Great name for a credit card, eh? A few months ago, I received an invite to apply for a new credit card, Payboo. This may be specific to only one merchant (B&H Photo Video), but I buy a lot of stuff from them.
The selling point is if you charge items to that CC and you are subject to any state sales tax, they will credit you with the exact amount of the tax, “instantly”. So in my case, that would be a 5.5% rebate. If your state has no sales tax, or you are an international customer, that might be a useless feature.
More credit cards I don’t need, especially limited-use ones that only one merchant will accept. But saving 5.5% on audio/video purchases is tempting if there are no gotchas.
Before I sign up for this incredible offer, I would like to hear from anyone else who knows anything about or has used this particular credit card. Anyone?
Do you live in Alabama, Alaska, Arizona, Delaware, District of Columbia, Florida, Idaho, Indiana, Iowa, Kansas, Louisiana, Montana, Missouri, Nebraska, New Hampshire, North Dakota, Oregon, Puerto Rico, Rhode Island, Texas, Vermont, West Virginia, or Wyoming? Different rules may apply.
The card’s APR is a whopping 29.99% and the grace period is only 23 days.
I just got one, haven’t had it long enough to form a opinion based on experience. But, yeah, it seems a good deal* if* you live in a sales tax state, spend enough money at B&H, and can manage it like a charge card (remember those?) clearing it monthly. I assume their business model is calculated around the percentage of customers who won’t be able to make that last point.
imo … there always will be gotcha’s … no company gives away money … and, if they did, they would not last very long.
“payboo” … do the terms support extended warranties … which you may automatically receive when using certain major credit-cards? how about purchase protection? how secure are bhphotovideo’s servers? the website’s shopping-cart probably utilizes a scheme which connects with a secondary, totally different, company … have you asked which is that supporting company/website … and how secure is their website? does the security of your data matter to you? some give lower priority to such matters.
Since I don’t pay any interest on any credit card at present, the interest charge is of little concern to me.
Most (all?) reputable credit cards offer rebates – cashback – of some kind or other now. If I wanted to compare these rebate amounts with the PayBoo “rebate” of the sales tax amount, it’s possible that the savings are similar. Therefore, all other things being equal, we are only comparing discounts from card #1 to card #2, no matter how it is promoted. Right?