How did you finance your Rolex?

[ronin_ph]

Was at Incheon Airport recently. Was carrying my debit card in case I saw something I liked. They had a hulk which came in that day for a reasonable price ($8150). Went to make the purchase and it would go through. Called my bank. They said, even though it was a debit card, they had a daily limit of $5,000. Maddening. Couldn't believe they wouldn't let me use the card as the funds were coming directly from my account. Couldn't go back out to find an ATM. Gave up.


Sent from my iPhone using Tapatalk

[Annan]

Cash

[foodle]

Cash if buying from an AD that offers a discount for cash. Since the AD has to go through a credit card processing company, they lose 1-2% on each credit card sale. Many are happy to give you a small discount if paying in cash.

Otherwise on a credit card (paid off monthly) for cash/points back and credit card company offered protection.

Going into debt to buy a watch (or any other luxury item that I really don't need) doesn't work for me.

[THC]

bitcoin

[salvadorsantana]

Originally Posted by Rolex addict

Bingo, I get better deals with cash in hand. It's the people with egos who let that much hard cash walk out the door. An AD can make some money or no money. The choice is theirs. I'm always willing to walk out if the deal isn't right. These are luxury items that I don't really need.

I usually ask for cash price, no tax, no bs, after that I ask if I can pay with CC...if they come with the 2%-4% fee I walk away, if they catch me leaving before I step a feet out of the door and say "ok" then I offer to pay cash if the price is even lower, if not Im happy to pay with CC (that I will pay off before any interest kicks in). It is not like you go out shopping for a luxury watch ie: Rolex, AP, Patek, etc without knowing what is the lowest price that you are willing to negotiate.

[Tony64]

"I don't believe in buying things you can't afford"

Originally Posted by Chadridv

Maybe it's just semantics, but if you finance something or put it on a credit card, why does that mean you can't afford it? Yes I understand the definition of "credit", but still I get some great rewards on my CCs. I try to put as much on cards as possible.

However I won't buy anything like a watch, unless I have the total amount prepared to outright buy it. I'll just pay off my card within the billing cycle.

Anyway, maybe it's just me, but Am I the only one who things the sentence in bold above is just such a Captain Obvious thing to contribute here?

Exactly!

[Headshrinker]

I never finance a watch, it's a luxury item.

[Hodog16]

Previous purchases (9k or less) I put on CC and paid off that month.

More recent purchases (10k+) I used stores 12-15 month no interest credit card and paid and will pay them off a few months early.

Next purchase for 116619 I will trade my current watch in, pay down more than half, and then charge rest on 0 interest card for 12 months. That way I get the watch then to enjoy instead of waiting an extra year to accumulate the money in the bank to pay with cash.

To me there's no difference between paying something off within the 0 percent time period or paying cash. In both ways you can afford the watch, the cash method is just delaying the gratification.

[cedargrove]

Originally Posted by ecdc

This, with a twist. I need to have the liquid cash, but I put the purchase itself on a credit card. Partly for the points, partly for purchase protection. And I pay off my credit card every month. If I don't have the free cash to buy something, I don't buy it. Period. (Well, except for real estate.)

This for me too.

[Gray1730]

I'm very lucky to say the wife paid for my Explorer 1 with cash for my Birthday.
Thanks love!

[foodle]

Originally Posted by Hodog16

Next purchase for 116619 I will trade my current watch in, pay down more than half, and then charge rest on 0 interest card for 12 months.

The AD will typically give you a very poor price on a trade-in compared to what you could get on a private sale.

[liuk3]

I think you guys are getting a little carried away with semantics. If you are doing any of the following to pay for your watch, I would interpret this as cash:
- using cash
- using a personal check, cashier's check, or money order
- wiring funds
- using a credit card and then paying off the credit card immediately within the month

Anyway, I would consider all of these as paying for the luxury item as using cash.

[foodle]

Originally Posted by Gray1730

I'm very lucky to say the wife paid for my Explorer 1 with cash for my Birthday.
Thanks love!

That's reciprocity. You'll pay for your watch her next birthday.

[tkc324]

Always cash...

[vaper395]

Credit card then paid it off. Wanted the points on my card

[foodle]

Originally Posted by liuk3

I think you guys are getting a little carried away with semantics. If you are doing any of the following to pay for your watch, I would interpret this as cash:
- using cash
- using a personal check, cashier's check, or money order
- wiring funds
- using a credit card and then paying off the credit card immediately within the month

Anyway, I would consider all of these as paying for the luxury item as using cash.

You might, but the AD will not. If you pay with cc, they have to pay a cc processing fee of 1-2%. So they lose a bit off the top of the sale.

[liuk3]

Originally Posted by foodle

You might, but the AD will not. If you pay with cc, they have to pay a cc processing fee of 1-2%. So they lose a bit off the top of the sale.

I think you're missing the point of the thread. The OP is asking how people finance their watch purchases.

[ecdc]

Originally Posted by salvadorsantana

Again if Im buying cash, wire, etc but I get to the point that I hustler the seller down to sell same as cash paying with a credit card at 0% I will be paying with the card...Imagine how many miles or points you earn on a $10,000 transaction...Did it once with a Capital One card on an $8,500 purchase at 15 months 0% interest...got to choose between miles, statement credit or use points at some other retailers...picked Best Buy and got $350 FREE to spend there. How are you going to say no to FREE money? All those comments "if you don't have the cash don't buy it blah blah blah" are pure BS, as long you pay the SAME amount cash or card at 0%, card will be a better choice no matter what.

Exactly -- the points add up! Many years ago, when I bought my wife's engagement ring I put it on AMEX platinum, and a year later AMEX had a deal where I converted those points into 4 nights at a suite in the Excelsior in Rome. The Excelsior was then having a sale -- buy 4 nights, get the 5th for free. I took my mistress. (Kidding. My wife and I had a ball in Rome.)

[Sublovin]

Originally Posted by Rocco21

No ego here,i buy everything in cash.I have one credit card and very rarely use it.This world is going so no cash all credit and i cant stand it.I dont need security as i know my sellers.cars,watches,tvs,clothes and vacations are all cash for me.

Ever heard of a chargeback? Try that with cash...only takes one time being burned and you will welcome the 21st century with open arms.
Credit cards even offer free vacation insurance. Not being rude, but your antiquated way of doing things could cost you .

[michael067]

Picked my last one up online, they gave me a $300 discount for paying via bank wire transfer. Also charged one with a 0% interest CC for 18 mos, rest paid with cash.

[R G]

Strange. Seems to be a pattern here. Most against credit on this type of purchase are from the U.S.

Financing doesn't just mean you havent got the money in your bank?!? It simply means you've chosen a route where by you pay in instalments. If someone offers a 0% finance package where I don't incur charges whatsoever then I'll go for it especially if the AD is unable to offer discount on the watch itself.

I have bought two of my watches on 0% previously. Does this mean I can't afford it, or have less right to own them as I paid them off using credit? Which by the way is offered to me as I have such an excellent rating.

Take it from me, choosing credit is no wealth-indicator.

I just can't stand self-righteous responses!

[cdbeaver66]

Usually half cash, half credit which I pay off the following month.

[RolexPete]

I think we need to clarify by what method we are purchasing....some types of sales like a face to face transaction almost always requires cash. AD, online are different.

[ltmgeller]

Amex from AD or cash in person.

[Brian HCM#1]

Use credit card to get my air miles then pay it off immediately

[ARTISAN]

cash is king. always got a good deal this way.

[HERITAGE82]

I pay with bubble gum....

[DJ TT 2002]

I ask members of my immediate family to give me Rolex watches.





I have, thus far, been spectacularly unsuccessful

[beer]

cash

[Charlie_pace]

Ca$h, always.