credit card

[starr]

hey fellow riders. i was just wondering, issit possible to buy a bike wholecash using a credit card? and which shop provides that, if any.

 

thnx in adv.

[seoulnow]

I have done it a few times in ASPHOON before

Edited February 8, 2011 by seoulnow

[biting_point]

AS Phoon dun do credit cards or NETS now..

[ridhzam]

doesnt CC interest much more than normal finance charging?

[scoobydoo]

technically, shops have no reason not to accept credit card payments as long as buyer is willing to bear the transaction charges (shops/merchants are charged between 2-3% for each transaction). if i'm not wrong, NETS also carry a transaction charge of around 2%. imagine a visa payment of $10K, that amounts to $300... can buy helmet, rain gear, jacket, gloves, etc liow

[rayhunter]

  scoobydoo said:

technically, shops have no reason not to accept credit card payments as long as buyer is willing to bear the transaction charges (shops/merchants are charged between 2-3% for each transaction). if i'm not wrong, NETS also carry a transaction charge of around 2%. imagine a visa payment of $10K, that amounts to $300... can buy helmet, rain gear, jacket, gloves, etc liow

 

yup,provided they have the terminal for credit card n u're ok for the extra % charges,they should take yr card...if not can report them..

[scoobydoo]

but why use credit card and incur the unnecessary 3% when a cheque could do the job... bank cheques cost only a few dollars.

if use credit card as a short term loan, that is even more costly than the 4%-5% loan interest from the shops. unless you pay up in full or within really short period, the interests could be as high as 24% pa.

 

see the below post on credit cards below:

http://www.singaporebikes.com/forums/showpost.php?p=4112769&postcount=38

  Quote

You will not incur any interest charges if you pay the outstanding balance in your credit card in full every month. If you pay only the minimum sum (typically 3% - 5% of the outstanding balance or a certain dollar amount, for example, $50, whichever is higher) stated in your monthly statement, you will incur interest charges amounting to around 2% monthly or 24% per annum of the outstanding balance. This is the usual case unless your credit card charges a lower interest rate. Interest will typically be charged on the outstanding balance from the statement date and any new amounts charged to your credit card.

 

Assuming that you have an outstanding balance of $1,000 in your credit card statement carried over from the previous month and you only pay the minimum sum of 5%:

Minimum payment = 0.05 X $1,000 = $50

 

If you do not incur other charges on your credit card during the month:

Estimated Interest charges = 0.02 X $1,000 = $20

Repayment of debt = $50 - $20 = $30

Thus, of the $50 paid, only $30 goes towards reducing the outstanding balance.

Remaining debt = $1,000 - $30 = $970

 

Even if you do not chalk up any more spending on your credit card and you only service the minimum sum every month, it would take you more than 2 years to pay off your credit card debt of $1,000 and you would have incurred about $290 in interest charges in the process. If you had a bigger outstanding balance (for example, $10,000), you would need more than 8 years to pay off the debt and pay about $6,300 in interest charges. The interest charges actually take up a big percentage of your repayments. These hefty charges can be avoided if you pay the full amount on your credit card statement every month.

[TiOnGz]

..............

Edited March 11, 2017 by TiOnGz

[Guest Quincy]

  TiOnGz said:

since you intend to use cc, if you are using citibank cc why not take up loan from your cc? if u need any help on credit card loan can give me a call at 91070604.

 

citibank customer service officer??? hhmmm...

[xiaobanz]

I think that i would rather use normal reloan. At least their interest is cheaper then a CC insurance after the first year.

[is_muddys]

pay by cc can accumulate points mah.

[bladeboy]

risk when u down paying more am a holder of a few credit card but cash still BEST !!!

[xyoshiki]

  is_muddys said:

pay by cc can accumulate points mah.

 

especially if u one shot 20k use credit card on a bike! and you got the money to pay off the bill next month

 

can ask for temporary increase in credit limit. if not may burst your limit.

[bladeboy]

use those card 4 discount better hmmmm God knows wat might happen next month .............

[scoobydoo]

  xyoshiki said:

can ask for temporary increase in credit limit. if not may burst your limit.

no big credit limit also can one

1 card's limit $4k... 5 cards' total limit $20k... swipe a few times nia mah

[fantom]

  scoobydoo said:

no big credit limit also can one

1 card's limit $4k... 5 cards' total limit $20k... swipe a few times nia mah

 

then how r u going to pay the banks when the statements arrive the following month? cc interest can be more killer than loan from bikeshops. and mind u, banks will not hesitate to send u lawyer letter if one delay payment.

 

i hv a fren nearly wanted to declare bankrupt when she couldnt pay back the banks.

[fattsum]

may be he tot can buy bike like buying furnitures from courts and best denki? where zero interest for up to a few years let me know if any bike shop can do this too....