Is Your Reefing Paid For?

[jimfish98]

Charge it all on a credit card, collect the credit card rewards, pay the card off in full when the bill comes in. Bonus points if the vendor has a reward system on top of that so I can stack the benefits.

 

[Dburr1014]

I voted no balance but...
I just ordered a planet 150.
It was 5k delivered to my house, set in place. I only put money down even though I have the cash in the bank. It won't be here for 2 more months anyway. I will pay it off after delivery.

 

[shakacuz]

for most things i am buy one cry once, but for bigger things like lighting, or even a bigger/newer tank i look to pay it off over time

 

[Sleeping Giant]

I wouldn't even know how to pay something off on credit. I also never understood why people would buy something, then pay 5 or 10 times more for it over time. It just makes no sense to me.

If you don't have money, you will have much less money if you buy with credit. Especially something stupid and not needed like a fish tank.

 

[Katrina71]

I have split mine into 4 equal payments for a larger purchase with no interest

 

[TheDuude]

Why anyone would pay for anything these days with their own money blows my mind. I use a credit card for every purchase and pay off at end of month. Earning 5% back in Bitcoin from all my other expenses has been paying for my reef tank for years now

 

[BeanAnimal]

I wouldn't even know how to pay something off on credit. I also never understood why people would buy something, then pay 5 or 10 times more for it over time. It just makes no sense to me.

If you don't have money, you will have much less money if you buy with credit. Especially something stupid and not needed like a fish tank.

It is the "I can afford that monthly" mind game when in reality you can't afford it all.

 

[BeanAnimal]

Why anyone would pay for anything these days with their own money blows my mind. I use a credit card for every purchase and pay off at end of month. Earning 5% back in Bitcoin from all my other expenses has been paying for my reef tank for years now

Same issue - most people use credit cards beyond what they can pay every month, so the hole just gets deeper and deeper.

 

[twentyleagues]

I dont know what it'd be like in a world where I could just by a house without a mortgage or a car without financing.....must be great.
Financing a hobby no. Well if I've got a 0% interest time frame and the money then yes, Why use your money that can be earning interest? Same goes for purchases for the home.

 

[RichReef]

Everything is paid for except next month's electric bill.

It's like leasing your fish tank.

 

[Paul B]

Why anyone would pay for anything these days with their own money blows my mind. I use a credit card for every purchase and pay off at end of month

Yes I do the same. I pay my bills with the card, enjoy the "free" flights then pay off the bill in full at the end of the month. Now most restaurants here charge 3% extra to use a card so it doesn't matter much any more.

 

[BeanAnimal]

I dont know what it'd be like in a world where I could just by a house without a mortgage or a car without financing.....must be great.
Financing a hobby no. Well if I've got a 0% interest time frame and the money then yes, Why use your money that can be earning interest? Same goes for purchases for the home.

"Hey - nice to have you here at the dealership - so what monthly payment are you looking for" - means they are going to subtly convince you to sign on to a 72 month term at slightly above your "comfort level" for a car that you can't really afford. When you tell them you are putting 20K down, they are going help you decide on keeping that 72 month "doable" payment and move up to the "better value" vehicle.

The wise person buys the USED car that they can pay cash for or pay off in a year or two, not a new car, and especially not a new car over 72 months.

 

[BeanAnimal]

Yes I do the same. I pay my bills with the card, enjoy the "free" flights then pay off the bill in full at the end of the month. Now most restaurants here charge 3% extra to use a card so it doesn't matter much any more.

Yep - I use the amex for most things for the same reason. If you really work the system with the cards and grocery perks or fuel perks cards, coupons, etc. You can certainly reap healthy rewards. It just takes discipline and a good bit of planning. I don't have the follow through to make it all work like some folks.

 

[mfinn]

I normally buy with my credit card, but only if I have the cash coming in at the end of the month to pay off the credit card.
I learned long ago that carrying a balance on a credit card for luxury items just didn't make sense to me.
To easy to buy just one more thing on credit and suddenly having no end in sight of a pay off.

 

[coralnutz]

I'm shocked anyone finances reef stuff. I would think if your financing reef stuff you probably need a smaller setup or cheeper hobby. Just my $0.02

 

[RickSanford]

Cash or debit card only for everything.... Good to see the look on people's faces when they have to count out >$10k in $100 bills.......

 

[Derrick0580]

Do handys behind the dumpster at the local circle K count?

 

[TX_REEF]

Some vendors offer 0% financing, there is no downside to taking advantage of this.

 

[DJF]

+1 credit paid off monthly or before any interest; secures the purchase without directly tying to my money + % back incentive. Reefing should always be considered a luxury.

 

[BeanAnimal]

Some vendors offer 0% financing, there is no downside to taking advantage of this.

While 0% is better than any percent... If you can't afford to fully pay it off in an emergency, then it is still a bad decision, as the 0% becomes (almost always) the maximum allowable cumulative (often retro) interest by law typically with a single missed payment and/or with "fees" built to commit usury but fall outside of the fine print of usury laws.