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Get 60 Months Interest Free + $79 Annual Fee from HSBC Finance at Bing Lee

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Get 60 Months Interest Free + $79 Annual Fee from HSBC Finance at Bing LeeAffiliate
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LwelcomeUniverseWorld on 04/11/2018 - 08:28 binglee.com.au (332 clicks)
Last edited 04/11/2018 - 13:47 by 1 other user
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You can do 60 months interest-free transaction on your HSBC Visa Credit Card at Bing Lee store only.
Simply bring your HSBC Visa card in-store to Bing Lee and ask the attendant to process an 'Add-on.'
The minimum monthly repayment is the higher of $20 or 3% of the outstanding balance shown on your credit card statement issue. You must pay at least the minimum repayment set out in each statement on or before the due date. This is the date HSBC should receive your payment, not the date on which you make the payment. You should allow sufficient time for payments to be received and processed by HSBC before the due date.

Why is this a deal? Let's assume you want to buy an iPhone for $1629. Rather than spending all those $$$$, you can use the card and pay minimum payment. And you can keep the rest of the cash in some savings. Ensure you pay it up within 60 months so that interest is not charged.

Do realize that there probably is a $79 annual fee on top of any existing annual fee the card has.

Minimum purchase $1500 for 60 months interest free

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closed Comments

  • Tafe on 04/11/2018 - 09:02
    +3

    Please note that if you take out the minimum loan amount of $1500 and take the full 60 months to pay out your loan ($32/month) that your comparison interest rate will be 9.6%, assuming you pay no other fees (ie late fees)

    edit: 8.9% on your iPhone example. Total cost $2024

    • jackyljj on 04/11/2018 - 09:23

      Sorry I am a bit confuse of your calculation, where is the interest coming from as it’s interest free , assume your pay the minimum fee on time in 60 months. Whatever the minimum fee you pay every month should go directly into your loan amount and reduce the balance

    • welcomeUniverseWorld on 04/11/2018 - 09:25

      How do you get 8.9%? I thought if you pay up within 60 months, it comes to 0% interest (plus the $79 annual fee that I am not sure about)

      • Tafe on 04/11/2018 - 09:39
        +5

        A comparison rate takes into account all fees and charges.

        60 months = 5 years

        5 years annual fee = 79*5 = $395

        Total cost = $1629 + $395 = $2024

        Which is the same as = "the comparison rate" of 8.9%

        Why are you unsure of the annual fee? It's clearly listed in the fees schedule.

        • jackyljj on 04/11/2018 - 10:02

          Ar…..you are right if you considering the annual fee

          • Tafe on 04/11/2018 - 10:14

            @jackyljj: Only redeeming feature is that Harvey Norman also do 50 months "interest free" via GO MasterCard which also charge $5.95/month account keeping fee. Works out to ~12% or something last time I checked.

            • jackyljj on 04/11/2018 - 11:08

              @Tafe: Are you sure if Harvey Norman interest free can do apple product ? Their t&c not include apple product mobile phone etc :(

          • colaman on 04/11/2018 - 10:58

            @jackyljj: Depends how much you spend. Comparison rate will be much lower if you spend more. Would be good for someone who needed a stack load of things because say they just moved into a new house or were updating their appliances at home.

            • jackyljj on 04/11/2018 - 11:09

              @colaman: It’s no cost for for me as I am a bank staff so no annual fee for credit cards the only glitch is to use 1 credit enquire

  • PCHammond on 04/11/2018 - 09:08
    +1

    You also need to know that Bing Lee won't negotiate anywhere near as much if you finance your purchase on interest free. That is why they always ask what method of payment you will use before they start to negotiate.

    Cash and credit will always give you better prices. Sometimes they will not budge or unable to budge from the ticketed price with finance.

    • welcomeUniverseWorld on 04/11/2018 - 09:24
      +1

      That seems fair though. However, if you are buying an iPhone, I would surprised if there is any deal to start with.

    • colaman on 04/11/2018 - 10:55

      I am sure that Bing Lee would get some type of commission for getting people to sign up to HSBC so it would be to their benefit to get someone on credit. Bing Lee still get their money upfront and the bank wins out by getting bonus customer.

      • jackyljj on 04/11/2018 - 11:52

        The 5tear annual fee pretty much can cover the borrowing cost like a personal loan

  • klownvandamn on 04/11/2018 - 09:18

    Can you claim TRS on purchase like these?

    • welcomeUniverseWorld on 04/11/2018 - 09:24

      I will sound stupid. What is TRS?

      • blighst on 04/11/2018 - 09:27

        Tourist Refund Scheme, i.e. leave the country and get GST back.

        • welcomeUniverseWorld on 04/11/2018 - 09:28
          -1

          oh. I did not know about that. So, I wonder that too.. hmmm

    • R1ngSt1nger on 04/11/2018 - 12:07
      +1

      Of course you can, you'll get a tax invoice greater than $300, so totally claimable.

      • sydneygirl on 04/11/2018 - 12:20

        except when I tried recently with a MacBook they said no as I would just have to give it back when I return to country the following week.. after queuing up for almost an hour..

        • klownvandamn on 04/11/2018 - 14:38

          legally you can only claim under goods $1k if you plan to bring it back.

          • eDust on 05/11/2018 - 10:06

            @klownvandamn: You can claim it.

            If you bring the goods back on your return journey they there's a $900 threshold "per person". So a $1000 gadget, if you're travelling alone, will attract the full GST when you return. If you travel with a partner then it's a $1800 threshold, so you'll be exempt.

            This threshold is on the total that you claimed when exiting (so if you claim a $1000 item and a $1200 item, that's $2200, and will be over the threshold if travelling with a partner, and you'll need to pay it all back)

            • [Deactivated] on 05/11/2018 - 11:37

              @eDust: Just as a side note, legally the threshold is $0. You are not actually legally permitted to claim TRS on things you will be bringing back into Australia. You're exploiting administrative loopholes designed to simplify the collection of tax at the border for goods purchased overseas to pay no tax on goods purchased in Australia which is not the intent of TRS (it's in the name - Tourist).

              You're unlikely to get in trouble, but if you are caught don't go crying about it.

              • eDust on 05/11/2018 - 11:52

                @[Deactivated]: I read everything on their website and it never says it's illegal to bring it back. It only outlines when you can be charged GST on re-entry.

                I know it wasn't designed for us to exploit like this but I couldn't see where it says it's illegal.

        • R1ngSt1nger on 04/11/2018 - 15:48

          Just tell them it's a gift.

  • DU99 on 04/11/2018 - 09:29

    plus you need a good credit rating

  • mmcs on 04/11/2018 - 09:54

    What a pity. They dont have any store in vic😐

  • miq on 04/11/2018 - 10:43

    This isn't a deal. Stores offer this sort of thing all the time. Who upvoted this?

  • manish87 on 04/11/2018 - 10:53

    These interest free promotions always exclude iPhone or they give maximum of 12 months interest free on rare occasions.

    • welcomeUniverseWorld on 04/11/2018 - 14:58
      +1

      It seems to include apple products. The live chat with Bing Lee confirms

  • jackyljj on 04/11/2018 - 11:13

    According to binglee’s t&c, only Excludes Asko and Miele, any one can confirm apple can enjoy the 60 months interest free ?

    • welcomeUniverseWorld on 04/11/2018 - 11:44

      Can buy apple iphone xs Confirming

      • jackyljj on 04/11/2018 - 11:54
        +1

        60 months interest free Its a very good deal for Apple product even considering the annual fee

  • chumlee on 04/11/2018 - 13:33

    Minimum purchase $1500 for 60 months interest free

  • eDust on 05/11/2018 - 10:12

    Does this deal work if you already have an HSBC Visa credit card?

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