Continued from yesterday....
**If you got here from a search, I have important info about this company!!!**
It all started with a pair of boots.
I really, really wanted them. I was on one of the best. sites. ever. (You know the one) and in a bit of a time crunch, but these boots were to die for. I didn't know where exactly my purse was, therefore had no immediate access to the debit card. I was needing to leave in about five minutes and the site only had one pair! left in stock. So I went ahead and checked the "Bill Me Later" option.
Ever seen it? Oh, yeah, it's out there. Click it and whoo hoo! They'll just, you know, bill you later for the stuff you're purchasing.
Can you say "evil"?
Holy smoke. The company is a spawn of Lucifer.
Firstly, what is not entirely clear upon that initial click is that you are essentially applying for a virtual, closed-loop credit card. So, by definition, there are only so many sites that will allow you to click-n-run. But, the sites (over 1000 of them) that are using the system thus far have some huge clout and name power online: Amazon, Hotwire, Apple Store, Overstock, and Walmart just to name a few.
And here's where things get really sneaky: Bill Me Later immediately approved me for my purchase--I didn't even have to give them my social security number. And what's more, they don't set a credit limit (this is for the consumer's convenience, you see). From their website:
Bill Me Later does not issue a credit line. To enhance your convenience, security and buying power, Bill Me Later approves and extends credit for each transaction.
That's pretty swell, right? They're doing that for US. Certainly, they're not at all taking advantage of the fact that people are likely to spend willy-nilly if they don't have a pre-set limit. And then later, when the whining starts about spending too much and not having the money to make a full payment, well...they agreed to the terms when they clicked!
Except that those terms aren't immediately available. Not on the site where I used it initially and certainly not on the Bill Me Later site. Anywhere. Believe me, I looked. Even on the FAQ section of the website, they simply don't lay out the terms. No, these aren't made clear until after you've purchased something using their service. Even then, it's not in black and white until you receive their first paper or online statement .
And the terms are ugly. I'm not talking 70's-olive-green-appliance-ugly, either. I'm talking Roseanne-singing-the-national-anthem hideous.
Ready for this? APR is 19.99%! But that's not the worst part. The billing cycle? Two weeks. You read that correctly: two weeks. I had to pick myself up off the floor when I saw that. It continues to blow me away, and I've had several days to digest this.
How could anyone in their right mind think this way of doing business is a good thing? Other than Bill Me Later and the few companies that have offered them accolades for a job well done. They are operating on deception, plain and simple. I'm pretty savvy and they got me. Oh, I paid off the bill as soon as I saw the terms. But not everyone is going to have the luxury of doing so. I can see how this company could get some folks into serious trouble.
What's really worrisome is that they are cutting edge. There's no doubt that in a few years, there's going to be competing companies, or tentacles from major banks, opening their own sites with similar horrible contracts. And since they're not a credit card per se, I'm willing to bet they can get around all kinds of regulation (the little of it there is) that applies to actual plastic.
Is it a good idea? Yeah, I'll give them that.
But are they fighting fair? Hell no.
I'm spreading the word to avoid them like the plague unless you're willing to send them money twice a month.
Bastards. ->
Read the complete post at http://feeds.feedburner.com/~r/blogspot/tXCM/~3/394143092/screw-me-later.html
Posted
16 Sep 2008 11:00 AM
by
Trench Warfare
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