[macintologist]

Did anybody here use the Apple Credit Account when ordering a Mac (especially Education discount buyers)

It seems kind of complicated from reading about it on the Apple store

Apple provides special pricing and services to educators and college students. With the Apple education discount, you can save hundreds of dollars on the Mac system of your dreams, your favorite iPod or anything else from the Apple Store. And when you sign up for the Apple Credit Account (1), you can get the products you purchase today for as little as $1 a day (2) and enjoy 90 days (3) same-as-cash financing.

The Apple Credit Account gives you a MasterCard® credit card with no annual fee and an annual percentage rate as low as 13.24%(4). With the Apple Credit Account MasterCard, you can buy products from the Apple Store online or retail locations. And you can use it for purchases at millions of stores around the world — wherever MasterCard is accepted.

1. The credit card for the Apple Credit Account is available to qualified U.S. residents from Juniper Bank or HSBC Bank Nevada, N.A.® The rates, fees, and costs of the Juniper and HSBC Bank offers differ. See terms and conditions for more information.

2. The $1 a day figure is based on the purchase of a 12-inch G4 iBook Combo drive and subject to credit approval and financing at an interest rate of 13.24% with monthly payments of $28 over a 48-month period.

3. The same as cash for 90 days offer applies to purchases made today. Minimum payments are required. Please see terms and conditions for additional information including the allocation of payments, the calculation of interest on the expiration of the same-as-cash period if the balance is not paid in full, the APR effective after the same-as-cash period, the APR for Balance Transfers and Convenience Checks, the APR for Cash Advances, and the APR if your payment is received late, you exceed your credit line, or your payment is not honored by a bank.

4. Your initial APR for purchases will be set between 13.24% variable and 22.24% variable based on your creditworthiness. The APR is not guaranteed and may change. See terms and conditions for more information on other APRs.

And it gets even more complex. I'm not so sure this would be a good deal. Only 90 days to pay the full balance without being charged interest??

[olePigeon]

Does the MasterCard have a cool Apple logo on it?

[Maflynn]

Originally Posted by olePigeon

Does the MasterCard have a cool Apple logo on it?

Its not a visa/mastercard but rather revolving credit.

I would stay away from those types of credit options because interest rate is usually much higher then if you bought it using a visa card.

Mike

[Dr Reducto]

I was going to use that and take advantage of 90-days interest free, but my credit card company offered me 3.99% APR for the lifetime of the balance. So I zeroed out the card, put the MBP on it, and now I don't use the car (in order to prevent high-apr purchases from being tacked on)

[wataru]

Don't use Apple credit. My ex used that and the rates were beyond awful.

[Railroader]

Originally Posted by Maflynn

Its not a visa/mastercard but rather revolving credit.

I would stay away from those types of credit options because interest rate is usually much higher then if you bought it using a visa card.

Mike

Actually, it is a MasterCard. Juniper is the bank that issues it. It can be used for purchases anywhere MasterCard is used.

OFFTOPIC: Unless you are a business, nearly any credit purchase is unwise. Sometimes it's unavoidable to use credit, but you should NEVER purchase something that depreciates with credit.

[Person Man]

Originally Posted by Railroader

...you should NEVER purchase something that depreciates with credit.

Unless, of course, you pay it off in full. I ALWAYS make big purchases with my credit card... and follow it up with a check for the full amount as soon as the bill comes. (Keeps my money in my interest-bearing checking account and savings accounts earning money longer).

But, what you said is nonetheless true. If you intend on keeping a balance, then buying an item which depreciates on a credit card is pretty dumb.

Take your pick... earning 1.25% interest on your money for 15-20 days, vs. paying 14-21% interest on that same amount.

[macintologist]

So if you want to be a $1200 iBook or Macbook when it comes out, what do you recommend is the best way to finance it if you're a poor college student who could make 1/3rd of the amount in a down payment and then want to finance the rest over a period of 6-9 months.

[Railroader]

Originally Posted by macintologist

So if you want to be a $1200 iBook or Macbook when it comes out, what do you recommend is the best way to finance it if you're a poor college student who could make 1/3rd of the amount in a down payment and then want to finance the rest over a period of 6-9 months.

I suggest waiting until you have enough money to pay cash for it. Or, use a credit card that will increase the warranty coverage for free, but pay the balance in full the minute the card statement comes in the mail.

You will lead a much better life if you practice self restraint early in life. Good budget habits formed early in life will reap tremendous rewards.

[Railroader]

Originally Posted by Person Man

Unless, of course, you pay it off in full. I ALWAYS make big purchases with my credit card... and follow it up with a check for the full amount as soon as the bill comes. (Keeps my money in my interest-bearing checking account and savings accounts earning money longer).

But, what you said is nonetheless true. If you intend on keeping a balance, then buying an item which depreciates on a credit card is pretty dumb.

Take your pick... earning 1.25% interest on your money for 15-20 days, vs. paying 14-21% interest on that same amount.

thank you for qualifying what I said. Good advice indeed.

[tooki]

Back in 2000, a friend of mine used it. The actual lender bank was an idiot. They couldn't understand the need to have statements mailed to a different address than the main account address. That is, they couldn't understand why it was unacceptable to have statements mailed to his school address rather than his home address, even though he lived at school, not home. Before they'd do it, they wanted him to send proof of residence, like a utility bill. Yeah, like he had the entire college's electric bills. Idiots.

tooki

[wallinbl]

Originally Posted by macintologist

So if you want to be a $1200 iBook or Macbook when it comes out, what do you recommend is the best way to finance it if you're a poor college student who could make 1/3rd of the amount in a down payment and then want to finance the rest over a period of 6-9 months.

Err, don't buy it? If you don't have the money, then don't buy it. People all over this country are mired in debt. You can't predict what's going to happen tomorrow, so putting yourself in debt for a purchase is a gamble that things will stay the same or improve.

[Scotttheking]

Originally Posted by macintologist

So if you want to be a $1200 iBook or Macbook when it comes out, what do you recommend is the best way to finance it if you're a poor college student who could make 1/3rd of the amount in a down payment and then want to finance the rest over a period of 6-9 months.

Wait 6-9 months, buy it when you can afford to pay for it on the spot.

[macintologist]

Originally Posted by tooki

Back in 2000, a friend of mine used it. The actual lender bank was an idiot. They couldn't understand the need to have statements mailed to a different address than the main account address. That is, they couldn't understand why it was unacceptable to have statements mailed to his school address rather than his home address, even though he lived at school, not home. Before they'd do it, they wanted him to send proof of residence, like a utility bill. Yeah, like he had the entire college's electric bills. Idiots.

tooki

Didn't Apple totally redo their financing system sometime in 2004?

http://www.thinksecret.com/news/applecredit.html

[schalliol]

I had an Apple Citibank Visa in the 90's, it was fantastic. They gave a 5% back on purchases towards a Mac, with $1500 max over 3 years. 5%?!?!? They don't get even close these days, and you're lucky to get 1%. And yes, it had an Apple logo on it.

[Benton]

schalliol:
I wish Apple reintroduces a credit card as you described. See my signature for examples. Maybe Disney will have an influence.