A little hack I found about Costco is when I let my membership lapse and you don’t go for a bit try and wait 3 months if you can because if you pay before then the membership expires on the same date as it originally did, but if you wait 3 months it will have the new date to expire on saving you up to 2 extra months.
If a bunch of people did this would it bankrupt the bnpl people because of how miniscule the payments are?
No usually the payment has the interest build in. The way klarna and other interest free services make money is they charge a fee to the merchant. Otherwise saying they wouldn’t have gotten the sale if not for klarna so they take a 6% fee
Lets give inflation some steroids!!
They’d just charge some fee and call it processing or some shid
Convenience fee !!
When the few scattered survivors of our upcoming nuclear winter emerge and rebuild society, posts like these will be used in textbooks to prove we had it coming.
And they won’t be wrong
And your comment will be used to show we were fully aware of having it coming.
Dude, I’m so geeked out about the digital archaeology that will take place in the post-apocalyptic civilizational reboot.
I wish I could be alive to see it, but the best I can do is start hoarding data now so that whoever finds it centuries from now will thank the nameless individual who preserved that one sliver of human knowledge for posterity…
I have some weird shit I got from 4chan about 15 years ago. I wonder what they’ll make of that.
0% interest too!
That legitimately surprised me.
0% interest rates is paid for by the fees if you miss a payment
Not to mention, if you miss a payment, you typically have to pay interest on the full original loan from the date you took it out, at some egregiously high interest rate.
I used to work at Best Buy waaay back in the day. They would advertise stuff like buy a $1500 TV and get 0% interest for 2 years. But the fine print was exactly like you just described. You could make 23 of 24 payments on time, but if you were late they would hit you with 20+% interest compounding based off the entire loan amount.
So if you missed just one payment you’d get hit with like a $500 bill.
Buddy of mine was stung in a similar manner.
Credit company advertised 2 years interest free. The scheduled repayments kicked off either a fortnight or a month (can’t remember exactly, this was over 20 years ago) from the purchase date. This made the last payment fall outside of the interest free period, causing you to pay for all of the interest that would have been accrued in that period.
Making one extra payment probably would have been enough to clear it before the 2 year mark.
Nearly 30%, for the scheme we have access to at my work. 28.99%. That exact number may in fact inform veterans of the industry of exactly who we use for financing.
It’s also how they get you to start using it. Accept the 0% interest loan, now the app is on your phone, now you’re seeing options for lower monthly payments, now you’re thinking about what you could afford with the app as opposed to what you have right now.
I bought an escooter through one of those apps and paid 0% interest, so it worked out for me, but you have to be careful about it.
More demand and more inflation. Then they will charge fee and seller wont be able to get rid of this payment option as most of customers already use it. Then this fee is included in price leading to more inflation. 0% interest rate is cancer on top of consumerism
Huh. A free e-scooter, you say? Don’t mind if I do!
It’s also paid as a fee by the store, which in turn means every customer (incl those not using BNPL) is indirectly paying for it.
There is a small percentage surcharge imposed by whoever is providing the financing, but it’s basically the same amount as what the credit card companies charge per transaction, on the order of 1-2%, so from the store’s perspective it’s the same either way. It’s not quite correct to say that customers who are not financing hot dogs are paying for others who are, but all of the customers financing hot dogs are indeed paying for each other.
On the topic of credit cards, by the way, in some states it is legal for the merchant to pass the processing costs on to the customer and in some cases the shyster bastards actually do it. To my knowledge most or all of the banks providing in store financing or buy-now-pay-later schemes in fact prohibit that practice, so there is at least that.
Also you don’t get cash back from your credit card when you pay this way. Obviously for a $1.50 hotdog not a big deal but it adds up.
What’s even better is that hot dog payment plans create jobs when they hire people to retrieve the hot dogs from people who default on their payments.
Hot dog repo man is my new dream career
You can have it back. You just have to wait. And wear gloves.
Ugggghhh, that’s such a good username!
Dibs if I lose this account lol
I just picture you grinding up people into hot dogs. Like not all of them, just enough to make a replacement hotdog. Then the system continues.
I see a promising future in glizzy logistics
They can pry my weiner from my cold, dead hands. Because that’s likely how I’ll actually die. Weiner-in-hands.
I agree.
They can pry your weiner out of my cold, dead hands too.
Pound of flesh?
I used to have to go in with a checkbook and write a check for Zero dollars and 37.5/100 at the layaway counter.
Bitches held on to the hotdog until I was done paying. It was always cold by that point.
When I used to have to go in with a checkbook, you had to pay extra for bitches to hold onto the hotdog until it heated up.
Im still paying off my cam whore session just 500 dollar bi weekly payments for the next 9 years
They charged you to be a cam whore?
But at least you feel less lonely now!
Think of the resell value
Considering that fertilizer is going to skyrocket in price…
how so?
The straight of Hormuz blockade impacts about 1/4 of nitrogen fertalizer iiec
ooh yeah that could be lol i completely forgot about that. wasn’t that last year? (checks calendar) oh no
I know you probably did this for the meme but the fact that you can buy a hotdog in installments is kinda … yeah, idk. I’m lacking the vocabulary to describe my current state of mind.
Unsettling? Foreboding?
Inspiring?
Insidious
Inauspicious
Cringe? 67? Sus?
American?
This is a great tool that will help me achieve my goals of being the most in debt dead man to ever live
o7
Wow you have enough mo ey left over to eat 3 more hot dogs per day!
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Sadly, I’d say this is me right now , except I can afford payments 2 and 3.
Your first step to rebuilding your credit score!
I would love to know how long it would take for someone to get to a credit score above 700 using only hot dog loans.
It’s weirder than you think. Oddly, you hurt your score with too many hot dog loans. Financial experts usually recommend somewhere between 2 to 4 outstanding hotdog loans being paid out at once, as too many indicates bad financial practice.
What works against you, though, is the per loan amount. You might never get above 700 as your loan cap is $1.50. For some reason, it looks bad to credit agencies if credit providers don’t set your cap high, even though technically you can’t unless you already have good credit. Given my former $150 store card I copayed for my mom lowered my score, I can’t imagine a $1.50 loan looking good on your report, lol.
Edit: oh. I know! Just buy several thousand hot dogs at a time. Problem solved.
As long as you hold 10% or less of your assets in hotdogs it shouldn’t affect your credit. Putting ketchup on them can decrease your score with some reporting agencies.
AliExpress has that too:
