Is anyone familiar with the Bill Me Later payment plan?

Question

Has anyone ever used the bill me later payment plan or is anyone currentlt using it. I would like to know the ratings.

I meant currently

Answer 1

Transaction implications:
"Zero Fraud Liability" Protection: you are not responsible for unauthorized charges, your identification through social security and date of birth ( IMOH, the only real benefit. )

As advertised: Secure Shopping - eliminates the hassle of digging out a credit card or entering an account number. ( It does not specify how not using a credit card safeguards your cash. It appears to be like any other online lending system. )


Financial implications:
No yearly fees. ( A plus )

Clause 5. The fixed Daily Periodic Rate is 0.04929%. This corresponds to an ANNUAL PERCENTAGE RATE of 17.99%. *
This means paying that rate on top of the principal.

Clause 5.
Minimum Finance Charge $ 2.00

Clause 5. Penalties additional to the interest charges above.
Fee for paying late If the balance is:
Under $5.00 - $0.00
$5.00 to $49.99 - $9.00
$50.00 to $149.99 - $19.00
$150.00 to $499.99 - $29.00
Over $499.99 - $35.00

Clause 1.c.1.
Present offer is "90 days same as cash." which means the Deferred Payment option or no interest charged for 90 days. ( A plus, do reconfirm the terms to benefit from this with their staff. )

Clause 8.
No security interest required to secure this Account. ( A plus )

Clause 12.
Full repayment of amounts owed are not penalised for early repayment. ( A plus )

Clause 4.d.i.
Not a credit line, each transaction is assessed separately.

Owed amounts attact interest on principal of a minimum $100 spending. Can't locate the fine print.


Source: Terms and Conditions of the Bill Me Later® Payment System at http://www.bhphotovideo.com/FrameWork/bmlTerms.html

I do not see how this product sets itself apart from the rest, other than the 90 days interest free lending terms and waiver of yearly fees.

Answer 2

The company will bill you the full amount of what ever at a latter date. It can be a good deal. It always better to pay now because you might not have the money latter.You risk getting into debt that you do not need.