Bill Me Later?

by Rocket Finance

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Lately, when shopping on line through sites like ebates and fatwallet. I have noticed a box in the payment options called “bill me later” at some stores. I have never used it, but found an artice in the July 2007 issue of  Money Magazine that reviewed this option. The Bill Me Later feature allows you to purchase the product and generate a paper invoice that is sent to your home via snail mail. You then pay for the product with a check or online bill pay when the bill arrives. Bill Me Later requires the entry of your date of birth and last four digits of you social security number. You then become the owner of a credit line with an APR of 19.99% and addtional late fees.

Bill Me Later is supposed to cut down on ID theft since you do not have to enter a credit card number. . . but as Asa Fitch points out in the Money article, only 1% of ID theft comes from online purchases, but 8% starts out with the paper trail created by invoices and checks in the mail.

I enjoy shopping online, but I don’t think I will ever use the Bill Me Later option.

By the way, I love Money Magazine. The tips and stories are written for the lay person and usually have real world application. Even my wife, who doesn’t know and IRA from a money market or a tax deduction from a FICA tax has started to read it religiously.

Maybe she can take over the checkbook again after a few issues.

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