- Posts
- 463
- Likes
- 767
Pepe Lucas
·I'll take it if Dan decides to pass on the offer... and will make the last payment $280 😉
Did I really need this.....new Omega swag -The Privledge Card
- Posts
- 580
- Likes
- 1,828
- Posts
- 21,107
- Likes
- 48,179
Dan S
·
Exactly. I thought my point was incredibly obvious and I was being light-hearted. But the fact that @Pepe Lucas conflated a promotional interest-free finance offer for a luxury watch purchase with an interest-free cash loan, ironically demonstrates that this type of marketing can be successful in confusing people. Clearly these are not the same thing at all.
So, to be clear, generally speaking, I don't think it's financially prudent to purchase an unnecessary luxury item if one is not in a position to pay cash. Just my opinion. I think it's clear that a major objective of interest-free offers is to entice buyers who don't have the cash readily available, and people without cash reserves can get in over their heads pretty easily. It just takes one piece of bad luck or an expected expense.
- Posts
- 463
- Likes
- 767
Pepe Lucas
·Exactly. I thought my point was incredibly obvious and I was being light-hearted. But the fact that @Pepe Lucas conflated a promotional interest-free finance offer for a luxury watch purchase with an interest-free cash loan, ironically demonstrates that this type of marketing can be successful in confusing people. Clearly these are not the same thing at all.
So, to be clear, generally speaking, I don't think it's financially prudent to purchase an unnecessary luxury item if one is not in a position to pay cash. Just my opinion. I think it's clear that a major objective of interest-free offers is to entice buyers who don't have the cash readily available, and people without cash reserves can get in over their heads pretty easily. It just takes one piece of bad luck or an expected expense.
- Posts
- 27,685
- Likes
- 70,364
Archer
··Omega Qualified WatchmakerNot sure if you want to call it a perk but it allows 24 month interest free financing. Nice box, wallet and personal note from Arnaud Michon (pretty sure it's a form letter and signature stamp but a nice touch).
Not sure how this card works - can you explain?
Omega is not a bank so they don't issue credit cards that I'm aware of, so is this an Omega card linked to another bank? When you finance the watch with the card, who is actually lending you the money?
- Posts
- 463
- Likes
- 767
Pepe Lucas
·Not sure how this card works - can you explain?
Omega is not a bank so they don't issue credit cards that I'm aware of, so is this an Omega card linked to another bank? When you finance the watch with the card, who is actually lending you the money?
- Posts
- 27,685
- Likes
- 70,364
Archer
··Omega Qualified WatchmakerThey work with a lender that gives the credit card with the Omega name on it. You can only use it on the Omega Boutiques, it basically is a department store credit card. It doesn’t have any affiliation with any major credit cards.
So, the similar sort of deal you get at the big box furniture store...24 months no interest, but without the fancy letter and box. Got it.
- Posts
- 463
- Likes
- 767
Pepe Lucas
·So, the similar sort of deal you get at the big box furniture store...24 months no interest, but without the fancy letter and box. Got it.
- Posts
- 463
- Likes
- 767
Pepe Lucas
·So, the similar sort of deal you get at the big box furniture store...24 months no interest, but without the fancy letter and box. Got it.
- Posts
- 1,942
- Likes
- 3,537
tpatta
··Happily spending my daughter’s inheritanceNot sure how this card works - can you explain?
Omega is not a bank so they don't issue credit cards that I'm aware of, so is this an Omega card linked to another bank? When you finance the watch with the card, who is actually lending you the money?
Archer,
In the welcome email is refers to the card as a "credit card".
In addition the email says .......
Welcome to the World of OMEGA
Your new Privilege Card unlocks exclusive cardholder‑only benefits, financing options*, promotional offers and more!
• 24/7 Account Access
• Invitations to Special Events and Sales
• Complimentary Subscription to OMEGA’s Lifetime Magazine
• A Special Gift on your Birthday
The card appears to be issued by TD Card Services. I believe that is a financial arm of TD Ameritrade.
- Posts
- 27,685
- Likes
- 70,364
Archer
··Omega Qualified WatchmakerThe card appears to be issued by TD Card Services. I believe that is a financial arm of TD Ameritrade.
Thanks that answers the question. Some good Canadian content in there for you guys...(TD is Toronto Dominion bank, so this is the US part of their business).
- Posts
- 1,009
- Likes
- 1,722
jsducote
·They work with a lender that gives the credit card with the Omega name on it. You can only use it on the Omega Boutiques, it basically is a department store credit card. It doesn’t have any affiliation with any major credit cards.
- Posts
- 1,942
- Likes
- 3,537
tpatta
··Happily spending my daughter’s inheritanceAs someone who works in the retail industry and deals with in-store cards, I can tell you what kinds of corners are cut with regard to the safety and security of your data. If the card had a logo from Visa/MC/Disc/AmEx/JCB, then it would be bound by the PCI-DSS. Even though transactions are processed by TD, this is not specifically protected by the requirements and audits of a "normal" credit card.
Thanks for the heads up. No logo at all. Merely a small notation on the back of the card regarding TD.
- Posts
- 11,817
- Likes
- 38,313
abrod520
·As someone who works in the retail industry and deals with in-store cards, I can tell you what kinds of corners are cut with regard to the safety and security of your data. If the card had a logo from Visa/MC/Disc/AmEx/JCB, then it would be bound by the PCI-DSS. Even though transactions are processed by TD, this is not specifically protected by the requirements and audits of a "normal" credit card.
Thanks for the heads up. No logo at all. Merely a small notation on the back of the card regarding TD.
It sounds as though this isn't a credit card so much as a line of credit for Omega. I don't think it'd even work at other vendors, so security is not likely to be the greatest issue.
- Posts
- 6,959
- Likes
- 13,016
Evitzee
·It sounds as though this isn't a credit card so much as a line of credit for Omega. I don't think it'd even work at other vendors, so security is not likely to be the greatest issue.
- Posts
- 1,942
- Likes
- 3,537
tpatta
··Happily spending my daughter’s inheritanceOP said there was a quick credit check so that would indicate the credit line is in his name, and it will impact his FICO score
- Posts
- 1,009
- Likes
- 1,722
jsducote
·It sounds as though this isn't a credit card so much as a line of credit for Omega. I don't think it'd even work at other vendors, so security is not likely to be the greatest issue.
- Posts
- 11,817
- Likes
- 38,313
abrod520
·OP said there was a quick credit check so that would indicate the credit line is in his name, and it will impact his FICO score. But like a store credit card can only be used at Omega Boutique.
There'll always be a hard credit check for any new line of credit.
As a consumer, forced to choose between a store card with a Visa logo and one without, I would choose the one with every time.
Fair. I don't have any store credit lines so I can't say I've got any experience with cards issued by someone other than the main companies.
