B&H Photo - PayBoo Acct - State Tax discounted

[Dougcjohn]

Just a share for those that may have been unaware as myself...
With all the Internet Sites now collecting State Tax; I recently noticed that B&H Photo offers a method to receive your State Tax back in form of instant discount.
They have a Internal store card called the PayBoo Card. When purchasing items, using the PayBoo card you get all your State Tax returned at the time of checkout.
They do "collect" state tax, but they provide a discount equal to the State Tax.

The catch... it's zero interest applied if you pay in full by bill due date, otherwise it's a hefty 29.9% interest charge.
If large purchase, a tactic would be to purchase with PayBoo to obtain Tax saving, then turn around and pay off total, or pay off by transferring debt with PayPal Credit or other low interest CC.

For my State... that's a 7% savings on my purchases.

 

[Starz]

The catch word is credit card. Most of them hope to high heaven that you don’t pay on time. Money in the bank at that point. (their bank)
Since I don’t spend tons of money there, not an issue to me. On their part, they had no choice but to do what they did, knowing that it was a potential loss of sales for that reason. That taxable amount will certainly steer a quantity of buyers away and whatever they can do to limit that is a plus for them. They do have a good product line and they haven’t lost my biz.

 

[Dougcjohn]

The catch word is credit card. Most of them hope to high heaven that you don’t pay on time. Money in the bank at that point. (their bank)
Since I don’t spend tons of money there, not an issue to me. On their part, they had no choice but to do what they did, knowing that it was a potential loss of sales for that reason. That taxable amount will certainly steer a quantity of buyers away and whatever they can do to limit that is a plus for them. They do have a good product line and they haven’t lost my biz.

True... internal Credit Card only... like the old Sears & JCPenny cards.
But wow... 30% is a smacker for sure!!

They started collecting Tax in 2019, along with eBay... so I switched over to Adarama but later they and all others had to meet the Jan 2020 deadline... now all Internet sites are collecting. Only exception to my knowledge are manufacturer's internal store sites. It really irritates me to pay a tax for "used" item on eBay, that I feel is wrong.

I reached out to Adarama if they offered or intended to offer a similar Store CC with Tax discount. They replied they had no intentions to provide a similar discount.

So far B&H is the only one I've found... and as you, I've found them to be a great resource site.
Interestedly, I always hear the Internet has destroyed the local Brick & Mortar Stores... but in my area that has never been true. My local stores (Computer, Electronics, Camera, Hobby, etc) over 20 years have never carried specialty or a broad range of items, and I've always used Internet stores for most items for lack of local stores even carrying... period. If a local camera store tells me... we don't have it but I can order it for you.... Hmmm, why pay more, take longer to receive and have to drive back into town to pickup vs waiting 2-3 days and have it on my door step. If you want to compete, then compete... put your site on the Internet and Local.

 

[Bayareafly]

I live in California and this credit card has been a blessing but I pay the bills in full.

 

[Dougcjohn]

I live in California and this credit card has been a blessing but I pay the bills in full.

What's your tax rate in CA? 8%

 

[mshmovie]

I use my Payboo card all the time and pay in full to realize the tax savings. Living in the suburbs of NYC gets me product in about one day.

I recently bought an open box Mavic Enterprise Fly More Combo ($340 all in) from B and H that was unexpectedly missing the battery to USB charger adapter. B and H sent a new adapter immediately; their customer service is terrific too.

 

[Garo]

I live in California and this credit card has been a blessing but I pay the bills in full.

Same here in Arkansas. Although a probably much lower 8.5% sales tax rate compared to California, it still saved me a little over $185 in tax savings on on new Mavic 2 Pro & Fly More kit. I had the funds to pay it all up front but instead used the PayBoo, saved the $185 and paid the Payboo in full when the bill came.

I never (and have taught my kids) carry a balance on any credit card and never use a credit card to finance anything that I don't have the money to pay for out my pocket. I use them for convenience, 30-45 day float time and/or rewards.

 

[Big-Foot]

Does the Payboo card reimburse sales tax at sites other than B&H?

 

[Garo]

Does the Payboo card reimburse sales tax at sites other than B&H?

I don't believe so. My understanding is that Payboo is a B&H credit card offered through Synchrony Bank and can only be used with B&H. I've used B&H for a few years for my DSLR equipment and now drone equipment. It's really my only source for any large purchase.

 

[Dougcjohn]

Does the Payboo card reimburse sales tax at sites other than B&H?

No, the PayBoo in an internal store credit card... like the older Store cards: Sears, Macy's, etc. It's not a open use CC.

 

[Dougcjohn]

Here's there PayBoo info page... the FAQ included.

B&H Payboo Credit Card | Save Instantly or Get Special Financing | B&H Photo

 

[Thomas B]

Synchrony bank is gonna own us all soon

 

[Garo]

Synchrony bank is gonna own us all soon

No kidding. I have a least 5 private label cards all issued by Synchrony Bank. Each time I pay a bill, I have to research which bill I am paying so I don't accidentally have the payment applied to the wrong account. It's mind numbing

 

[Big-Foot]

Here's there PayBoo info page... the FAQ included.

B&H Payboo Credit Card | Save Instantly or Get Special Financing | B&H Photo

Thank you!

 

[mshmovie]

Same here in Arkansas. Although a probably much lower 8.5% sales tax rate compared to California, it still saved me a little over $185 in tax savings on on new Mavic 2 Pro & Fly More kit. I had the funds to pay it all up front but instead used the PayBoo, saved the $185 and paid the Payboo in full when the bill came.

I never (and have taught my kids) carry a balance on any credit card and never use a credit card to finance anything that I don't have the money to pay for out my pocket. I use them for convenience, 30-45 day float time and/or rewards.

That's the best approach to using these credit cards with great benefits and rediculous interest rates. Your children will grow to appreciate your financial advice and the headaches they'll avoid by following it.

 

[GadgetGuy]

There is also a hard credit inquiry associated with getting the card. If your credit score is an issue for another much bigger loan like a mortgage while in escrow, hold off!

 

[Dougcjohn]

There is also a hard credit inquiry associated with getting the card. If your credit score is an issue for another much bigger loan like a mortgage while in escrow, hold off!

Didn't realize that... good to know.
I personally don't recall them declaring, requesting & notifying on the credit inquire which I thought was required for a hard inquire, my monitoring service also didn't notify. I recall providing common info & income, but I may not have paid close attention too; gotten used to the quick soft hits.

 

[Garo]

That's the best approach to using these credit cards with great benefits and rediculous interest rates. Your children will grow to appreciate your financial advice and the headaches they'll avoid by following it.

I had to learn that the hard way 30 years ago.

 

[GadgetGuy]

Didn't realize that... good to know.
I personally don't recall them declaring, requesting & notifying on the credit inquire which I thought was required for a hard inquire, my monitoring service also didn't notify. I recall providing common info & income, but I may not have paid close attention too; gotten used to the quick soft hits.

The Payboo FAQ states:

Do I need a B&H Payboo Credit Card if I already have a B&H financing credit card?
Yes. To get the Payboo Card benefits, you need a Payboo Card. B&H Payboo Card benefits are not transferable to the B&H financing credit card. Similarly, B&H financing credit card benefits and offers are not transferable to the Payboo Card. Please note that because each credit card account is entirely separate from the other, Synchrony will send a request for information (also called a "hard inquiry," or "hard pull") to a credit bureau to verify your creditworthiness for each application you submit. There is no ability to use one inquiry to receive both cards.

B&H Payboo Credit Card | Save Instantly or Get Special Financing | B&H Photo