$5/month Adminstration Charge for Resouces purchased on a payment plan

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Posts 14
Michael Gradel | Forum Activity | Posted: Mon, Aug 1 2011 12:45 PM

Hello all -- does anyone know what the story is re. a $5/month fee from Logos for resources purchased on a payment plan?

Thanks in advance for your help.

Michael Gradel

 

 

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Brother Mark | Forum Activity | Replied: Mon, Aug 1 2011 12:50 PM

Michael Gradel:

Hello all -- does anyone know what the story is re. a $5/month fee from Logos for resources purchased on a payment plan?

Thanks in advance for your help.

Michael Gradel

 

Yessir.  The $5 fee is simply a modest charge to cover their administrative costs for handling your defacto "loan".  Beats the socks off having to pay interest on a credit card or bank loan IMHO.

 

 

"I read dead people..."

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Fred Chapman | Forum Activity | Replied: Mon, Aug 1 2011 1:00 PM

Brother Mark:
Beats the socks off having to pay interest on a credit card or bank loan IMHO.

+1Yes

Posts 14
Michael Gradel | Forum Activity | Replied: Mon, Aug 1 2011 1:04 PM

Thank you very much.

Posts 2341
Ronald Quick | Forum Activity | Replied: Mon, Aug 1 2011 1:36 PM

For future reference - you can combine separate purchases that have a monthly payment so you would have only one $5 administration charge instead of two.

Posts 51
SWSovereign | Forum Activity | Replied: Mon, Aug 1 2011 2:51 PM

How do you combine them?

Posts 117
Kenny Larsen | Forum Activity | Replied: Mon, Aug 1 2011 3:23 PM

Phone or email customer services and they'll sort you out.

Posts 1374
nicky crane | Forum Activity | Replied: Tue, Aug 2 2011 2:18 AM

I hope it's $5 a payment, not per month, for those of us who have less frequent payments.  That's what I had understood.

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Matthew C Jones | Forum Activity | Replied: Tue, Aug 2 2011 2:46 AM

nicky crane:

I hope it's $5 a payment, not per month, for those of us who have less frequent payments.  That's what I had understood.

It is one $5 fee per card transaction.  The EEC plans with different payment spacings will only incur the fee when those payments are processed. It truly is an administrative fee and not interest.

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Posts 175
Bill Coley | Forum Activity | Replied: Tue, Aug 2 2011 3:13 PM

Super Tramp:
It is one $5 fee per card transaction.  The EEC plans with different payment spacings will only incur the fee when those payments are processed. It truly is an administrative fee and not interest.

 

What to call the $5 per credit card transaction is a debate that seems to rise in the forums occasionally. Technically, it's not an interest charge, but to the customer it *is* an expense. There *are* combinations of purchase amounts and numbers of payments for which the  "expense" of purchasing Logos resources via Logos payment plans is greater than the expense of purchasing the same resources over the same number of months on a credit card.

Bill

Posts 2825
Michael Childs | Forum Activity | Replied: Tue, Aug 2 2011 3:41 PM

If you buy $300 worth of resources and pay for it over 6 months, then the $5 per month fee amounts to a 20% annual interest rate.  (That is 10% for 6 months.)

Of course, spend more money and the fee remains the same; therefore, the annual interest rate would be less.  $600 of resources would only amount to a 10% annual interest rate.  Get $1200 of resources for 5% interest rate.  (That is the same interest rate I have on my house!)

The 20% return on $300 worth of resources is not a bad return for Logos for financing the purchase.  Call it an interest rate or call it a service charge.  It amounts to the same thing.  I wouldn't say that beat the socks off a credit card at the $300 level.  Certainly a worse deal that one could get with a credit union or bank.  However, it does help many a poor preacher or seminary student who couldn't get the bank loan.

One advantage of the Logos payment plan over a credit card is that one is tempted to not pay the credit card off in six months, and the payments keep going and going.

 Hey, I have no problem with it.  Logos is in business to make money like any other company.  Just realize that if you use the payment plan for $300 or less, you are paying a high interest rate.

"In all cases, the Church is to be judged by the Scripture, not the Scripture by the Church," John Wesley

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Denise | Forum Activity | Replied: Tue, Aug 2 2011 3:54 PM

Michael, Michael, Michael ... you would THINK that by now, you are properly trained to think 'business'. There's no need to 'calculate' or note the equivalent rate. An automatic acceptance would be ok.

Please, in the future try harder to learn this. Really hard.


Posts 2825
Michael Childs | Forum Activity | Replied: Tue, Aug 2 2011 3:58 PM

Thanks DMB.  But if I am going to try that hard at something, it is going to involve barbeque or baseball or Mississippi State University Sports.  Well, maybe grandchildren.

"In all cases, the Church is to be judged by the Scripture, not the Scripture by the Church," John Wesley

Posts 2723
Kevin A. Purcell | Forum Activity | Replied: Wed, Aug 3 2011 6:21 AM

Michael,

I bet you have to try really hard at that last one.

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Matthew C Jones | Forum Activity | Replied: Wed, Aug 3 2011 7:52 AM

Bill Coley:
What to call the $5 per credit card transaction is a debate that seems to rise in the forums occasionally.

I choose to call it a "happy" fee. You may call the fee "interest" if you want to but the very definition of interest is based on a percentage of the whole. Since % is not an intrinsic factor of the fee, you would be incorrect to call it "interest." Give my definition a try. See if you don't feel better about it.

Whatever you choose to call it you have to admit the 5 year/10 payment schedule for the EEC in Pre-Pub was the lowest rate you could finance that purchase for. That was one $5 fee every six months, for 60 months. ($50 total, or less than $1 per month!)
Happy, happy, happy.  Stick out tongue

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