"A payment plan breaks your bill down to bite-size chunks, so you can afford even a huge base package, like Platinum, on a tight budget. You’ll never pay interest, either—just a $5 administrative fee per payment (to keep the accountants happy)."
...is it me or does that sound like interest on every payment you make?
Sigh
its been that way as long as I have cared to know about such things.
The trick is just to pay it off early.
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It's fairly clear that if you look at the "Pay in Full" cost on any product vs. the "Pay Monthly" that the "Pay Monthly" option adds up to more.
The example, below, shows two costs to me of purchasing Verbum Capstone:
$77.80 * 18 months = $1400.40 for the full period, rather than the stated $1,310.33 at the pay in full price. Given that the resources are useable prior to one having actually paid for them, I think the $5 additional monthly charge is pretty fair.
JoshInRI:..is it me or does that sound like interest on every payment you make?
Interest is a percentage based fee. The flat rate of $5 per transaction is the same whether your balance is $120 or $12,000. The time accounting spends on processing each transaction is also independent of account balance.
I much prefer a $5 flat fee to a 18% interest rate on the recurring balance.
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If Faithlife didn't charge the fee, they would be losing a lot more money by offering the payment plans.
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It's not an interest, since it is a flat $5. This is both a good deal and a bad deal. If you're paying off something that just cost $100 over a period of months, it would not be a good deal. If, however, you're paying off a massive package it is actually far below what you could ever get if you were paying a percentage fee (like interest).
But hey, they're just trying to make it easier for you to buy something that you can't currently afford. If $5 for each payment period is a huge issue, you might want to just save up and buy it all at once?
JoshInRI:You’ll never pay interest, either—just a $5 administrative fee per payment (to keep the accountants happy)
*Peace* Credit card companies charge Faithlife Corporation a percentage fee for processing a payment.
Thankful for payment plan option.
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