"installment plan" for 5D MKII
- Thread starter leechk
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Hi Bro
Anyone know where got the 0% installment plan to get EOS 5D MKII? How much?
What I know Cathay doing this, do you all know the prices?
Thank in advance
You can email them to find out the pricing
I got my olympus E-520 thru Cathay (Peninsula) with installment plan too
Some advice for you in case you're not familiar with this kind of installment payment plan (IPP).
I believe practically all the usual shops (MS-Color, Cathay, etc.) offer purchase by installments using a credit card. The big electrical stores like HN & Best also offer this.
Some points to note:
I believe practically all the usual shops (MS-Color, Cathay, etc.) offer purchase by installments using a credit card. The big electrical stores like HN & Best also offer this.
Some points to note:
- The party giving you the installment payment plan is actually the bank that issues the credit card and not the merchant. Note that all will require you to pay in full should you cancel the credit card. It is best to use a credit card which will not be due for the annual fee before you have completed the installment payments.
- Generally, the banks will allow you to pay up in full should you decide to do so anytime before the full period of the plan. However, some will charge you some sort of fee for that. It's ridiculous but true. You get charged extra for paying them earlier. I believe one of the reasons for this is to ensure that you don't cancel the credit card early.
- Price. Some mechants will charge extra if you pay by installments. However, they usually sell the goods at a significantlly lower price in the first place when compared to those who don't charge extra. This means that the price from those who charge extra may actually still be lower even after adding in this extra charge. Do your calculations.
- The so-called interest-free installment plan is not actually interest-free. The bank charges the merchant for the service. It is up to the merchant whether or not to pass the cost to you. Those who sell the goods at a higher price usually absorb this cost as their profit margin is big enough. This is where this extra charge in point (3) comes in.
spartacus.ret
Senior Member
but technically wrong about who actually charges the customers the 'extras' ...
why so?
romeo tango
New Member
hi spartacus,
From my understanding about credit card (master and visa only, excluding charge cards)charges :
1) the bank charges the merchant (the shop we buy things from) between 1.5 to 3 percent "service charge" - this is for non-installment plan purchases
2) most of the time, the merchant attempts to pass this charge to the customer, especially when they are known to sell cheaper than super stores like Challenger, Courts, HN and the likes
3) the bank charges between 3 to 6 percent "service charge" for installment plan, much higher than the usual 1.5 to 3 percent. So, some merchant that usually sell cheaper than the super stores, they will usually pass this cost to the customer.
Therefore, if you purchase from those who usually sell cheaper, this will be how they charge you :
a) normal purchase - purchase price + 2 to 3 percent of the purchase price
b) installment plan - purchase price + 2 to 3 percent + 3 to 5 percent of the purchase price. Sometimes they round up to purchase price + 5 percent.
Hope this helps
romeo tango
New Member
I guess sometimes it is "painful" to fork out 2 to 3 thousand at a go to pay for the purchase. If pay by installment, base on 2k for 12 months, you only pay about 180 to 190 per month and even lesser with 24 mths. Don't feel the "pain", ha ha
I guess sometimes it is "painful" to fork out 2 to 3 thousand at a go to pay for the purchase. If pay by installment, base on 2k for 12 months, you only pay about 180 to 190 per month and even lesser with 24 mths. Don't feel the "pain", ha ha
dats what i am thinking also... going to get my first DSLR 450D using such installment plans too.... each month just $97... haha
SabaDen
Senior Member
Very technical and long if I were to explain.
BUT what all of us shud be most concern about is part 4 by Bro kietgnoel - 'The so-called interest-free installment plan is not actually interest-free. The bank charges the merchant for the service. It is up to the merchant whether or not to pass the cost to you.'
The plan IS interest-free ... just that at what price u agree to buy at. The merchant got no right to charge you the service charge which the bank charges them. If there's solid proof of you being charge that, you can bring it up to CASE but then again, they can quote u higher (as in service fee charge by banks for credit card added to item price) when u ask in the 1st place so pretty hard to argue there.
The explanation by Bro romeo tango, is just about right.
Hope that clarifies ...
CS TAN
Senior Member
This is usually where the surprise comes in...
Once you are on IPP, the next time your credit card is up for renewal, the bank WILL NOT waive your annual fees. So, you either pay the $150 or so annual fee in order to continue the IPP or you pay the extra charges so that you can get out of paying the annual fee.
Either way, you are going to pay because of the IPP...
Erm lightning, people like me cannot afford a few thousand upfront, so no choice have to cough up the extra 5% so as to pay by smaller instalments monthly... :hung::faint::hung:
SabaDen
Senior Member
This is not true ... there're no rules for the Call Centre staff to view it that way if a customer who is on IPP called in to request waivers. Lots depends on customer profile & account behavioural scores. BTW, I've never paid any annual fee for as long as I can remember ... even at times when I hv on-going IPP
Tachyon
Senior Member
This is not true ... there're no rules for the Call Centre staff to view it that way if a customer who is on IPP called in to request waivers. Lots depends on customer profile & account behavioural scores. BTW, I've never paid any annual fee for as long as I can remember ... even at times when I hv on-going IPP
I agree. I have multiple Installment Plans on my Citibank Credit Card at one time, and every year my annual fee was waived. It depends on how much you spend also...
not really...they still waive it..all they want is u uses their card for purchase.
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