Newegg Preferred Account

[Brianwbf]

I have a question. If you get the preferred acc. and you use it on your purchase. (mine will be $3191.98) Do I pay a bit of that every month for 12 months? And will my account cancel once I pay it off? Basically tell me anything or needed info about it.

 

[gigabit]

Its just like a CC.You have monthly payments and intrest.Once its paid you will still have that credit line

 

[doz]

I believe the account you are referring to is the 12 months no interest. If you pay off the balance within 12 months, you wont have to pay any interest on it and once its paid you can still use it to purchase just like a CC.

If you dont pay it off (eve if you are shy by $1) within 12 months, then all the interest accumulated during that 12 months is slapped onto your bill and you are billed interest monthly till its paid off.

 

[LoneWolf121188]

Can you pay it off with a credit card? I put everything on my AmEx card, because the points are awesome. Instead of paying for my stuff from newegg directly from my AmEx, could I put it on a Newegg Preferred account, then pay that account from my AmEx?

 

[EarthDog]

Why wouldnt you just put it on the AmEx in the first place? Do you get a discount having a preferred account?

 

[PicodeGallo]

Can you pay it off with a credit card? I put everything on my AmEx card, because the points are awesome. Instead of paying for my stuff from newegg directly from my AmEx, could I put it on a Newegg Preferred account, then pay that account from my AmEx?

No, you must pay with your bank account. The NE Preferred account is very similar to BillMeLater (same banks I think).

Positives for Newegg Preferred account:
Free rush processing
6/12 month interest free purchases if paid in full by due date
They do not report to credit bureaus

Negatives:
High interest rate
They do not report to credit bureaus

 

[MadMan007]

Newegg Preferred Account has different promotions from time to time with varying dollar amount requirements but they generally fall under two types. There is always a 6 month no interest and a 12 month no interest of some type: either no interest with payments required or no interest/no payments. Just read the promotion at the time you make the purchase and check your Newegg account to make sure whether a payment is due. Of course as with any 'no interest' store credit line the interest is calculated from date of purchase so if not paid in full by the due date all the backdated interest is added to the balance - so be 100% sure to pay it off by the promotion due date.

Thanks to the new credit card laws at least payments get applied in the most favorable manner, so if you have promotions with different 'no interest' due dates payments get fully applied to the promotion with the closest due date.