p.5 #1 · Major problem with B&H's new PayBoo credit card ...
Roy_H wrote:
The average APR for all cards in the database is 16.39% to 23.45%."
For ALL cards in the database? If we separate the database into cards affiliated with Visa or MasterCard and store-brand cards which are not affiliated with Visa or MasterCard you then have two more accurate databases.
p.5 #2 · Major problem with B&H's new PayBoo credit card ...
Take a look at the USN&W website referenced above and write the authors if you want more info on APRs and why they chose to report averages of minimums and maximums. Additionally, Consumer Reports has similar information.
I am not on a Photo chat room to discuss credit card APR. I just wanted Henry to know what I thought of the PAYBoo process and support others that have written in -- expensive if you don't pay your balance off monthly, and poor customer service has been my experience.
Also, initially I stated the BH/Synchrony card was 25%. Although we discussed 10 other vendors, no one corrected my error - it is 29.99% for new applicants.
p.5 #3 · Major problem with B&H's new PayBoo credit card ...
Roy_H wrote:
Take a look at the USN&W website referenced above and write the authors if you want more info on APRs and why they chose to report averages of minimums and maximums. Additionally, Consumer Reports has similar information.
I am not on a Photo chat room to discuss credit card APR. I just wanted Henry to know what I thought of the PAYBoo process and support others that have written in -- expensive if you don't pay your balance off monthly, and poor customer service has been my experience.
Also, initially I stated the BH/Synchrony card was 25%. Although we discussed 10 other vendors, no one corrected my error - it is 29.99% for new applicants.
p.5 #4 · Major problem with B&H's new PayBoo credit card ...
rattymouse wrote:
30% interest? Which of the Five Families runs this outfit?
This is typical for store-brand cards. For instance:
Amazon.com Store Card or Amazon Prime Store Card accounts, standard variable purchase APR is *28.24%*
Kohl's, Macy's, JC Penney, all in the 29% range
Lord & Taylor is 28%
TJMaxx 28%
Game Stop 28%
Staples 29%
Zales 30%
Big Lots 30%
Apple Card - Variable APRs range up to 24.24% based on creditworthiness. Rates as of March 2019.
Gap - For new accounts: As of 01/01/2019, Variable Purchase APR is 28.24%.
Adorama 29.99%
Newegg 29.99%
p.5 #5 · Major problem with B&H's new PayBoo credit card ...
henryp wrote:
This is typical for store-brand cards. For instance:
Amazon.com Store Card or Amazon Prime Store Card accounts, standard variable purchase APR is *28.24%*
Kohl's, Macy's, JC Penney, all in the 29% range
Lord & Taylor is 28%
TJMaxx 28%
Game Stop 28%
Staples 29%
Zales 30%
Big Lots 30%
Apple Card - Variable APRs range up to 24.24% based on creditworthiness. Rates as of March 2019.
Gap - For new accounts: As of 01/01/2019, Variable Purchase APR is 28.24%.
Adorama 29.99%
Newegg 29.99%
p.5 #6 · Major problem with B&H's new PayBoo credit card ...
I haven't paid any interest on any card in over 10 years. Signed up with PayBoo the
day it was offered. No tax/free shipping w/very attractive B&H pricing made it a no
brainer. Simply pay the balance when it's due. If you can't afford to do so there's
always PayPal Credit that'll give ya 6-12 mo. with no interest. Use someone else's
money whenever possible, we enjoy hundreds in cashback every year doing so.
p.5 #8 · Major problem with B&H's new PayBoo credit card ...
I've also treated all my cards as charge cards (for convenience) instead of credit cards. If I can't afford to pay in full every month, I won't spend until I have the money. What matters most to me is no annual fee. I think all (or most) cards no longer charge annual fee these days. They used to do that in the 90s. I remember AmEx card (green color) cheapest annual fee was around $50. That's a lot of money in the 90s. I didn't have an AmEx then until they offered no annual fee cards.
p.5 #10 · Major problem with B&H's new PayBoo credit card ...
CanNik wrote:
I've also treated all my cards as charge cards (for convenience) instead of credit cards. If I can't afford to pay in full every month, I won't spend until I have the money. What matters most to me is no annual fee. I think all (or most) cards no longer charge annual fee these days. They used to do that in the 90s. I remember AmEx card (green color) cheapest annual fee was around $50. That's a lot of money in the 90s. I didn't have an AmEx then until they offered no annual fee cards.
What matters most to me is reward cash back. I average a good $1000 cash back per year with my credit cards. Free money.
p.5 #11 · Major problem with B&H's new PayBoo credit card ...
Like you and trenchmonkey, I've paid 0 interest, 0 late fee for approximately 25+ years. Cash back is nice but my personal expense isn't that much. I've only accumulated a couple hundred bucks reward money over several years. Best thing is to use our personal credit card for company expense. Company pays and I get the reward. It's too bad the company I work for does not do that.
p.5 #12 · Major problem with B&H's new PayBoo credit card ...
Reviving this thread (and having spent tens of thousands at B&H) I finally decided to apply for Payboo (yes, I was ordering the a1, and some lenses and lighting). My credit ranges 820-850. I was immediately denied. My husband then tried, his credit is also very strong. Same thing. We called the bank and they refused to clarify.
Like others with this issue, we don’t carry revolving credit and have zero debt except a mortgage. I seriously think earlier posters might be correct in that Synchrony does not like this financial pattern.
I’m really sad because when I’m at home (admittedly rare even these days), I am just blocks from B&H and I’m very loyal to the store.
I know the store cannot help - for those of you who can’t get a Payboo card, what do you do to save some money when about to drop ten or twenty grand on things you can’t yet buy used? TIA!
p.5 #13 · Major problem with B&H's new PayBoo credit card ...
trenchmonkey wrote:
I haven't paid any interest on any card in over 10 years. Signed up with PayBoo the
day it was offered. No tax/free shipping w/very attractive B&H pricing made it a no
brainer. Simply pay the balance when it's due. If you can't afford to do so there's
always PayPal Credit that'll give ya 6-12 mo. with no interest. Use someone else's
money whenever possible, we enjoy hundreds in cashback every year doing so.
p.5 #14 · Major problem with B&H's new PayBoo credit card ...
Faraday wrote:
Reviving this thread (and having spent tens of thousands at B&H) I finally decided to apply for Payboo (yes, I was ordering the a1, and some lenses and lighting). My credit ranges 820-850. I was immediately denied. My husband then tried, his credit is also very strong. Same thing. We called the bank and they refused to clarify.
Like others with this issue, we don’t carry revolving credit and have zero debt except a mortgage. I seriously think earlier posters might be correct in that Synchrony does not like this financial pattern.
I’m really sad because when I’m at home (admittedly rare even these days), I am just blocks from B&H and I’m very loyal to the store.
I know the store cannot help - for those of you who can’t get a Payboo card, what do you do to save some money when about to drop ten or twenty grand on things you can’t yet buy used? TIA!...Show more →
Those of us that do this are called:
" Usually used as a derogatory term, a deadbeat in the credit card world is someone who pays off their balance in full every month. Deadbeats often reap the rewards from credit card programs without having to pay high fees or interest due to regular and full payments on their cards.Oct 8, 2020
And I am proud of it!!! Suck it up banks and cc companies!!! Go to a credit union if you carryover any monthly debt. My credit union is only 12% but I carry over NO balance!!
Dan
p.5 #15 · Major problem with B&H's new PayBoo credit card ...
I would not risk a negative impact on the credit. I'd rather get only half back from a reliable bank. I don't understand why that particular bank cares so much if you have good credit since BH is paying them.
p.5 #16 · Major problem with B&H's new PayBoo credit card ...
Danpbphoto wrote:
Those of us that do this are called:
" Usually used as a derogatory term, a deadbeat in the credit card world is someone who pays off their balance in full every month. Deadbeats often reap the rewards from credit card programs without having to pay high fees or interest due to regular and full payments on their cards.Oct 8, 2020
And I am proud of it!!! Suck it up banks and cc companies!!! Go to a credit union if you carryover any monthly debt. My credit union is only 12% but I carry over NO balance!!
Dan
Yep! I’m proud of it as well. Tons of CC points also means traveling better But I would have liked this card so I could stay with B&H. As it is I’ll probably use a rebate card like Amazon’s. I’m sure my Sony rep will have some thoughts as well.
p.5 #17 · Major problem with B&H's new PayBoo credit card ...
Faraday wrote:
Yep! I’m proud of it as well. Tons of CC points also means traveling better But I would have liked this card so I could stay with B&H. As it is I’ll probably use a rebate card like Amazon’s. I’m sure my Sony rep will have some thoughts as well.
Have you emailed Henry Posner at B&H for help?
Maybe he can help or suggest an avenue that works for both B&H and you.
Good luck!!!
Dan
To those cc and banks who feel THEY deserve to "milk" us for outrageous APR..it is capitalism people!!! Why should we, the consumer, be excluded from no APR or breaking "even" in a transaction?
p.5 #18 · Major problem with B&H's new PayBoo credit card ...
Danpbphoto wrote:
Have you emailed Henry Posner at B&H for help?
Maybe he can help or suggest an avenue that works for both B&H and you.
I'd be happy to offer to help if I thought I could The entire application/approval process is owned and administered by Synchrony Bank. Out of respect for your privacy they will tell us almost nothing about your application or about why it was denied. You can email me and I can pass your email on to the person here who is our bank liaison, but I doubt I can make any real difference.
All that said, I am very sorry for this situation and appreciate the disappointment of anyone contemplating the purchase of a Sony A1 under these circumstances.
p.5 #19 · Major problem with B&H's new PayBoo credit card ...
henryp wrote:
I'd be happy to offer to help if I thought I could The entire application/approval process is owned and administered by Synchrony Bank. Out of respect for your privacy they will tell us almost nothing about your application or about why it was denied. You can email me and I can pass your email on to the person here who is our bank liaison, but I doubt I can make any real difference.
All that said, I am very sorry for this situation and appreciate the disappointment of anyone contemplating the purchase of a Sony A1 under these circumstances.
p.5 #20 · Major problem with B&H's new PayBoo credit card ...
Faraday wrote:
Thanks Henry, it’s much appreciated.
I have had my ID stolen! So the "pause" the banks, stores....make in transactions, while VERY frustrating...saved my rear end and the culprits were caught for the financial portion of the ID theft, post theft. The money lost by the banks was never really "stolen". The back billed the transactions to the biller. So the CC/banks lost nada..nothing.
Dan
But I would have liked this card so I could stay with B&H. As it is I’ll probably use a rebate card like Amazon’s. I’m sure my Sony rep will have some thoughts as well.
?