To Bill Me Later or not ?

[TheMigs]

Hi Guys, Need some advice on BillMeLater.

So I'm going on vacation in 3 weeks and the total for our vacation package came out to be about $1500, the site I'm booking from has an option for Bill Me Later. I have the money in saving but wouldn't mind taking some time to pay it at my leisure. I've never used BML and just curious to hear everyone's opinion. Should I just bite the bullet and use my saving or give BML a shot. I have a Cap1 rewards $1400 and Discover $1000 but wanted to keep those open just incase I need some "emergency money" . Would like to hear everyone's 2 cents.

Thanks again.

[cv91915]

You will just have to bite the bullet and pay BML out of your savings when the bill is due anyway, so I would bite the bullet now and be done with it on such a small amount of money.

 

I don't know what BMLs terms are, but assuming 0%, you'd only be ahead by about $1.12 a month in interest on your savings, IF you have it at 0.9% at Barclays. If you have it elsewhere, you are probably getting much less.

[snowpuppy]

BML will cost you a hard pull on EQ.

 

I opened one for an eBay purchase for $500/w 90 days same as cash. They didn't report to any of the CRA's.

 

That said, BML was just purchased by Comenity Bank as of 8/29 and it appears they WILL be reporting. Not only that but their Privacy Policy is now scary to say the least! I got their updated terms and I opted out. Their new policy states that if you opt out of info sharing.........they don't limit.......you can no longer use your BML.

 

I opted out and closed. Hopefully they won't report their sucky $650 limit to the CRA's.

[Vettecor]

I don't like bill me later. I applied a few years ago and got approved but it cost me a hard pull.

 

I had a Paypal account for years when I thought why not take advantage of bill me later. Had Paypal told me it was a hard pull I would have rejected it.

 

Back then I just didn't know enough about credit. I wish I had found Creditboards back then.

[TheMigs]

Thanks for the adivce, I'm going to stick with cold hard cash! Bill Me Later can ffffff off.

[cv91915]

Thanks for the adivce, I'm going to stick with cold hard cash! Bill Me Later can ffffff off.

At least put the expenses on a rewards card and PIF.