Help please, am trying to buy the new intel 17" iMac with 2 GB of ram, and i know that they need to customize the machine with that much ram before giving it from the shop, but the problem is that my credit card has a limit of $1,200 so it sound impossible buying it online. Can anyone advise me of other ways to get that sweet machine?

DJ's will give you 18 months interest free but you have to successfully apply for one of their instore cards. I did it online and the card came in the mail about 5 days later.

They currently have 5 years interest free but that's with one third deposit - although you could do that on you creidt card I suppose.

what is DJ's :huh:

oh sorry David Jones

Here are my calculations based on DJs terms as follows:

17" iMac with 2GB RAM = $2,459.
You would need to have a DJs card with $2,459 (plus $25 application fee?, not sure here) available credit.
Present Value comparison based on credit card rate of 16.65%.


24 month plan --------------------------

24 payments of $102.46 = $2,459.04.
First payment add $25 application fee.
Each payment add $2.95 admin fee.

Total payments over 24 months = $2,554.84.

Present Value (@ 16.65%) = $2,163.91.
Equates to a 12.00% discount on your iMac.



60 month plan --------------------------

1 payment of $819.67 (third deposit).
60 payments of $27.32 = $1,639.20.
First payment add $25 application fee.
Each payment add $2.95 admin fee.

Total payments over 60 months = $2,660.87.

Present Value (@ 16.65%) = $2,071.61.
Equates to a 15.75% discount on your iMac.


The problem I foresee with the 60 month plan, is that after 3 or 4 years, you may want to upgrade, but still have a year or two of payments left.

If money is not an issue and you're not looking for an interest free term or whatever and have the money ready to go...

try this, it works... I did it myself the other day on a rather large purchase:

your credit card is $1200 right? and you have $2000 in your bank account, you can dump $2000 onto your credit card and you will have an availible balance of $3200

just an idea

This will work, as long as the store you buy it from breaks up the payments into chunks less than $1200 each.

If you try to place one transaction for more than the $1200 credit limit on your card, the transaction will be denied. If though, you break up the purchase into smaller bits, each less than $1200, they will each go through. You'll probably get a call from your bank asking what's going on too.

I did this when purchasing my PowerBook 18mths ago. it worked fine.

not true.

It might depend on the bank though. Last week I ordered a Dual Core 2.0GHz.

I have a credit limit of $2000, I just added the extra $1300 onto my credit card and it showed an availible balance of $3300, it processed fine through the apple store and my netbanking showed the money deducted.

PS. I'm with CBA

I tried to do the exact same thing on my CBA credit card ($1500 limit) and when I went to purchase the item (An air conditioner worth $1800), it wouldn't let me do the transaction due to a $1500 a day transaction limit.

So if you want to go ahead with thta, youd need to check with the bank.

The discount rate you should use is the rate he could obtain if he invested his money elsewhere...... not the interest rate he is avoiding.
If it was a capital project or something like that, then discount rate would incorporate some form of risk factor in it, but seeing as how risk is limited in this, if you wanted to look at it this way, then the discount rate would be 6%, which is considered the Government riskfree rate.

Generally, the discount rates used are 6, 8 and 10% in the absense of a weighted average cost of capital (WACC). As WACC can't be used here, because the only cost of capital for an interest free loan is an application fee or something, then the above discount rates should be used.

If you wanted to look at it this way, then you'd have to use a 6% discount rate and not a 16.65% discount rate because it's too high.


Anyways, i think you should go for the DJs interest free thing.

I dunno why people keep arguing with me

I know for a fact I'm right, I did it 7 days ago!

I did it too, about a month ago! Your card may have different features to mine and others, and to ensure they don't get burnt, they should call the bank. No-one is calling you a liar mate :P

I think my bank is used to me making hideously expensive purchases though

Yes, you're exactly right.

What I tried to show (but didn't explain very well) is how someone who was going to put their iMac on their credit card as the OP suggested (and then pay 16.65%) compared to someone who instead put their iMac on their DJ card interest free.

What I also hoped to show, was that even with one third deposit, the 60 month option could be considered an attractive solution.

i am really confused now, i have the money ready in my bank account its just the credit card limit is $1,200. one of my housemates here told me that i may be able to pay $1,200 by my credit card, $800 by EFTPOS (the limit is $800), and the rest cash.. is that a good idea? will it work?

Talk to the shop, but I reckon that that's the best way to go!

And enjoy your new Mac, too!