Have you ever wanted to update your tech and can’t afford it? You can use credit cards for tech purchases. This can help you be able to pay for the tech at a 0% annual percentage rate.
This allows you to enjoy the tech upgrades and updates as they come out in the market. You can even buy a laptop on a credit card.
Also, you can make use of the extended warranty on the credit cards. This guarantees you that you can replace the gadget when it breaks down. This comes in handy when the tech appliances break down immediately after the manufacturer’s warranty expires.
Why buy in credit card instead of cash? Cash remains the most used payment method. About 24% of Americans use cash to pay for their day to day purchases, making it the most used mode of payment.
However, paying in cash has its drawbacks as there is no consumer protection and you don’t earn rewards when you buy in cash. Thus, buying tech gadgets with credit cards comes in handy as it has consumer protection in case you get defrauded.
Here are three major benefits of putting tech purchases on your credit card.
1. You Get Extended Warranties
Purchasing gadgets with a credit card can give an extended warranty to your goods. When you purchase products at a retail store, the salesperson always wants to know if you want to purchase the extended warranty.
An extended warranty covers your products and appliances for a longer period. When you have an extended warranty, you can be able to return your products if it spoils or gets damaged.
An extended warranty can cost you around $40 to $80 on top of your purchase. You might not be willing to part with this amount of money on a service that you are not sure you will need. Most people prefer not to take the extended warranty.
Buying tech equipment on a credit card allows you to get an extended warranty. You don’t have to choose whether you want the extended warranty or not as most credit card offers these services. You might not realize you need this service until your laptop get spoilt after the warranty period is over.
This may find you at a time you are working on a budget and getting the warranty can come in handy. If you have an extended warranty, you might be saved the need to get a new tech. Since the warranty will cover the damage and the product is replaced.
Some of the credit cards offer extended services that can last you over 5 years. The warranty comes in handy when the product you purchased gets damaged within the period. It can be replaced and you don’t have to incur any cost.
When you want to get, the best-extended warranties deals, ensure that you go through the rules of the card. Different cards from different companies have different rules and different warranties length.
2. Matching the Products Price
Have you ever bought an item at a great price only to discover days later that the price dropped? This can be frustrating, if only you had waited a little longer you could have enjoyed a better price.
If you have the right credit card, you don’t have to regret the decision of buying a product you had fallen in love with. This is because some credit card companies offer refunds if the price of the products you bought drops.
You can sit and enjoy your new phone, TV or laptop since you will get a refund of the extra money you spend. The refund period varies from one Card Company to another. Some companies offer a 90-day rule while others offer a 60-day rule.
This means that you can get a refund of the extra money you paid if the price dropped in less than 90 days or 60 days. Some credit card companies offer a 5% cash back on every quarterly rotating bonus. Also, they offer 5% cash back at the end of the year on Amazon.
Imagine getting a 5% cash back on any tech purchase. This means that you can get around $20 cash back on getting an Xbox.
This helps you save at the end of the year and still enjoy your products. You don’t have to spend time regretting the choice of buying a tech before the price dropped. Since the card company has got you covered.
3. Promotional Credit Cards with a 0% Annual Percentage Rate
Tech gadgets can be very expensive, and it is sometimes hard to save up. For this reason, people make use of the 0% APR, which allows them to get the tech when they need it.
The credit card companies give the money to buy the tech. The money is given in the form of a loan, and your credit card is left with a debt. The debt can be cleared in a period of around 18 months to 21 months.
This ensures that you get enough time to clear off your debt. Moreover, this debt is a 0% APR, meaning that it does not have an interest rate. This allows you to clear the debt in time.
However, when you don’t complete paying your debt in the given time, you may face a 15% interest rate charge. The interest rate charge is big, and you end up paying a lot for the tech appliances. Look for the best credit cards with the longest debt paying period.
When you want to buy a tech appliance and use the 0% APR only, buy some of the things you can pay off on time. This is to ensure that you don’t incur any debts with your credit card that will overburden you.
Do your calculations right and come up with an estimated amount of money you need to pay each month. Ensure that you pay the amount of money you owe to the credit card company each month.
You can set a reminder on the calendar to ensure that you don’t forget to pay your debt. If you have extra cash in your credit card, you can pay an extra amount that you had targeted for that month.
This will help you out when you have a tight budget in a certain month and can’t pay the amount. Also, it can help you clear the debt on time.
Do you ever wonder why credit card companies promote purchasing tech items through credit cards? Well, you can get discounts, earn points on your credit card and get a refund if the prices drop within a specified time.
This ensures that you can afford to buy any new tech gadgets as they come out in the market. Keep browsing our blog and learn more about the best tech gadgets in the market.