05-10-2012 07:58 PM
In the near future I will doing a new computer build and will be purchasing the necessary components from newegg.com. They offer a newegg preferred account that is no payments for 1 year. I was curious as to whether or not I should apply for it since although my credit score is currently 678 I only have one credit card(capital one) with a CL of $750. The only real reason I would use my credit card as opposed to just my debit would be because I earn cash back on purchases. I would assume that by using my credit card or the newegg preferrred credit that it would be beneifical towards boosting my credit score since I would simply pay it off as soon as it posted athough please correct me if I am wrong. Thanks in adance for any help/feedback you can provide.
05-10-2012 08:04 PM
are you sure its no payments for 1 year or no interest for 1 year and newegg does not report to credit bureaus so it would not help with your credit history the only time it will report is if its late. its a hidden tradeline. ive had the card for over a year and a half i used it one time for a $500 purchase with no interest for 12 months paid it in full before interest hit. With a 678 you should get approved but be weary about the payments, they do require a minimum payment due every month and if you miss any month the interest will be retroactive from the first day i think its a 26% apr
05-10-2012 08:12 PM
26% is not that bad, last year I got a new Dell and if I had not paid it off in the 6 month time frame I was looking at 29.99%. I paid it off in 5 just to be safe.
Read the egg's fine print and decide what your main reason is. Are you just getting a new puter? Or do you want to also improve your credit? If the egg does not report to any of the 3 bureaus, but you still get nailed with a HP it does not make any sense to do it. What about Dell or getting a Bestbuy store card? Just a few options off the top of my head
05-10-2012 10:15 PM
I believe it is a hard pull. The credit is given by BillMeLater. Also, if you don't pay off the balance at the end of the alotted time you get hit with retroactive interest.
05-11-2012 01:14 PM
I don't think it is worth opening a new credit card just for a "one time" benefit such as 15% off a purchase or 15 months at 0% APR. If you are interested in a cash back card, I'd wait until my credit is good enough to apply for a Chase Freedom or AMEX Blue Cash Everyday which can benefit every single year.
05-11-2012 01:35 PM
Sorry to burst your bubble, but I believe you still have to make minimum monthly payments throughout the promotional interest free period. If the entire balance is not paid in full by the end of the promotional interest free period then all the accumulated interest will be applied.
As far as the card reporting, there are people that have claimed that this card does not report to the CRBs. Unless you happened to possibly make late payments or default then they might report it to the CRBs as a negative account. Besides that, this account does not report to the CRBs.
05-11-2012 02:23 PM
I got approved for $5600 last year even though my credit is marginal, so they are relatively easy to get approved. I made use of the 12 months at 0%. The minimum payment is $35 and the interest is deffered so you need to make sure you don't miss a payment or not pay it off in time. I paid it off at 11 months. I just bought some more things from NewEgg, they have 6 months for $200 up and 12 months for $500 up.
They don't report the CL so you can make use of defferred interest without it affecting your utilization.
I have been quite happy with NewEgg w.r.t. selection, price and customer service. I recommend them and there credit card.
05-11-2012 04:24 PM
I have had a Newegg card for several years and it's been great. Just an INQ. No Tl's to report and good 0% deals and great prices.
Be mindful of minimum payments and having multiple 0% purchases at the same time.
09-15-2014 11:39 PM
There was someone else that mistook the 0% percent for 1 year to mean no payment. I'm sure there is not company that will not want a payment in a year. No wY. Don't mistake the 0 interest as. 0 payment. Or your credit will bt trashed very quickly. Good luck.