Bill Me Later: No Interest for 90 Days, So What are You Waiting for?
Written: Jun 29 '09 (Updated Jun 29 '09)
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Shopping online has become a regular way of life for me and millions of others around the world. No longer do I have to visit department stores, search for goods, and wait in long lines to complete a purchase. Now, I just logon and buy what I need with a few clicks of the mouse. Shopping online continues to get more convenient and payment methods have gradually followed suit. One alternative way to pay for goods and services that is slowly catching on is Bill Me Later, a online finance company.
Basic Facts About This Online Service:
Bill Me Later, found on the internet at billmelater.com, offers services such as:
Online Shopping
Exclusive offers
Directory of Online Store Affiliates
Shopping Blog
Bill Me Laterhas shopping links within the site, as well as a list of online merchants that accept Bill Me Later for payment. These affiliates can be accessed either through Bill Me Later or directly through the merchant's own site. Special offers are displayed throughout the pages of Bill Me Later and many of these offers can help to make an already good deal even better.
Customer Service/Payment Options:
Customer service can be reached by sending an e-mail, by regular mail, or by calling a toll- free number. Merchants who use Bill Me Later services have a special phone number they can call for customer service questions and concerns.
Customers can logon and check their personal account at any time. Payments can be made online, online bill payments can be setup to deduct from your checking or savings account, and statements can be received via snail mail.
Final Thoughts:
Shopping online is part of our regular routine and I continue to seek out and discover new online stores each month as I compare prices and look for bargain deals. Most of the time, I shop by using a debit card and sometimes a credit card. Bill Me Lateris a finance/credit company similar to a credit card but with more flexible payment options. It follows Paypal and other online services as an alternative to the use of plastic when shopping on the internet.
Bill Me Later bills itself as "The Shopping Express Lane" and it's a service I have used several times since I first discovered it last year. Bill Me Later offers its members a means to shop online, charge their order for future payment, and incur no interest provided the bill is paid within 90 days. Bill Me Later provides a three- month grace period on ordinary purchases, making it a great way to shop from the comfort of home and avoid potentially expensive finance charges. Most of my Bill Me Laterpurchases have been through travel web sites such as Hotwire and Continental.com, but there are actually hundreds of online merchants affiliated with Bill Me Laterand this number continues to grow each day as more online stores realize the potential sales benefits from offering Bill Me Later as a payment option.
Among the features of Bill Me Later, the most appealing is the 90- day grace period for purchases. Bill Me Later will send you a paper statement each month, immediately following your purchase and continuing until the bill is paid in full. You will notice that the first two monthly billing statements show a minimum payment due equal to zero and this, of course, is meant to signify the 90- day grace period. You can still send in a payment if you like, but you do not have to send in any money until your purchase hits the 90- day threshold. Bill Me Latershows you the accrued interest on each billing statement, just to let you know that interest will be computed and applied retroactively if you do not pay the balance in full within 90 days. Seeing this accrued interest offers additional incentive to pay the bill quickly. Eliminate the debt in 90 days or less, and this interest will be swept away. If time is running out and you are worried that your payment will not be received in time, then don't use the regular mail method- go online and make a payment using online bill pay. Depending on your Bill Me Laterbalance, the interest saved will easily be worth the small fee you incur for using online bill pay. Better yet, consider calling in a payment. Bill Me Later doesn't charge anything for this added service.
Saving money on interest is great and from the time I opened up my Bill Me Later account, I have not paid a single penny of interest. One question many of you may be asking at this time is the obvious: If I don't pay in full by the 90 day mark, how bad is the interest and does it eliminate the advantages of using Bill Me Later? Well, looking at my latest statement, the annual percentage rate of interest is 19.99%. This is almost as high as some of the store credit cards and certainly higher than most MasterCard, Visa, and American Express accounts. This is why one needs to be careful when using Bill Me Laterfor online purchasing. Remember- the interest will be applied retroactively if payment is not made in full by the 90th day following the date of purchase. For this reason, Bill Me Later customers need to be careful to pay off their balance in full by the end of the three- month period.
Looking at the online site for Bill Me Later reveals a simple web design with little clutter that is easy to follow. When I logon to Bill Me Later online, it is usually to inquire on my balance to make sure it is paid in full or to seek out special offers for online merchants. Bill Me Laterdivides its online affiliate stores into categories so if you're curious about which online stores accept Bill Me Later, you can click the category and scan the list. You can also setup an exclusive list of stores and add as many stores to your list as you wish. This makes it easy to focus on the online stores that you visit most frequently. By setting up stores on your list, Bill Me Laterwill show you any special offers for that store as soon as you logon.
Bill Me Lateris a low- cost option to traditional means of financing. Keep in mind that you do not have to logon to Bill Me Later first, before using Bill Me Later to make a purchase. Yes, you can click through Bill Me Later but your account can be accessed directly when you reach the checkout at any Bill Me Later affiliate store. If a particular merchant is affiliated with Bill Me Later, you will know when you reach the checkout because the Bill Me Later logo will be clearly defined. Just select this option and you can quickly access your Bill Me Later account and apply the charges there.
Overall, Bill Me Later is a very good means for online payments. It is excellent for those who fully intend to pay off their balance in less than 90 days because no finance charges will be incurred. It's like an extended grace period on an ordinary credit card that makes it easy to pay for online purchases. Exceeding the 90 day period can prove to be costly and Bill Me Later should be avoided if you feel you cannot pay within this time frame. But if you're the type who pays for purchases in relatively short time and who likes to save some additional money through special offers, then Bill Me Later is the credit plan for you. It's a nice alternative to traditional credit cards and it can save a bundle in short- term interest charges if used properly.
Recommended:
Yes
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About the Author
Member: Bryan Carey
Location: Houston, TX
Reviews written: 3611
Trusted by: 1570 members
About Me: Beer Drinker and Libertarian Political Activist. Great Combination, eh?
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