09-08-2015 11:44 PM
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  1. hallux's Avatar
    I'm on the fence about signing up for Motorola credit to finance the phone. It's yet ANOTHER credit card (that's really all it is, you get a new credit card and an instant 0% balance transfer). I already have 2 credit accounts I'll probably never use again from buying the bed and getting Lasik done. GoodYear from buying tires, my Best Buy one finally lapsed after 6 years of non-use. EVENTUALLY, it'll catch up on my credit score (which is just dandy right now so it's not a HUGE concern).
    08-07-2015 11:20 AM
  2. getbretweir's Avatar
    I'm on the fence about signing up for Motorola credit to finance the phone. It's yet ANOTHER credit card (that's really all it is, you get a new credit card and an instant 0% balance transfer). I already have 2 credit accounts I'll probably never use again from buying the bed and getting Lasik done. GoodYear from buying tires, my Best Buy one finally lapsed after 6 years of non-use. EVENTUALLY, it'll catch up on my credit score (which is just dandy right now so it's not a HUGE concern).
    I never use store specific cards, they're too limited. I use a cash back card (points equal cash that hit my checking account in $25 increments) and have it on auto pay. make about $300 a year from points and never paid a cent in interest.

    Posted via the Android Central App
    08-07-2015 11:48 AM
  3. alphabets's Avatar
    I financed both my 2013 and 2014 X through Moto. Both were 12 months though, not 18. I don't remember 1 even being offered, but who knows. I'm financing it again in September. Can't beat 0% and plus I just apply the sale of my old X to the purchase.
    08-12-2015 05:19 PM
  4. TJH132's Avatar
    ... ignore the minimum payment and divide your total phone cost by number of interest free months. That will be your monthly payment you should be making.
    I routinely subtract one month for a higher monthly payment but peace of mind that I won't be hit with the interest charges.

    Posted via Android Central App
    VoltaicShock likes this.
    08-15-2015 12:54 AM
  5. getbretweir's Avatar
    I routinely subtract one month for a higher monthly payment but peace of mind that I won't be hit with the interest charges.

    Posted via Android Central App
    same here ... **** happens so that's a smart tactic.
    08-15-2015 03:30 AM
  6. Ryan Oneill's Avatar
    Damn that's pretty expensive, does anyone here use this as an option to pay??

    Posted via the Android Central App
    08-15-2015 06:54 AM
  7. Cakefish's Avatar
    I don't understand why people don't employ a bit of patience and save up monthly until they can afford to buy the phone outright instead of owing lots of debt, paying it back monthly and ending up spending this 28%+ extra through interest.
    co.ag.2005 likes this.
    08-15-2015 07:19 AM
  8. YankInDaSouth's Avatar
    I don't understand why people don't employ a bit of patience and save up monthly until they can afford to buy the phone outright instead of owing lots of debt, paying it back monthly and ending up spending this 28%+ extra through interest.
    While I understand what you're saying, but what's the difference between that and taking advantage of 12 or 18 month interest free promo through Motorola's credit program. As long as you stick to the monthly payment that'll have you paying it off before the interest free promo ends, it's essentially the same thing as saving money every month, IMO

    G4'ed it!
    alphabets, jephanie and dmark44 like this.
    08-15-2015 09:00 AM
  9. Cakefish's Avatar
    While I understand what you're saying, but what's the difference between that and taking advantage of 12 or 18 month interest free promo through Motorola's credit program. As long as you stick to the monthly payment that'll have you paying it off before the interest free promo ends, it's essentially the same thing as saving money every month, IMO

    G4'ed it!
    Didn't realise there was an interest free option. Still, I'd personally prefer to get it over and done with rather than having to worry about being able to pay it off within the time limit. Don't like being under pressure.

    I don't have a reliable source of income as I'm a full time student (though not for much longer) so that's why I'm super against the idea of committing to monthly payments. I understand it's different for most of you with full time jobs (hopefully I'll have one soon).
    YankInDaSouth likes this.
    08-15-2015 09:25 AM
  10. YankInDaSouth's Avatar
    Didn't realise there was an interest free option. Still, I'd personally prefer to get it over and done with rather than having to worry about being able to pay it off within the time limit. Don't like being under pressure.

    I don't have a reliable source of income as I'm a full time student (though not for much longer) so that's why I'm super against the idea of committing to monthly payments. I understand it's different for most of you with full time jobs (hopefully I'll have one soon).
    I'm not 100% certain about the interest free either, but they've done it in the past (however it's standard for purchases over like $550 I think) ...

    I completely understand and respect not wanting to commit to monthly payments! Honestly, we should ALL exercise this practice ... But I suffer from G.T.H.I.N. syndrome ( Got To Have It Now) LOL

    And congratulations and good luck on soon entering the workforce!

    G4'ed it!
    nahaluk and Cakefish like this.
    08-15-2015 09:41 AM
  11. Cakefish's Avatar
    Thanks! It's a postgraduate master's degree so I've been studying for a while now. I feel quite eager to finally enter the job market after all these years!

    I too suffer from that condition! I just follow rumours to get rough estimates on when things I like the sound of will most likely launch so that I can make sure I've saved up enough beforehand to buy outright immediately once it's up for sale. Pretty difficult on my budget I'll admit. My moneys pretty tight at the moment which is why I'm opting for Moto X Play instead of Moto X Style (also gotta love that huge battery!).
    YankInDaSouth likes this.
    08-15-2015 10:01 AM
  12. Almeuit's Avatar
    Didn't realise there was an interest free option. Still, I'd personally prefer to get it over and done with rather than having to worry about being able to pay it off within the time limit. Don't like being under pressure.

    I don't have a reliable source of income as I'm a full time student (though not for much longer) so that's why I'm super against the idea of committing to monthly payments. I understand it's different for most of you with full time jobs (hopefully I'll have one soon).
    It's a preference thing as you said.. You prefer to pay it off up front. I don't mind getting 12 months no interest and just tossing $100 a month at it and paying it off well before that 12 months.

    It isn't so bad as long as you pay it. The ones who don't or don't have a record of doing so shouldn't do it. I love no interest things for big purchases.. Doesn't break the bank .
    Ry likes this.
    08-15-2015 10:52 AM
  13. bhatech's Avatar
    I routinely subtract one month for a higher monthly payment but peace of mind that I won't be hit with the interest charges.

    Posted via Android Central App
    Yeah I do that as well just didn't mention. But nice tip in general since it's peace of mind and don't have to worry about crazy interest.

    Sent from my Nexus 6 using Tapatalk
    08-16-2015 04:40 AM
  14. getbretweir's Avatar
    I don't understand why people don't employ a bit of patience and save up monthly until they can afford to buy the phone outright instead of owing lots of debt, paying it back monthly and ending up spending this 28%+ extra through interest.
    so true cake!! patience is the problem though, people want it now and they'll pay a premium for the convenience. financing at 0% is smart credit. you can earn points (I have a cash back card so I get $25 automatically deposited into my savings account every time I earn 1,000 points) and you end up paying no interest or fees.

    unfortunately so many people don't know how to use credit to their advantage, or like you said, have the patience to save.

    in all your studies (congratulations BTW) how many classes did you take in credit, or managing it? my guess is 0. amazing how it's all about money, money, money, and schools train you to go out there and earn it, but they don't teach you a thing about it.
    YankInDaSouth likes this.
    08-16-2015 09:11 AM
  15. Raptor007's Avatar
    You can also divide the total payments out to get the minimum needed each month and pay it off within the 0% term, and set that as your auto-payment each month. 0% is great if you read the rules tied to it. Plus you can use the Moto X Pure on any carrier so you are not tied to any carrier payment plan and won't have to pay off the balance just to switch carriers which would be helpful for some.
    08-16-2015 09:45 PM
  16. diesteldorf's Avatar
    Just wanted to share my experience:

    Opened a Moto Credit account in 2013 and was given a $1000 limit--plenty high for a phone, watch etc.

    Ordered 2 Moto X Developer Editions when they went on sale for around $325 each.

    Since each one was under $599, I had 12 months to pay back around $700 after taxes.

    Paid it back leisurely in about 9 months.

    It's a decent option, since you always have the option of paying more than the minimum monthly payment. In my mind, the only real decision would be if you are OK with opening another credit card.

    However, assuming your credit is already decent and you aren't planning to take out a huge loan or buy a house, it probably won't have a huge affect on your FICO score.

    It also helps that I normally only upgrade once per year and that coincides with their release of new flagship devices, so I am not tempted to buy more stuff during the year.

    It's not like a Target or Penny's card, where you have to worry about fall and winter fashion and the latest and greatest sales....lol
    alphabets likes this.
    08-19-2015 07:55 AM
  17. Clocks's Avatar
    It's not like a Target or Penny's card, where you have to worry about fall and winter fashion and the latest and greatest sales....lol
    That dreaded "my wife has the target card in her purse" feeling....
    dmark44 likes this.
    08-19-2015 10:02 AM
  18. alphabets's Avatar
    Just wanted to share my experience:

    Opened a Moto Credit account in 2013 and was given a $1000 limit--plenty high for a phone, watch etc.

    Ordered 2 Moto X Developer Editions when they went on sale for around $325 each.

    Since each one was under $599, I had 12 months to pay back around $700 after taxes.

    Paid it back leisurely in about 9 months.

    It's a decent option, since you always have the option of paying more than the minimum monthly payment. In my mind, the only real decision would be if you are OK with opening another credit card.

    However, assuming your credit is already decent and you aren't planning to take out a huge loan or buy a house, it probably won't have a huge affect on your FICO score.

    It also helps that I normally only upgrade once per year and that coincides with their release of new flagship devices, so I am not tempted to buy more stuff during the year.

    It's not like a Target or Penny's card, where you have to worry about fall and winter fashion and the latest and greatest sales....lol
    Nailed it. That's basically exactly when and why I opened my Moto Credit line as well.

    Also, don't knock the Target Card, especially the debit version. No line of credit opened or affecting your FICO score, but all the same benefits as the credit version. 5% off all purchases, free online shipping, extended returns, etc...and just like using your debit card. Win-win.
    08-20-2015 08:26 AM
  19. thejesse's Avatar
    Technically the smartest way to buy a phone would be to save up the purchase price, then finance it at zero interest. Make sure your saved money is earning some kind of return, use it to make only the minimum monthly payment until the end of your no interest term, then pay off the balance.
    Of course at today's interest rates your earnings probably wouldn't be worth the hassle.

    Posted via the Android Central App
    dmark44 likes this.
    08-20-2015 02:33 PM
  20. leebut's Avatar
    While I understand what you're saying, but what's the difference between that and taking advantage of 12 or 18 month interest free promo through Motorola's credit program. As long as you stick to the monthly payment that'll have you paying it off before the interest free promo ends, it's essentially the same thing as saving money every month, IMO

    G4'ed it!
    The difference is not being in debt, and possibly missing a payment, and not having to remember when the money leaves your account. Nobody knows how secure a job really is, and sometimes things do get forgotten or misread.
    08-20-2015 02:48 PM
  21. Almeuit's Avatar
    The difference is not being in debt, and possibly missing a payment, and not having to remember when the money leaves your account. Nobody knows how secure a job really is, and sometimes things do get forgotten or misread.
    Very true but that is a responsibility the person must take upon themselves. I for one know every bill, when it comes, and when it is due. Same goes when I sign up for financing things -- so for me (and others like me) it works out very well. Tossing $100 a month is better than $400 up front.
    travaz likes this.
    08-20-2015 03:52 PM
  22. Raptor007's Avatar
    Pay the carrier monthly or pay moto credit monthly, one keeps you locked down until you pay it off in full and you may or very likely may NOT be able to use said phone on another carrier or have limited radio band use. The other allows you to use to change carriers, have a phone that works on any (US) carrier and you are not locked down. Both offer 0% financing if paid within the payment window. Both require you to pay your bill on time like an adult but one allows you to pay it off quicker and still move to another carrier the other requires you to pay monthly or pay the whole balance off and again be left with a limited use device.
    jephanie likes this.
    08-20-2015 08:58 PM
  23. Ry's Avatar
    Both require you to pay your bill on time like an adult
    lol. Thank you.
    08-25-2015 03:59 PM
  24. AlexMadarasz's Avatar
    I would check the terms of your financing, it could be a lump payment is required at the end and if you fail to pay it before the 18 months expire you can expect a charge for the entire financing totaling another couple hundred dollars due to the 28.99% financing. Just because they set the minimum payments at $25 doesn't mean you can keep paying $25 every month and avoid interest as once you hit 18 months the full finance charge will hit if you have any balance outstanding.
    Correct, I just let it happen to me (for one of my 4 Motorola Credit purchases over the past year) and it ain't pretty if you don't pay close attention to your Motorola Credit statements ....

    Pay particular attention to the "PLAN EXPIRES" date under "Details of your plans" on page 3 - these are the anniversary dates of your purchases (each purchase of a particular device is labelled a "plan"), and you must pay off the balance for that plan by that date, or the nasty number under "TOTAL ACCRUED INTEREST" for that plan will be charged to you on that date, the remaining balance for that plan will convert to a revolving credit account (at 28.99% interest) AND you will start piling up some serious charges from that point.

    DON'T get complacent about the minimum payments - track the "PLAN EXPIRES" dates and pay off your remaining balance(s) before that date or you will be hating your financial life!

    --
    Alex
    08-28-2015 04:11 PM
  25. thunderup's Avatar
    I've purchased lots of stuff like this. Tires, appliances, TVs, etc. It's pretty simple and if they're going to let me basically borrow money for free, I'll do it. They tell you how many months you have to pay it off interest free. Take the total price and divide by that number of months. Boom, there's your real monthly minimum payment if you wish to avoid the large finance charge at the end. Ignore the minimum monthly payment on the statement, you won't get it paid off in time using that number.
    alphabets, Raptor007 and jephanie like this.
    09-01-2015 10:14 PM
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