EVGA

Warning on Newegg Preferred account purchases

Author
iride4u
CLASSIFIED ULTRA Member
  • Total Posts : 5808
  • Reward points : 0
  • Joined: 2005/09/20 12:21:19
  • Location: Loveland Colorado
  • Status: offline
  • Ribbons : 26
2012/03/03 07:38:21 (permalink)
I just recieved the latest bill from Newegg. I have a few promotions that end on different dates. According to the latest Consumer Protection Laws All moneys are first applied to the current purchases if they will cause interest and then to the promotion that expires first. This is NOT how Newegg is doing it. They are appling to the current purchase but the appling the majiority to the newest purchase. This way they can get the most interest if you are not calling them each month to direct how you want the payment applied.
One phone agent said that you had to call 7 days before the payment was made, then another said that you could not call untill after the payment was made. I will get to the bottom of this next week.

Mountain Mods Extended U2 UFO CYO With Pedeistal 
ASUS Rampage IV Extreme    
i7 3960X 
32g Mushkin RED @ 2133  
2  GTX580 Classified H2O 
2 Corsair AX1200 
Patriot Gaurd Rider
#1

19 Replies Related Threads

    Kanti
    CLASSIFIED Member
    • Total Posts : 4739
    • Reward points : 0
    • Joined: 2009/12/12 16:29:32
    • Location: Kung Fu Island
    • Status: offline
    • Ribbons : 4
    Re:Warning on Newegg Preferred account purchases 2012/03/03 07:41:13 (permalink)
    File a small claim and they will change their tune.  They are based in CA, and CA  is NOT business friendly.  Once it escalates into a class action suit, it will be time to get out the butter sauce and pop that corn. 


    Muh 'filiate code: 387JKEF57G
    #2
    iride4u
    CLASSIFIED ULTRA Member
    • Total Posts : 5808
    • Reward points : 0
    • Joined: 2005/09/20 12:21:19
    • Location: Loveland Colorado
    • Status: offline
    • Ribbons : 26
    Re:Warning on Newegg Preferred account purchases 2012/03/03 07:55:47 (permalink)
    Since I have figured out what they are doing I do not have a claim yet. I wanted to let others know of this practice so they do not get burned.

    Mountain Mods Extended U2 UFO CYO With Pedeistal 
    ASUS Rampage IV Extreme    
    i7 3960X 
    32g Mushkin RED @ 2133  
    2  GTX580 Classified H2O 
    2 Corsair AX1200 
    Patriot Gaurd Rider
    #3
    notfordman
    Omnipotent Enthusiast
    • Total Posts : 10345
    • Reward points : 0
    • Joined: 2007/08/09 23:52:23
    • Location: In a van, down by the
    • Status: offline
    • Ribbons : 28
    Re:Warning on Newegg Preferred account purchases 2012/03/03 08:08:17 (permalink)
    Not good...thanks for the info.
    #4
    Kanti
    CLASSIFIED Member
    • Total Posts : 4739
    • Reward points : 0
    • Joined: 2009/12/12 16:29:32
    • Location: Kung Fu Island
    • Status: offline
    • Ribbons : 4
    Re:Warning on Newegg Preferred account purchases 2012/03/03 08:14:18 (permalink)
    I found out that the Macy's Red card is also pretty fishy when it comes to practices and customer support.  It's too bad, you'd think these companies would treat us better once we are card holders/members.
     
    When it comes to credit I have had good luck with:
     
    US bank
    Capital(Capitol?)One
    and Kohls (Khols?).
     
     
    Bed Bath and Beyond, Khols, and even Macy's have some of the best return policies.  Walmart is decent as well.  Target and Best Buy are terrible when it comes to returns, avoid at all costs. 


    Muh 'filiate code: 387JKEF57G
    #5
    {uZa}DOA
    CLASSIFIED Member
    • Total Posts : 4253
    • Reward points : 0
    • Joined: 2008/12/07 07:24:42
    • Location: My Affiliate Code: 7B5PL3G722
    • Status: offline
    • Ribbons : 15
    Re:Warning on Newegg Preferred account purchases 2012/03/03 08:29:57 (permalink)
    This is why I only purchase when I have the money to pay it off right away... Been down this type of road before and never again... Hopefully you get it all sorted out.. Best of luck DOA


    #6
    loveha
    Omnipotent Enthusiast
    • Total Posts : 10497
    • Reward points : 0
    • Joined: 2009/09/26 01:51:22
    • Location: Beulah Michigan
    • Status: offline
    • Ribbons : 65
    Re:Warning on Newegg Preferred account purchases 2012/03/03 08:53:49 (permalink)
    That is why I just stick to my credit card. I have never trusted stuff like that.

    Case - Phanteks Enthoo Evolv X
    Mobo - EVGA X570 FTW
    CPU - AMD Ryzen 9 5900X
    RAM - 32GB Trident Z Royal 3600MHz 14-14-14-34
    GPU - EVGA RTX 3080 Ti FTW3 Ultra Gaming
    PSU - Seasonic Prime TX-1000
    Heatkiller IV CPU Waterblock / Heatkiller V GPU Waterblock
    Heatkiller V EBC Active Backplate / Two Heatkiller Rad 360 L
    Six Noctua NF-A12x25 / Heatkiller D5 Pump
    #7
    Kanti
    CLASSIFIED Member
    • Total Posts : 4739
    • Reward points : 0
    • Joined: 2009/12/12 16:29:32
    • Location: Kung Fu Island
    • Status: offline
    • Ribbons : 4
    Re:Warning on Newegg Preferred account purchases 2012/03/03 09:18:25 (permalink)
    Step one: get credit card with rewards
    Step two: desire object
    Step three: acquire equal or greater amount  of cash as desired item's value
    Step four: buy item with credit card acquired in step one
    Step five: immediately pay off credit card acquired in step one with cash accumulated in step three.
    Step six: enjoy your new toy AND the rewards yielded through credit card promotion(s).
    step seven: repeat. 


    Muh 'filiate code: 387JKEF57G
    #8
    C3B0E5FFF3F141E
    CLASSIFIED Member
    • Total Posts : 3398
    • Reward points : 0
    • Joined: 2007/11/22 13:18:39
    • Status: offline
    • Ribbons : 9
    Re:Warning on Newegg Preferred account purchases 2012/03/03 11:15:51 (permalink)
    if you feel like being screwed over file a BBB complain, ussualy solves most problems...
     
     
    why would u even sign up with that stuff? 1 credit card is all you need in life, if your credit limit is low than your overspending
     
    #9
    Kanti
    CLASSIFIED Member
    • Total Posts : 4739
    • Reward points : 0
    • Joined: 2009/12/12 16:29:32
    • Location: Kung Fu Island
    • Status: offline
    • Ribbons : 4
    Re:Warning on Newegg Preferred account purchases 2012/03/03 11:42:10 (permalink)
    I signed up for macys in order to get a significant discount on a purchase.  I don't get credit cards for the lulz.  I think I got the kohls one for a discount as well.  They also gave me a huge spending limit, as soon as I qualified the clerk behind the desk suddenly treated me like a prince, offering me additional coupons and discounts toward the purchase.  I still have my first credit card with it's mediocre spending limit, but its fine since I never go over it.  My new main CC has a limit high enough to purchase a used vehicle, and It is great for emergencies, or for a hot deal that you can't afford to miss out on.  I'd rather get a hot deal on credit, and maybe spend $5 in interest, than wait till next month and pay full price.  If you stay on top of your finances, a small hit from interest won't sour an already great deal. 
     
    Just be sure to pay off as much as you can, and always cover the minimum.  In my case, I was able to knock out the purchase with the second CC payment.


    Muh 'filiate code: 387JKEF57G
    #10
    Porpoise Hork
    CLASSIFIED ULTRA Member
    • Total Posts : 5268
    • Reward points : 0
    • Joined: 2009/03/17 14:00:55
    • Status: offline
    • Ribbons : 17
    Re:Warning on Newegg Preferred account purchases 2012/03/03 11:54:33 (permalink)
    Good to know, This is why i never apply for in house credit opting to pay for my purchases in cash.  All of those financing options are suspect.
    #11
    iride4u
    CLASSIFIED ULTRA Member
    • Total Posts : 5808
    • Reward points : 0
    • Joined: 2005/09/20 12:21:19
    • Location: Loveland Colorado
    • Status: offline
    • Ribbons : 26
    Re:Warning on Newegg Preferred account purchases 2012/03/03 12:44:00 (permalink)
    I will be filing a complaint with the Consumer Protection Agency as this practice is against the current rules. They were put in place to prevent this practice. As much as I hate Best Buy they and any of the GE or HSBC plans follow the rules.

    Mountain Mods Extended U2 UFO CYO With Pedeistal 
    ASUS Rampage IV Extreme    
    i7 3960X 
    32g Mushkin RED @ 2133  
    2  GTX580 Classified H2O 
    2 Corsair AX1200 
    Patriot Gaurd Rider
    #12
    thePoison
    SSC Member
    • Total Posts : 951
    • Reward points : 0
    • Joined: 2008/06/02 16:18:03
    • Location: Indiana
    • Status: offline
    • Ribbons : 2
    Re:Warning on Newegg Preferred account purchases 2012/03/03 12:47:45 (permalink)
    Iride4u I have never had this problem with them, and I have a credit line from up to 10,000 with them. It started at 2,000. It is up to you to read the terms and conditions of the promotional purposes. And if you contact them via payment support ticket they will apply the payment directly to what you request. These type of purchases should really be made in bulk so it can all be placed in the same promotional, you are only causing yourself headache by making individual different timed charges. 

    Case: Lian-Li PC-V2120   
    PSU: Seasonic X-1250
    MB: ASUS Maximus IV        
    CPU: Intel Core i7 2600k @ 4.6 GHz with Switech Apogee XT R2 
    RAM: 8 GB Kingston (2x4GB) 1600 Mhz
    GPU: Geforce 780 @ 1.15 GHz with Aquatuning  water blocks.       
    OS: Win 8 x64 Pro                         
    Driver: 326.80                         
    Voltages: 1.33 CPU, 1.65v RAM
    Storage: 2 Samsung 840 Pros in Stripe + 1 TB WD Black Caviar  + 2 TB WD Black Caviar
    #13
    iride4u
    CLASSIFIED ULTRA Member
    • Total Posts : 5808
    • Reward points : 0
    • Joined: 2005/09/20 12:21:19
    • Location: Loveland Colorado
    • Status: offline
    • Ribbons : 26
    Re:Warning on Newegg Preferred account purchases 2012/03/03 20:50:24 (permalink)
    The individule timed purchases were made over a period of time because that is when something failed or something new came out.
    I am trying to warn people to keep watch on the bills that come from Newegg because they do not automaticaly post the payment to the oldest bill. You have to call them up each month to get the oldest bill paid. If you do not call, they post a minimum amount to the oldest and any left over ballance to the newest. By doing this they will be able to charge 25.99% interest on all the promotional ballance from the start. This is illigal This is what I am warning everyone about. I have not beeen hurt but have been following the monthly statments and figured out what they are up to. I just do not want to see anyone get hurt.

    Mountain Mods Extended U2 UFO CYO With Pedeistal 
    ASUS Rampage IV Extreme    
    i7 3960X 
    32g Mushkin RED @ 2133  
    2  GTX580 Classified H2O 
    2 Corsair AX1200 
    Patriot Gaurd Rider
    #14
    direraptor22
    CLASSIFIED ULTRA Member
    • Total Posts : 5717
    • Reward points : 0
    • Joined: 2008/10/14 00:35:57
    • Location: Optimal cruise altitude!
    • Status: offline
    • Ribbons : 16
    Re:Warning on Newegg Preferred account purchases 2012/03/03 21:02:17 (permalink)
    I buy low dollar items with my Preferred Account for just that reason. Pay it all off at once


    “The fascination of flight can't be expressed with words. But it really lies beyond the capabilities of human endeavor. Once you've experienced it, you'll never be able to forget it.” - Friedrich Oblessor
    #15
    mwparrish
    CLASSIFIED Member
    • Total Posts : 3278
    • Reward points : 0
    • Joined: 2009/01/08 15:27:28
    • Status: offline
    • Ribbons : 23
    Re:Warning on Newegg Preferred account purchases 2012/03/03 21:05:35 (permalink)
    i always check my promo balances each month for upcoming expirations and call them to direct my payment towards that and to verify the balance due for that promo.
     
    Their customer service folks were always A+ to me.
     
    Finally, Newegg is based in CA but their in house credit is based out of Utah, WebBank and is owned by Bill Me Later. 

    Intel Core i7 3930K - 4.7 GHz  |  ASUS Rampage IV Extreme  |  8x4GB G.Skill Ripjaws Z DDR3-2133
    2x EVGA GTX 780 Ti SC  |  BenQ XL2420TX - 1920x1080 120Hz LCD  |  Logitech G9x  |  Corsair Vengeance 1500
    5x Crucial 128GB SSD  |  LG BD-R Drive  |  Danger Den Torture Rack  |  Enermax Galaxy EVO 1250W
     
     
    #16
    iride4u
    CLASSIFIED ULTRA Member
    • Total Posts : 5808
    • Reward points : 0
    • Joined: 2005/09/20 12:21:19
    • Location: Loveland Colorado
    • Status: offline
    • Ribbons : 26
    Re:Warning on Newegg Preferred account purchases 2012/03/04 05:49:58 (permalink)
    mwparrish

    i always check my promo balances each month for upcoming expirations and call them to direct my payment towards that and to verify the balance due for that promo.

    Their customer service folks were always A+ to me.

    Finally, Newegg is based in CA but their in house credit is based out of Utah, WebBank and is owned by Bill Me Later. 

    You are doing it the way that has to be done with Newegg. I just wanted to warn people.


    Mountain Mods Extended U2 UFO CYO With Pedeistal 
    ASUS Rampage IV Extreme    
    i7 3960X 
    32g Mushkin RED @ 2133  
    2  GTX580 Classified H2O 
    2 Corsair AX1200 
    Patriot Gaurd Rider
    #17
    e-money
    FTW Member
    • Total Posts : 1010
    • Reward points : 0
    • Joined: 2008/04/05 06:37:36
    • Status: offline
    • Ribbons : 2
    Re:Warning on Newegg Preferred account purchases 2012/03/04 07:32:54 (permalink)
    I hope you get it worked out but do you expect anything less these places dont give you credit because there nice people they do it to make money from interest deep down they want you to be late more money for them best way to do credit is pay it off in full every month if you cant pay off your debt in full each month stop bying stuff IMHO!

      

           
         
     
     
     
    #18
    iride4u
    CLASSIFIED ULTRA Member
    • Total Posts : 5808
    • Reward points : 0
    • Joined: 2005/09/20 12:21:19
    • Location: Loveland Colorado
    • Status: offline
    • Ribbons : 26
    Re:Warning on Newegg Preferred account purchases 2012/03/04 15:44:46 (permalink)
    I do not have a problem since I know what they are doing. My concern is that someone how is trying to pay off a charge and at 8 months into a 12 month payoff they buy something else. Newegg will put the money that they are planning to use to pay off the orignal amount twords the new purchase.
    The law states that they must pay off the highest interest first (non-promotion) than go to the oldest with out input from the consumer.
    If I wanted I could pay off the ballances at any time I just prefer to use thier money.

    Mountain Mods Extended U2 UFO CYO With Pedeistal 
    ASUS Rampage IV Extreme    
    i7 3960X 
    32g Mushkin RED @ 2133  
    2  GTX580 Classified H2O 
    2 Corsair AX1200 
    Patriot Gaurd Rider
    #19
    tuaamin13
    FTW Member
    • Total Posts : 1580
    • Reward points : 0
    • Joined: 2008/04/01 07:51:52
    • Location: El Psy Congroo
    • Status: offline
    • Ribbons : 8
    Re:Warning on Newegg Preferred account purchases 2012/03/04 20:28:23 (permalink)
    Kanti

    I signed up for macys in order to get a significant discount on a purchase.  I don't get credit cards for the lulz.  I think I got the kohls one for a discount as well.  They also gave me a huge spending limit, as soon as I qualified the clerk behind the desk suddenly treated me like a prince, offering me additional coupons and discounts toward the purchase. 

    Just be sure to pay off as much as you can, and always cover the minimum.  In my case, I was able to knock out the purchase with the second CC payment.

    Yeah sometimes it's worth getting the house cards.  My girlfriend's mom routinely gets 30% off at Kohl's because she's a card holder. It worked out pretty nice when my girlfriend wanted to pick up a vacuum.  Dyson @ 30% off with Kohl's cash for every $50 you spend? Yes, please. I can't even beat that with my 2% cashback rewards card shopping online.
     
    Macy's return policy is something like 180 days and you don't need the receipt because they log barcode sticker they put on all your items. The only downside is the wall of text that's their coupon exclusions. As far as being a rip off - if you're an employee you need to have a credit card to get your discount. However, the interest rate at minimum is the greatest possible discount you'll ever get (~20%?)
     
    Thanks for in the info about the Newegg account, I don't have one but I'll keep that in mind.

    System Profile:
    Core i7 920 D0 | Heatkiller 3.0 LGA1366 | EVGA x58 *Classified 759* | EK Full coverage X58 block | 3x2GB G.Skill DDR3 1600 | GTX 260 Core 216 SC | 1TB WD Caviar Black (Win 7 Pro) | 2 * 1TB WD Caviar Green (RAID 1) | HAF 932
     
    #20
    Jump to:
  • Back to Mobile