Anyone use bill me later? Questions about it..

[metsplaya123]

Hey guys, was wondering if you guys use bill me later for high dollar purchases.

My question is: If I spend say $400 on an item, and I pay that in full within 6 months, I don't have to pay any other fees?

Let me know if I understood that right and how many of you guys use it, thanks!

[Bhenry4]

You are correct. My advice, if you haven't gotten involved already, don't.

[metsplaya123]

You are correct. My advice, if you haven't gotten involved already, don't.
Please tell me why sir. thanks

[seancoyle]

Don't get involved It took me over a year to get out of that debt. Worst decision I ever made.

[metsplaya123]

Don't get involved It took me over a year to get out of that debt. Worst decision I ever made.
but if you pay on time there is no debt? was it just hard for u to get the money and pay on time?

[bd3d86]

I use it on every purchase. I know I have the funds though to pay it off whenever. I think the reason to not get it is because it's like any credit card...if you don't have the money, don't charge. I'm sure the interest is crazy if you don't pay it off. I love it though!

[MikeWilliamsFan]

I use it occasionally and as long as you pay on time paypal gives you a higher limit

[bd3d86]

Bottom line: it's all about responsibility

[metsplaya123]

ok thanks guys, not sure what I will do yet

[bd3d86]

ok thanks guys, not sure what I will do yet

Good luck in with your decision. I will say that one nice thing about it is that each month they send a statement and it will say "in order to avoid interest you must pay $xx.xx". Or at least some wording like that.

[seancoyle]

I payed it off completely. Unless you have money to pay right away don't do it

but if you pay on time there is no debt? was it just hard for u to get the money and pay on time?

[cross4444]

It's just a credit card with interesting incentives and very high interest rates.

[dbackfan12]

Probably gonna have to look into this since Paypal requires me to use an e-check for every high end purchase I make ($400+) and Im sick of waiting three extra days for the cards.

[VandyCards]

usury. benefits sound nice, but they are not even close to competitive to what you can get with a traditional credit card.

I used it once, then they link to your ebay, and very difficult to not use by accident.

I called and closed my account.

[shrevecity]

I use it on every purchase. I know I have the funds though to pay it off whenever. I think the reason to not get it is because it's like any credit card...if you don't have the money, don't charge. I'm sure the interest is crazy if you don't pay it off. I love it though!

I use it and pay it off usually within a few days that extra kick you get in Ebay Bucks may seem small but it does add up over time.

[Bhenry4]

The extra eBay bucks aren't as good as the points from a CC.

[bd3d86]

The extra eBay bucks aren't as good as the points from a CC.

That is very true, but you don't usually get 6 months to pay off your credit card.

[VandyCards]

That is very true, but you don't usually get 6 months to pay off your credit card.

"getting six months" is how they ensure a lot of people buy more than they can pay off, and have to pay the 19.99% interest. While my card only allows me 1 interest free month, the rate for late fees is far less.

They actively invite people without access to other forms of credit to make bad decisions. It can be done responsibly, but when they make it the default on your ebay, and then make it impossible to take off your ebay checkout, it's just bad all around.

[Bretsky]

Just used it a couple of days ago to buy a card but I had money in paypal to pay most of it off and figure I will sell a couple cards in the next couple months to pay it off. It is pretty easy to make payments anytime you want which I like since I can sell a card and use the funds to pay down in one days time. Obviously you want to make sure it is paid by six months or end up paying 30% interest.

[4lynski]

I used it for a high end gaming PC and it was awesome and easy..Paid it off right within time frame..

[Madrid1028]

It's just a credit card with interesting incentives and very high interest rates.

The interest rate is 0. Ive had it for atleast 3 years i believe and have never paid a penny in interest.

[Natitude]

The interest rate is 0. Ive had it for atleast 3 years i believe and have never paid a penny in interest.

Then you must be paying off your debt in full every month because there is definitely an interest rate.

[Madrid1028]

Bill me later is awesome. Honestly a lot of people above make me laugh. Sorry if you cant handle ur finances. Here are the benefits. You get 6 months 0 interest anything over 99 bucks and sometimes they have longer. 12 months over 499 and 18 months over 999. You get an extra percent in ebay bucks every time you use it. As i stated above i have had the card for around 3 years and never paid a penny in interest. Its also great for flipping. All the time I buy cards and lots then let them sit for a couple months until i get what i want. I then pay towards the card and keep the profit never having to put any of my own money up. Just logic like anything yes if you go crazy and over extend urself you can get in trouble. The other benefit is it is accepted at a lot of places. Ive used it to get no interest at Home Depot and American Airlines for just 2 examples. This way I didnt have to get other credit cards to take advantage of their own special financing.

[Madrid1028]

Then you must be paying off your debt in full every month because there is definitely an interest rate.

no every purchase over 99 bucks is 6 months 0 interest.

[Madrid1028]

Then you must be paying off your debt in full every month because there is definitely an interest rate.

even if you held over 500 at 19.99 percent interest for 3 months 2 billing periods it would be less then 20 bucks.

[sigmachi]

I love it. I recently had my limit raised from 1K to 2K. I use it because my dang bank won't let me spend over $500 per day on my debit card and I don't want or have a credit card. I've used it for over a year and have never paid a penny in interest. If you're responsible with your money or if you have the funds to keep it paid down or paid off then it can be very beneficial

[metsplaya123]

ok so let me clear this up: you don't have to pay monthly to avoid fees, you just have to pay off the amount you spent in 6 months? right?

[kyle1707]

Paypal working capital is the best deal of all deals through ebay and paypal

If you can get approved for it... I recommend it...

Bill me later is like an awful CC
Kabbage is also
Working capital has small up front fee and then they take 10% of each sale through paypal until loan is paid... only when you sell something... No other fees

[Madrid1028]

Paypal working capital is the best deal of all deals through ebay and paypal

If you can get approved for it... I recommend it...

Bill me later is like an awful CC
Kabbage is also
Working capital has small up front fee and then they take 10% of each sale through paypal until loan is paid... only when you sell something... No other fees

again 3 years with bill me later and have never paid a penny for fees or interest. I have also gotten probably an extra 250-300 in ebay bucks. I have excellent credit and probably 8 credit cards but I prefer the bill me later set up.

[BigDan502]

ok so let me clear this up: you don't have to pay monthly to avoid fees, you just have to pay off the amount you spent in 6 months? right?

On purchases over $99 and if you don't pay it off in 6 months they charge you 19.99 percent interest from day 1

[andyzk3]

So glad there was a thread started on this!!

[Keyser Soze]

ok so let me clear this up: you don't have to pay monthly to avoid fees, you just have to pay off the amount you spent in 6 months? right?


There is a minimum monthly payment just like a credit card. If you buy something for $500, the minimum monthly payment would be around $20-30.

[asujbl]

even if you held over 500 at 19.99 percent interest for 3 months 2 billing periods it would be less then 20 bucks.

You really need to stop using BML if this is how you think it works.

[asujbl]

There is a minimum monthly payment just like a credit card. If you buy something for $500, the minimum monthly payment would be around $20-30.

This isn't always the case.

There are 2 options - 6 months with no payments (and interest free for those 6 months) or "No interest if paid in full by" which has a minimum monthly payment.

It depends on the promotion you use.

I've been using BML forever and I've never paid a minimum monthly payment. I just always pay off my items in their 6 month time frame.

[Qwasian]

it's pretty cool for selling cards because you can buy cases then throw the profit money right back on it and you don't have to come totally out of pocket up front on the cases (which is still a losing proposition) but mainly for entertainment more than anything.

you can also pay taxes with it, which is cool because you don't have to pay out one large lump sum out of pocket the same way.

I haven't tried the paypal working capital thing yet, I probably will some time in the near future.

the programs can be helpful if you have the money and you just want to budget so your cash in hand doesn't go low, but they aren't really too good if you don't have much extra money, it will get you in trouble/debt.

the interest rate is high on the bill me later account, around 25% I believe if the items aren't on the offer.

[Bhenry4]

ok so let me clear this up: you don't have to pay monthly to avoid fees, you just have to pay off the amount you spent in 6 months? right?

As one member eluded, just look at your monthly statement. There is a line on there that states, "To avoid paying interest, you must pay ________ this month." That's not word for word, but close.

[lazygambler]

I use it all the time and I love it. I also pay it within 2-3 months no matter what. Honestly, if you are having this many questions about it, you may not be financially ready to take on a responsibility like this. When I was 17 or 18 I started my credit with a best buy credit card because they had 1 year no interest. Well, I was very careless and learned a life long lesson on what a $1800 purchase could potentially turn into. It took me over another year and a half to knock that bill out. Please, please, please do not be careless like I was. It is almost depressing seeing that bill come in when you do not pay it off on time. I know it is nice to get what we want, but it is not a necessity. Be strong and discipline yourself and think, "do I really need this, and I am 100% positive I can pay this off?" Good luck with whatever your decision is!

[Natitude]

no every purchase over 99 bucks is 6 months 0 interest.

Ok, then you must be paying off your purchases within 6-months, that's good. I do the same for my $99 and up purchases. But there is still an interest rate if you don't pay by 6-months. that's what I'm trying to get at.

[Natitude]

As one member eluded, just look at your monthly statement. There is a line on there that states, "To avoid paying interest, you must pay ________ this month." That's not word for word, but close.

I can confirm this. If you look at your monthly statement you will see that they give you the total of all your $99 and under purchases, which is what you need to pay to avoid interest that month. Any transaction $99 and up is labeled with whatever the promo is, in this case is "6-months no payments, no interest".

At the bottom of the statement it shows all your $99 and up transactions, the amount still owed and the expiration date of the promo. Now this is where you have to pay attention. Whatever payment you make on your statement, it goes towards your $99 and under purchases amount that is listed to avoid interest charges first and then your $99 and up purchases after in the order of when you bought the item.

I try not to use BML for anything under $99. It definitely is for higher end purchases for me.

[Bhenry4]

So, my point is this, if you are using BML, only use it if you have a steady stream of disposable income that won't cease in the next year. At the end of the day, your credit score (which is more important to me than $200 in interest charges) is far more crucial than some pieces of cardboard sitting in a box.

[asujbl]

I can confirm this. If you look at your monthly statement you will see that they give you the total of all your $99 and under purchases, which is what you need to pay to avoid interest that month. Any transaction $99 and up is labeled with whatever the promo is, in this case is "6-months no payments, no interest".

At the bottom of the statement it shows all your $99 and up transactions, the amount still owed and the expiration date of the promo. Now this is where you have to pay attention. Whatever payment you make on your statement, it goes towards your $99 and under purchases amount that is listed to avoid interest charges first and then your $99 and up purchases after in the order of when you bought the item.

I try not to use BML for anything under $99. It definitely is for higher end purchases for me.

This is where people get in trouble.

If you owe $500 (your 6 months is up) but you've made a $75 purchase in that same billing cycle - you need to pay $575 so that it covers your under $99 purchase as well as your promotional purchase that is coming due.

I'm the same as you - I only use BML on purchases over $99 so I only have promotional items outstanding. I just use my credit card for anything under $99 so that it's paid seperately.

[Natitude]

even if you held over 500 at 19.99 percent interest for 3 months 2 billing periods it would be less then 20 bucks.

Umm, no. $500 x 19.99% interest = $99.95. This is assuming all your purchases were under $99.

You're probably looking at your interest amount for all your $99 and under purchases versus your $99 and up purchases, which we all know is the 6 mos no payments/interest promo. I assume you don't use BML for many purchases under $99, which is a good thing.

[Natitude]

This is where people get in trouble.

If you owe $500 (your 6 months is up) but you've made a $75 purchase in that same billing cycle - you need to pay $575 so that it covers your under $99 purchase as well as your promotional purchase that is coming due.

I'm the same as you - I only use BML on purchases over $99 so I only have promotional items outstanding. I just use my credit card for anything under $99 so that it's paid seperately.

Yup, so you do get it. I hope everyone considering BML reads this thread!!!!!!!

[chezball]

Bet with your head,not over it.

[HOFcollector]

If you can be responsible with your finances then use it. If not, don't. If you have the money to pay for what you need, you can use Bill Me Later to build credit and help your credit score, but that is only if you use it right and do not abuse it.

[coyne81486]

use it but ask yourself the right questions

[metsplaya123]

wow its tempting to use it to buy a case, hopefully pull nice stuff and sell it so I can pay it off. Of course with my luck this wont happen

[lilkeithw]

wow its tempting to use it to buy a case, hopefully pull nice stuff and sell it so I can pay it off. Of course with my luck this wont happen

I only use BML for $99 purchases and up. If you plan on using it to buy a case (which is usually what i do), take the cost of the case and divide it by 6. If you can afford to pay that amount back monthly then you should be fine.

[superjames27]

if i buy a card for 600$ how much is the monthly requirement or does it matter if i pay 100 one month and 25 the next follwed by 300 the third month

[Natitude]

if i buy a card for 600$ how much is the monthly requirement or does it matter if i pay 100 one month and 25 the next follwed by 300 the third month

If this is only for one card that cost $600, then for 6-months you can pay however you want, as long as you pay $600 by the end of the 6-months.

[dbackfan12]

So I'm guessing it's probably better to choose the no interest for 6 months and pay it back off in that time than to choose no interest if paid off within a certain time frame with a monthly premium.

[dherm360]

I tried to use it on a card last week and it never gave me the option

[Natitude]

I tried to use it on a card last week and it never gave me the option

How much was the card?

[dbackfan12]

Can you use BML to send money when you choose the for goods/service option?

[metsplaya123]

Can you use BML to send money when you choose the for goods/service option?
you mean if you wanted to buy something on this site? no

[Natitude]

you mean if you wanted to buy something on this site? no

Can you use BML to send money when you choose the for goods/service option?

The answer is actually yes. You can choose BML as a form of payment. I've used BML to pay BO members for deals here. Not all the time but I have.

[asujbl]

In order to use the promotion (the 6 months) on an off eBay purchase you need the seller to send you a Paypal invoice

If you send Paypal as you regularly do (it will give you a BML option) it only gives you one month to pay like a normal credit line.

You need the invoice to get the promotion. It's easy though so it's not like anyone wouldn't send you an invoice.

BML is awesome if you have a good budget, are good with finances, or have a good job (or a combination of them all)

It's not for people (because this is how Paypal makes all their money) that want to spend $1K on a case and hope they can make enough "flipping" to pay it off. This is certainly popular to do - and I'm not saying don't do it - but unless you would normally spend $1K on a case I wouldn't get into the habit.

If you can't pay for something without selling some of your items than you probably shouldn't be using it.

I use it for everything I buy over $99 - I also know that if Paypal called me today and said "You have to pay your entire bill right now" for whatever reason I could do so.

If I couldn't I wouldn't use it.

There are some people that can buy, sell, whatever enough to play the game of having a balance you can't cover but will hopefully cover in a few weeks or months.

Most people aren't smart enough to keep up with it

[Kane1]

As far I can tell. You can use BML in any site offering PayPal as payment option. It is just change the source option. I used it to buy something not related to eBay and also I got the 6 month offer.

Get in mind the 6 month offer. It is good if you can have the money before that moment. For now BML is working fine for me. For now the only problem I see with it. It is the lack of sending info to credit report companies.