Buying New Laptop with Credit Card - Need Advice

November14 on 19/07/2015 - 15:53
Last edited 20/07/2015 - 09:25 by 1 other user

Hey guys,

I'm thinking of buying a new laptop (around AUD1500 worth) with a credit card and pay it off within 6 months. What would be the best way to do this?

I don't own any credit card yet, I have a stable job, but I don't actually need a credit card for everyday purchase. Just for this one.

Thanks and really appreciate your inputs.

*EDIT

If I can spread out the payments, I'm gonna get XPS 13 at approx. AUD1300
If I can't, I'm gonna get New Inspiron 13 7000 Series 2-in-1 Special Edition at approx. AUD 950.

Financial

Comments

  • nocure on 19/07/2015 - 16:35
    -1

    Buyers edge

    • November14 on 19/07/2015 - 16:47
      +1

      I've just looked it up, called GEM Visa now. Do you know what the difference is between this and NAB Low Interest 0% for 12 months?

    • Piangi on 19/07/2015 - 16:48
      -1

      Is this post even serious…

      Establishment fee $25.00 (one-off) This is a once only fee for establishing your account.
      Account servicing fee $4.95 Charged monthly if the outstanding balance is greater than $10.

      http://www.buyersedge.com.au/en/using_your_account/fees_and_…

      • nocure on 19/07/2015 - 16:51

        Better than a credit card…Let's you pay it off over 12-24 months interest free…. YES this post is serious.

        • November14 on 19/07/2015 - 16:52

          Is the AUD99 annual fee considered high?

        • nocure on 19/07/2015 - 16:53
          +1

          @November14:
          Yes definitely.

        • Piangi on 19/07/2015 - 16:57

          Based on OP's facts ($1500 laptop, wants to pay it back after 6 months), the option you've suggested implies an effective interest rate of 7.5%

          And to get the "buy now, pay later" option, OP would have to find a specific store that offered that special promotion on a particular laptop (probably meaning he/she would miss out on the best bargains).

        • November14 on 19/07/2015 - 17:18

          @Piangi:

          With GEM Visa (formerly Buyers Edge), it's 0% for 6 months. So no interest rate?

        • Piangi on 19/07/2015 - 17:23
          +1

          @November14:
          Sure, no formal "interest rate", but when you take into account the $99, it means there's an effective interest rate.

          So if you were to pay a $99 fee just so you could pay for your $1500 laptop 6 months later, that works out to be an effective interest rate of around 13% p.a.

        • nocure on 19/07/2015 - 17:23

          Where does it say $99 annual fee

        • Piangi on 19/07/2015 - 17:27

          @nocure: Here. Hope this helps :)

        • nocure on 19/07/2015 - 17:47

          @Piangi:
          That's Gem visa

        • Piangi on 19/07/2015 - 18:44
          +1

          @nocure: Hi, I was replying directly to OP's question re the Gem visa (above my reply).

        • nocure on 19/07/2015 - 18:53

          @Piangi:
          Sorry ,all good

    • November14 on 19/07/2015 - 20:12

      Thanks! Sounds like a good deal

      • moar bargains on 20/07/2015 - 12:34
        +1

        This looks like the best option to me if you definitely want to pay it off over time.

        Another idea: any chance you could get a parent/relative/friend to buy it for you, and you can pay them back over 6 months or whatever time you arrange?

  • [Deactivated] on 19/07/2015 - 20:17
    +8

    If you have a 'stable' job, and can't afford a $1500 laptop, without getting credit, I seriously suggest you get a new job. Getting a laptop and paying it off with stupidly high interest rates is completely retarded. You have an asset that depreciates at an astounding rate, and you are paying extra on top of it. Crazy.

    • November14 on 19/07/2015 - 20:36

      Under 50k a year is still stable, what I meant is I can afford monthly payments with no lagging behind. I can pay it at one go but it's cutting it close in regards to another purchase i have to make.

      • [Deactivated] on 19/07/2015 - 21:00
        +2

        I don't think you understand what I am saying. Ill make it short: Don't buy a laptop on credit, pay in cash. Its not a lot of money. Under $50k a year is also more than $20k below the average wage. Maybe a $500 laptop would be more suitable?

        • November14 on 19/07/2015 - 21:31

          My technical job calls for at least 5th gen processor with at least HD 5500 if I want it to be capable and lasting. If my wage is indeed below 50k, let's blame it on the economy. It is indeed my point, I'm asking for advice for a situation where I can possibly spread out the payment with minimal interest. If there is a good way, thanks for letting me know. If not, then thanks, I'll consider it too.

          To enlighten you as to how anyone would need a capable laptop for their work without actually being paid 70k a year, try this: a REVIT documenter who works as a contractor. I'm sorry but you can't run REVIT on AUD500 notebook. You probably could for AUD1000, but it would probably be 4th gen chipset which will become incapable in 2 years time when REVIT 2017 comes out. So, no.

        • [Deactivated] on 19/07/2015 - 22:33
          +1

          @November14:

          You do realise you can claim the computer on tax if its for your work right?

          I suggest you forget the fluffy dice and NOS stickers for your Skyline GTST, sell it, buy a 1995 Corolla, and pay for your laptop in cash.

        • scrimshaw on 20/07/2015 - 01:04

          @November14:

          You can't make do with the sub $900 dollar refurbished Dell?

          https://www.ozbargain.com.au/node/201611

        • Sweetnsour on 20/07/2015 - 08:36
          +1

          @thorton82:
          November14 wouldn't be able to claim till 2016 tax return. So effectively have to wait 12 months. Which is why November14 is having cashflow problems.

          Hence his question.

        • November14 on 20/07/2015 - 09:17

          @scrimshaw:

          I had other priorities at that time. Now I'm good, but all nice refurbs are gone. I'm waiting for the next round, eyeing for Latitude with 5th gen.

        • November14 on 20/07/2015 - 09:18

          @Skimpywallet:

          THANK YOU.

        • Piangi on 20/07/2015 - 20:27

          @Skimpywallet: Actually, unless OP has an ABN and runs a business (rather than being an employee), they would have to capitalise the laptop and deduct it off their taxable income over several years.

  • cypher67 on 19/07/2015 - 22:32
    +2

    Pretty sure laptops don't come with credit cards

  • ProjectZero on 20/07/2015 - 09:18

    Do you need it right this instant? If not, I suggest saving up and/or waiting for the new gen CPU laptops.

    Otherwise, I believe scrimshaw's suggestion seems like a good idea. When I bought my laptop, which was a couple of years back, you can get a decent laptop for <$1k with discrete GPU and an i7… why do you need one thats 1.5k?

    • November14 on 20/07/2015 - 09:19

      I'm eyeing for XPS 13 if I can spread out the payments. If not, I will only buy at most AUD1000.

      • ProjectZero on 23/07/2015 - 09:47

        Don't know if you've already bought the XPS 13 or what other laptop yet… but based on the specs… this seems like a winner…

        • November14 on 28/07/2015 - 12:51

          I've decided to wait for Skylake and do my best with the laptop I have now, which shuts off when i hold it with one hand by its side.

  • nikhi24 on 26/07/2015 - 19:39

    Not sure with other visa but yeah long interest free with gem and if it goes on sale with 6 months or so they refund the difference and all purchases over $250 are 6 months interest free

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