BuRR06 Posted November 11, 2006 Posted November 11, 2006 Hi, i was thinking whether if any electronic Shops like Audio Hse or Mega provides installment plans without credit card for their LCD TV. Mayb add a small admin fee to their selling price, something like that. I do not wish to make a fool of myself at the shops or mayb offend the bosses by asking them such a 'ridiculous' questions.. hehe I am not able to apply for a credit card due to some personal reasons... Thanks for all the valuable input!!
darthmax Posted November 12, 2006 Posted November 12, 2006 You can try Courts, but their interest is quite high..
domho8 Posted November 12, 2006 Posted November 12, 2006 You can try Courts, but their interest is quite high.. The interest rate is not high but damn high!! Interest can buy a new TV ;D
BuRR06 Posted November 15, 2006 Author Posted November 15, 2006 ya i was about to say that the courts one sucks... So the vendors do not provide installment plans for those without credit cards?? Boring lah like that..
Quest88 Posted November 16, 2006 Posted November 16, 2006 ya i was about to say that the courts one sucks... So the vendors do not provide installment plans for those without credit cards?? Boring lah like that.. Most vendors won't want to fund the amount, and manage things such as delinquency, collection, bad debts, write-off, etc; nor do they have the expertise to do so. Although you all think Courts one sucks, the high interest is cos they are providing unsecured credit to the masses. The amount of bad debts tend to be higher than a bank's credit card customer which has probably gone through much higher level of screening. Also, banks probably have more avenues to track the customer throughout the life of the loan. No idea how Courts finances their customers also.. similarly banks have avenues to lower cost of funds such as savings deposits, etc. Afterall actually Courts does offer 0% installment scheme for credit cards also. Who do you think are those who get Court's own installment scheme? ;D
hifi_enthusiast Posted November 16, 2006 Posted November 16, 2006 Those who do not sign up for 0% instalment scheme can usually bargain for a lower price. Credit cards charge the retailer 8% or more for 0% instalments. Anyway, bro', if you are not able to apply for a credit card, it probably means you are considered a 'credit risk' by the banks... if the retailer checks on your credit rating and finds this out, unlikely that he'll give u instalments as well.
Hardlok Posted November 16, 2006 Posted November 16, 2006 I am not able to apply for a credit card due to some personal reasons... Thanks for all the valuable input!! Dunno whether my understanding is correct or not, but debit cards are now being promoted as credit cards. You use them just like credit cards, except that the outstanding sum in your linked bank account must be large enough to cover each transaction. This is quite a good way to allow people to enjoy the ubiquitous benefits of credit cards while freeing the banks/participating outlets from the worries of credit risk. So, assuming you want to buy a $2000 item by 0% installment with audio house, you just need to have enuf money in your bank account to cover the monthly payment? Logically that would be the case, but whether debit cards are eligible for 0% interest free payment schemes, I don't know. Anyone here can shed some light on this?
armoury Posted November 16, 2006 Posted November 16, 2006 Doubtful. Also, even for credit cards if you go on an installment payment plan, the entire outstanding amount is "blocked" against your credit limit, so presumably for a debit card, even if it's eligible for installments, this means that you must have the entire amount of the purchase already in the account to secure the purchase price.
Quest88 Posted November 16, 2006 Posted November 16, 2006 armoury is right. :) This is the standard MAS requirement, that instalment amount must be blocked in the card to prevent 'over-spending'. The main benefit of debit card is that you can get discounts/benefits, and points/cashback where applicable, similar to a credit card. But you won't get the financing options via the instalment plans, balance transfer, etc.
Hardlok Posted November 16, 2006 Posted November 16, 2006 Sigh, too bad then. Threadstarter will just have to get a personal loan from a friend/relative and repay that person monthly. But it may still be worthwhile to get a debit card if it does not contravene any of the "personal reasons" for not getting a credit card. :D
BuRR06 Posted November 16, 2006 Author Posted November 16, 2006 yeah i do have a debit card . haha but thats out of the point anyway. thank you everyone for your fast feedback ! cheers!
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YANG Posted February 6, 2014 Posted February 6, 2014 Wah... TS, how big the TV are you buying??? Your talking about the old tech LCD with those fluorescence backlight one right? Now should be very cheap to one shot can clear by nets ley... less than 1k for max max 42inchie. If you're referring to LED LCD TV, also cheap cheap ley... unless you're hooting one from B&O or LEOWE, i don't see the point you need to sign up for installment for a biggie. If your sitting/viewers spot is close to the wall infront of you, too big is an over kill, and stressful for your eyes as well. Smaller ones like 39inchie and below shouldn't need installment bah...
nimo Posted February 7, 2014 Posted February 7, 2014 armoury is right. :) This is the standard MAS requirement, that instalment amount must be blocked in the card to prevent 'over-spending'. The main benefit of debit card is that you can get discounts/benefits, and points/cashback where applicable, similar to a credit card. But you won't get the financing options via the instalment plans, balance transfer, etc. That was what I thought too. 0% installment doesn't quite work (as CC) on debit cards. Good as paying full in cash but get some points. I more interested if they say xxx Cards enjoy xx% discounts.
silencer13 Posted February 7, 2014 Posted February 7, 2014 You guys DO know that you're replying to an 8 year old thread that a spambot dug out, right?
YANG Posted February 7, 2014 Posted February 7, 2014 You guys DO know that you're replying to an 8 year old thread that a spambot dug out, right? yup... undeniably... kind of... hahahaha... Anyway, the topic is still relevant to the current scene as there are good load of ignorant folks still thinks that anything can be settle by a card... especially when they do not bother to do a good study on the features and limitations of a product. Some are just paying for names...
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