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  1. #1
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    DaddyMac's Avatar
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    Anyone use "BillMeLater" for online purchases?

    Plenty of sites have it. I'm looking at Newegg for instance.

    Seems to be not unlike brand store credit cards, but no credit line. Looks like typical buy now, pay by later and no interest. No annual fees.

    Wondering if anyone else uses it? Pros? Cons?

    TIA.



  2. #2
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    Re: Anyone use "BillMeLater" for online purchases?

    They just send you a bill and you are expected to pay in full. Not a big deal.



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    Re: Anyone use "BillMeLater" for online purchases?

    My wife used it once. We ended up having a lot of problems with it. i.e. Bill me later not actually paying the store and then Bill me later charging our account twice. It was all quickly and easily squared away, with apologies from them. None the less, it was a lot more hassle than just putting it on a credit card and being done with it.



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    Re: Anyone use "BillMeLater" for online purchases?

    I've used it once. Can't remember for what but got some kind of deal for using and didn't have any issues.



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    Re: Anyone use "BillMeLater" for online purchases?

    I've used it several times and never had any issues with it whatsoever.



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    Re: Anyone use "BillMeLater" for online purchases?

    I believe that you will end up with a GEMB (GE Money Bank) account if you use it. It'll show up on your credit report like any other account you have...


    I was a victim of a series of accidents, as are we all.

  7. #7
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    Re: Anyone use "BillMeLater" for online purchases?

    NPR discussed this the other day. It is causing some credit issues for people because each time you use it, it does a credit check. Multiple credit checks can be harmful to your credit.
    Also, if you don't pay it off in time, interest and penalties end up being around 20%.
    I would stay away, but if you do use it, make sure you pay it off before interest and fees kick in.



  8. #8
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    Re: Anyone use "BillMeLater" for online purchases?

    Quote Originally Posted by Freebird View Post
    NPR discussed this the other day. It is causing some credit issues for people because each time you use it, it does a credit check. Multiple credit checks can be harmful to your credit.
    Also, if you don't pay it off in time, interest and penalties end up being around 20%.
    I would stay away, but if you do use it, make sure you pay it off before interest and fees kick in.
    Whoa...I've used this for years and had no idea they checked your credit each time it's used. I can understand to initially enroll but EVERY purchase?



  9. #9
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    Re: Anyone use "BillMeLater" for online purchases?

    Here's their statement on credit checks

    Do you review my credit report every time I make a purchase?
    CIT Bank does not review your credit report for each transaction. However, your credit report may be reviewed for some transactions and periodically to provide you with the maximum buying power possible.
    I appreciate all the responses. Seems safe enough.

    Superman - since you've used it. Their FAQ has an interesting remard about payments. Says that you can pay at once or over time*. But the "*" says if you pay over time, finance charges apply.

    I'm taking that to mean outside a promo period. But can also read it as one time payment or you accrue charges even in a promo. Can you/have you made payments inside a promo perioed and not garnered interest charges? Thx.


    Last edited by DaddyMac; 01-13-2010 at 04:07 PM.

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    Re: Anyone use "BillMeLater" for online purchases?

    Multiple credit hits doesn't sound safe enough to me, I dunno



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    Re: Anyone use "BillMeLater" for online purchases?

    I'm just reporting what NPR said. They said that Billmelater was checking your credit with every purchase. I can't testify to the truth of that but even so I don't see the benefit.

    I have one credit card that I use and get points for. It is paid off every month and I get a check for $250 twice a year. Billmelater will get you squat.



  12. #12
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    Re: Anyone use "BillMeLater" for online purchases?

    Quote Originally Posted by DaddyMac View Post
    Here's their statement on credit checks



    I appreciate all the responses. Seems safe enough.

    Superman - since you've used it. Their FAQ has an interesting remard about payments. Says that you can pay at once or over time*. But the "*" says if you pay over time, finance charges apply.

    I'm taking that to mean outside a promo period. But can also read it as one time payment or you accrue charges even in a promo. Can you/have you made payments inside a promo perioed and not garnered interest charges? Thx.
    I've never not paid in full each month...I'm no help.



  13. #13
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    Re: Anyone use "BillMeLater" for online purchases?

    Ok, I just checked my last statment.

    APR - 19.99 (F)
    DPR - 0.05476%

    Hope this helps!



  14. #14
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    Re: Anyone use "BillMeLater" for online purchases?

    I have used BML for a couple of years, often with a small balance with no problems. Here is the info from the Newegg site on using BML...They do periodically check your Credit score to see if how much credit they can extend to you...but they don't do a "hard" credit check for each transaction...I read online that using BML may lower your score by 5 points over a six month period...but just like a credit card if you pay it off monthly or at least make your minimum payment each month it will not adversely affect your credit score...Its like using a credit card only without the credit card. They do offer fraud protetion as well and no annual fee.

    What does Bill Me Later mean by "Subject to Credit Approval?" Does Bill Me Later review my credit report every time I make a purchase?

    Bill Me Later is a credit account that you can use to make purchases. The Bank will review and consider your credit report and other credit related information prior to approval.

    The Bank does not review your credit report for each transaction. However, your credit report may be reviewed for some transactions and periodically to provide you with the maximum buying power possible.


    Cyclone For Life

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    Re: Anyone use "BillMeLater" for online purchases?

    This is from the article if it helps you decide.

    "Still, there are other costs to customers like Todish - borrowing money from Bill Me Later may hurt her credit rating - the effect of multiple credit checks for individual purchases. And she doesn't have the benefit of the consumer protection laws that cover credit card purchases. But those are costs that she says she's willing to pay if it lets her rely a little less on the plastic."



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