks ding me on "credit score" than pay their high interest rates.

Jeff

Ditto about only paying interest onc

In graduate school my girl friend use my card and when the bill came I asked her to pay it. She did but failed to include the cents, only paid the $. For the next few Months we paid interest much larger than the change she forgot to include!!

 

[mdirvin]

First I can't believe there is anyone that doesn't have 2 factor authentication on a financial account. Anyway back in maybe the early to mid '90's you could deduct CC interest from you tax's. At that point I would carry a balance then invest the money in a dollar for dollar matching fund my employer maintained. Of course all that changed, since then I pay the balance off each month. I do have to say I can't see how B&H makes it work. I save 10% on each purchase, and never pay interest. That means someone has to be paying a lot of interest to make it viable.

 

[frdjohns]

36% interest is straight forward robbery. This combined with charging outrageous fees for paper in an attempt to force folks into electronic statements only, in the hope more people miss a payment, tells you everything you need to know about this bank. Frankly, there are certainly better cards, and I can get anything B&H sells at other reputable stores for the same price.

 

[MrFotoFool]

... I save 10% on each purchase, and never pay interest. That means someone has to be paying a lot of interest to make it viable.

Someone is paying a lot of interest. A quick internet search reveals the average American credit card debt for 2024 is over six thousand dollars. That is the average, but of course many of us have learned to pay off our card each month which means some people have debts much higher than 6K to make it average out.

Average Credit Card Debt Study 2024

Across the country, many Americans are struggling with mounting credit card debt. The most recent data from the Federal Reserve reveals that credit card debt sits at $1.12 trillion—yes, that’s trillion with a “t”—in Q1 2024. The figure represents a meaningful increase compared to the country’s prepa

www.forbes.com

 

[pnbarne]

Funny, if a CC or bank doesn’t use two factor authentication I don’t use them. There is just too much fraud in the world.

 

[Patty15]

I use Payboo to not pay the sales tax. I never carry a balance with them.

 

[gdecamp]

36% damn, I could get a better deal from the mafia!!

 

[RichF]

36% damn, I could get a better deal from the mafia!!

But would not pay your sales tax

 

[BarkingBeans Coffee]

Unfortunately as people figure this out the Payboo might not last. Payboo is the only truly legal way to avoid sales tax and USE tax. Let's hope it stays.

 

[Mal Paso]

Unfortunately as people figure this out the Payboo might not last. Payboo is the only truly legal way to avoid sales tax and USE tax. Let's hope it stays.

B&H pays the sales tax out of their profit margin the same way they offer "kits" that include filters and bags. They are stuck with Nikon and others Price Fixing and this is their Discount System.

 

[Nimi]

Unfortunately as people figure this out the Payboo might not last. Payboo is the only truly legal way to avoid sales tax and USE tax. Let's hope it stays.

B&H pays the tax on your behalf. It's just a discount.

 

[BarkingBeans Coffee]

Yes understood, but if the bank doesn’t make enough they drop out. Just like Comenity did. When people see these rates and understand they stop using the card, and the bank doesn’t make its take.

BTW the tax is originally on B&H, they just don’t ask for reimbursement. That’s how sales tax works in most states. Use tax is on you when sales tax is not due on an out of state sale.

 

[Mal Paso]

Yes understood, but if the bank doesn’t make enough they drop out. Just like Comenity did. When people see these rates and understand they stop using the card, and the bank doesn’t make its take.

BTW the tax is originally on B&H, they just don’t ask for reimbursement. That’s how sales tax works in most states. Use tax is on you when sales tax is not due on an out of state sale.

It still says "Comenity Capital Bank, which is part of Bread Financial". What do you mean "drop out"?

 

[BarkingBeans Coffee]

It still says "Comenity Capital Bank, which is part of Bread Financial". What do you mean "drop out"?

Sorry they are the current one that replaced the prior one. Was it Synchrony?

 

[JAJohnson]

I have an app from my bank in the uk and also the p#yal app. both require I confirm purchases. It’s takes merely seconds. I think it‘s a superb way to protect us. Works for me.

Same. And I use two factor authentication (or preferably an authentication app) for everything important.