Because of the recent ruling of the Supreme Court in favor of states claiming sales taxes on purchases made by residents of other states, B&H Photo has come up with Payboo, a line of credit and sales tax solution. Payboo is a revolving credit card provided by Synchrony Bank for B&H purchases made over the phone, in-store or online. As soon as you complete a transaction with Payboo, the sales tax you paid to your state initially will be refunded to you. You will be compliant with the law, while B&H will comply as well. According to The Digital Story, the Supreme Court ruling mandated retailers to collect sales tax from last year's Internet purchases made out-of-state. Several states have adopted this ruling, so B&H now collects sales tax from eligible sales in California and other states. This has resulted in customers paying more for the products they purchase. To minimize the impact of sales tax on purchases made through Payboo, B&H came up with this solution. B&H Payboo, the brand new credit card, is definitely worth checking out if you are a photographer. How can you cut down on your photo expenses if you do this? Read on to find out.
How does the Payboo credit card work exactly?
This card earns instant cash rewards for all purchases made with it that aren't tax-exempt. You will be offered your rewards as soon as the checkout is complete, and you can redeem them at any time. Most states offer cash rewards equivalent to the state's sales tax that you paid when purchasing the product. It's still technically your responsibility to pay sales tax on anything you buy. The fee will, however, be reimbursed by B&H immediately. This can help you save a lot of money using the Payboo credit card. For tax purposes, storing records of B&H purchases is not required since they handle all the transactions. Additionally, there are no limits or caps on how much you can save with Payboo. Therefore, if you spend quite a bit on gear, the Payboo credit card might be a good option to start saving money.
An advantage over your competitors
It may be unclear to you how B&H receives payment for Payboo transactions. Customers receive savings programs that can't be matched by rising competition with the card, thereby breeding loyalty. To apply for Payboo, applicants must realize that the credit card only works with B&H. That means one cannot purchase items with it outside of the camera retailer. Buying discounted Amazon products with B&H's card will not earn you the rewards you've been promised. According to Photo Workout, payment information can be linked automatically to a user's B&H account through the Payboo mobile app and website. Payboo, however, is also available for payments via phone. In addition, B&H Payboo credit cards are accepted in all New York SuperStores.
Location is an important factor
The B&H Payboo credit card does not come with any caveats, so keep that in mind before getting too excited. Depending on where you order from and whether the credit card is available directly impacts how much you'll save. You can use the Payboo card only if you have a U.S. billing address. The international shipping of Payboo products is, however, completely hassle-free. Despite this, US consumers need to understand that the card does not provide its users with equal benefits across all categories. Every state in the US has its own independent tax laws, while some areas do not require any tax payments from B&H. A few states receive nothing from B&H Payboo's credit card, whereas some offer alternate incentives instead of sales tax refunds. B&H automatically provides an estimate for savings on their website based on your zip code to help you find out what is available in your area.
Is it Worth it?
Payboo differs in its regulations, leading to some people choosing it and others deeming it a waste of time. It is essential to note that a customer who lives outside the United States will be ineligible for this service. However, even Americans may not be able to take advantage of the seemingly unreal offer from B&H. As a camera geek, you obviously must have access to the best in the business at B&H. Although only a few countries use the B&H Payboo credit card, making it highly restrictive. According to Suntrust Blog, you cannot use this as an everyday card for everyday use if you are looking for all-purpose cards. The savings accumulated in some areas (such as Alaska or California) are, however, unmatched. The rewards in other states (like Hawaii and Oklahoma) are similar to or below those offered by an Amazon Prime Rewards credit card. Payboo recommends that you shop around and analyze your savings before signing up.
Are you eligible for the program?
Are you interested in Payboo? The card's online application is one of its most convenient features. Customers can immediately begin saving with their Payboo account upon approval. You won't have to pay a fee or work around a loophole. This new opportunity is at least worth exploring for anyone serious about their photography arsenal.
A guide to applying for the B&H Payboo Credit Card
You can apply for B&H Payboo Credit Cards online. Applicants must complete an application form. Generally, you will be required to submit basic financial data such as your address, Social Security number, and income level. It is advisable to verify that the information you entered is accurate before submitting your application.
The Bottom Line
This is the best and smart option for those who wish to use Payboo to offset state sales taxes on B&H purchases. For example, California residents would save approximately 8%. You'll be in the clear, however, when you offset the balance within the grace period of 23 days. You will be charged 30 percent interest if you roll over any changes to the next month. Therefore, if you choose the Payboo route, you should plan carefully.
Written by Lily Wordsmith
Read more posts by Lily Wordsmith