I have no problems with it and I’ve done it. It’s your life and money and it’s not up to me to judge how you live or support your hobbies.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
That's good information. I'm always scratching my head with the credit score thing...great credit so I can put more stuff on credit....I don't want more debt, LOL. If you don't use credit you are an unknown risk to lenders.
I even cosigned on a loan with my wife last year and my credit score can't get much higher.
Thanks Mike! So do you think the store gets 100% of the sale price? I’m guessing there’s a discount of some sort since some portion of the people who finance will default. And honestly, who gets sent to collection for a $300 item.It does increase sales and they are typically affinity deals, meaning that they are not the the lender but rather a marketing partner for the underlying bank who pays the store a fee arrangement
Some large stores used to set up their own bank and hire a credit card bank to run the operations, They would sell off the cards to wall street (ABS) to generate more cash to lend and generate profits to boost flat retail sales.
Thanks Mike! So do you think the store gets 100% of the sale price? I’m guessing there’s a discount of some sort since some portion of the people who finance will default. And honestly, who gets sent to collection for a $300 item.
The store get the full sale price. The lender is is the one taking the risk. The lender manages the risk by setting aside interest and fees they collect in reserve to cover losses. Introductory rates are considered marketing costs and paid out of the total pool of interest and fees collected on all cards.
The lender is counting on a significant percent of customers not repaying the money within the 0% time frame, as which time they will charge 25%-30% and that typical customer will likely use that line again when the balance lowers.
The entire credit card industry is based in the rule of 2%. The minimum payment is usually 2% of the balance. It's a number that the customer perceives they can afford month to month. But it's a number that the customer will never repay in full. 30% can cover a lot of charge offs.
Banks charge the merchant a percentage based fee for each credit card transaction too. I believe it is typically in the 2-3 percent range. I assume the same applies to these credit offers.
I have no issues with choices and financing.
My worry is that offering finance enables the vendors to charge ever higher prices.
True, but possibly $800-$1000 dollars just for lighting on a 120 gallon aquarium, not to mention other costs could add up to around $5000 for just equipment on that 120. Now sure your going expensive but maybe somebody doesn’t want to pay that up front, and it also opens up the window for somebody who wouldn’t be able to have nice equipment to pay for it over time.my respectful opinion: if one needs financing in this hobby, priorities seriously need to be reviewed.
I had my return die a day after I had to pay and arm and a leg for my daughters Flute. Cash only sale but too good to be passed up. I could of afforded the 100 Sicce just to get buy but I wanted to replace it with what went out (used purchase 1 ran for 2 years and who knows how long before). So that's 280.00 for new varios 4 plus the 100 for the just get by pump orI'm split
On one hand I do believe if you need to finance anything in this hobby you need to seriously reevaluate your priorities. Excuses like something broke and I didn't have the money for it just underline the existing problem of scraping by and getting into a very expensive hobby one your wallet is telling you you can't afford. If you cannot immediately replace a broken piece of equipment without a loan you are living above your means.
On the other hand these are hard times, folks who might have been OK 2 weeks ago are now struggling. What ever cookie jar money there is going to essentials instead of hobbies. It's nice to know someone out there won't have to choose between groceries and their tank in case something goes wrong. It's isn't ideal but I'm sure some folks will benefit from it.
I agree I looked at WWC last night and it seems like there already high pricing just went into overdrive! 200-300 scolys elseware are over 5-6 hundred now. I hope this is not a sign of things to come. I never bought from them before because of the pricing and photo trickery. I cant believe people are feeding the demon, its gonna grow and spread.I have no issues with choices and financing.
My worry is that offering finance enables the vendors to charge ever higher prices.
I actually got a collection notice for a $50 bill I never saw. I'm sure it came in the mail but got "lost". The person I was living with wasn't very responsible. I sent payment right away. It dropped my credit score at least 50 points and took two years for it come back up.Thanks Mike! So do you think the store gets 100% of the sale price? I’m guessing there’s a discount of some sort since some portion of the people who finance will default. And honestly, who gets sent to collection for a $300 item.
I had my return die a day after I had to pay and arm and a leg for my daughters Flute. Cash only sale but too good to be passed up. I could of afforded the 100 Sicce just to get buy but I wanted to replace it with what went out (used purchase 1 ran for 2 years and who knows how long before). So that's 280.00 for new varios 4 plus the 100 for the just get by pump or
I agree I looked at WWC last night and it seems like there already high pricing just went into overdrive! 200-300 scolys elseware are over 5-6 hundred now. I hope this is not a sign of things to come. I never bought from them before because of the pricing and photo trickery. I cant believe people are feeding the demon, its gonna grow and spread.
If I did not have kids I would have a lot of toys and time to use them. Thats ok children are a blessingWell..if you didn't have the daughter...you wouldn't have to buy the flute...just saying. I don't have kids by the way...people tell me they are expensive and take up a bunch of space, my wife any I would rather spend that money on other crap .
I saw Unique Corals also had financing.....hmmm.
Haven’t seen you on here Before ( not that I pay Attention) but looking at your name. Thank you for your serviveI don’t think it’s wise to finance any hobby items. House, car sure you need those. Maybe even a new bed. Beyond that.. Nope