Hi everyone!
I’m wanting to get a MacBook Pro and I was thinking of doing it using the Amex Plan It. I have a Qantas Amex credit card. Is it a good way to pay off a big purchase without the interest? What should I expect the fees to be? Can I pay it off early? If you’ve used the Plan It feature before with Amex, how did you find it? Pro’s and con’s?
Thanks y’all
No idea, I don't have or use credit cards.
Why not? I have heaps of credit cards, and apply for new ones constantly. Don't let the banks scare you.
@kerfuffle: As soon as a new deal that's good comes up aha. Every month or two in busy periods.
Keep in mind though you have to be smart with it. I have a good income, and never pay any interest/late payments. Just recently got a homeloan for 400k and planning to increase it to 900k soon which I don't foresee any issues happening.
If a bank sees you churn cards, but you never miss a payment, they'd be crazy not to give you a loan over it.
That’s fair, I have the money coming in soon, the shipping times have been like two months, so I don’t want to wait even longer yknow. But yeah that’s valid, I appreciate it :)
Probably not the answer you are after but if you don't have the cash to buy a Macbook Pro upfront, then don't buy one as you can't afford it.
I would think that most OzBers only have credit cards to churn + earn points. If you are paying interest or fees on "zero-interest" plans then you're buying something you shouldn't or couldn't afford.
That’s fair. I do have some cash coming in soon, I’m just mindful that it’s going to take like a month to ship so I’d rather order it sooner.
They don't bill you until it ships. So you could order now and get the money in a month
Ooh I shall do that! Thank you!!
Exactly this.
AMEX Plan It is only technically "0% interest" - the fees they charge you per month however are effectively equivalent to 12.48% p.a. There's even a calculator here.
Can I pay it off early?
Yes, anytime.
If you’ve used the Plan It feature before with Amex, how did you find it?
🤷♂️
It's a finance facility… the monthly payment is added to your credit card balance. It works. Nothing more really.
(I used it when there was a brief $0 fee promo, which is the only time I would use it)
Apple do 24 months IF. Even with refurb products.
Looking at their site, there's a $31.20 monthly plan fee so while it's "0% interest", there's still a $374.40 premium extra payment over a year. Apple has some 0% offer as well on purchases with Latitude which appears to also have a $8.95 monthly fee, worth checking if that's better for you.