RSSAmazon introduces a deferred payment option
By Tim Conneally | Published July 8, 2008, 1:38 PM
Amazon.com has rolled out deferred billing as an option to customers, realizing an agreement made with Bill Me Later in the beginning of 2008.
As the largest online retailer, Amazon's stock is not limited to items that are normally purchased in one lump sum. From a 6.21 carat diamond for $384,000 to full playground apparatus for $35,000, there is demand for financing on Amazon, and an affiliated partnership currently expedites the process.
Bill Me Later provides an open-ended credit plan through CIT Bank designed specifically for online purchases. The company is already used by more than 700 online retailers. and this year's Equity investment from Amazon has secured it an extremely visible position on par with the likes of PayPal.
A user who wishes to make a purchase with Bill Me Later may select that option at checkout, answer several questions (which include entering date of birth, Social Security number, and "E-sign" consent), and have her request approved or denied depending on credit conditions. The option can be assigned to any of the user's shipping addresses, but requires confirmation of identity at the time of purchase to prevent unauthorized use.
Purchases through Bill Me Later are subject to a standard 20% annual percentage rate. The "fine print" also explains that Bill Me Later may share the user's personal information marketing companies, as well as other financial companies (i.e., insurance, banks, and securities brokers).
Haven't used it either, don't plan on it. if you want credit, get an Amazon.com Visa card... it will also earn you points! (last part was semi sarcastic)
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I doubt Bill Me Later allowing financing for an item totaling $384,000 unless you already have the cash to pay for it up front.
I hate Bill Me Later, I don't even consider it an option when purchasing from an online store.
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mjm01010101, I've never encountered anyone who has had a positive Bill Me Later experience. I've met many people who I know from them being my clients had perfect credit who could not get a $200 airline ticket approved through Bill Me Later while people with very bad credit got accepted. Like GE Credit, the criteria used by Bill Me Later is kept private and proprietary, and you cannot get an explanation from the company for denial without a court order.
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Aspiring to become another Bear Stearns?
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I'd like defer paying state taxes on Amazon purchases indefinitely.
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"Purchases through Bill Me Later are subject to a standard 20% annual percentage rate. The "fine print" also explains that Bill Me Later may share the user's personal information marketing companies, as well as other financial companies (i.e., insurance, banks, and securities brokers)."
Gee, the concept of "credit" is so exotic!And what a deal!!!
Where do I sign up!? NOT!
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Yeah I recall trying to use bill me later once with newegg. Wouldn't let me, even though my credit score is over 700...
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