Personal question. purchase method

[murtaugh]

I really don't want to step on anyones toes here, since you all have been a great help already. If you feel like answering great, if not that is great to. But I was just wondering how you guys purchase some of this equipment that is on the more expensive side? Is it credit cards and make mayments? Save and pay cash? Small personal loans? I just curious. Thanks in advance for the info.

[GPR1]

I always have the money in advance, and the agreement of my better half as well.

Greg

[JimAskew]

Hi,

Since photography is my hobby and not my profession I always pay cash for my kit upgrades. If I was making money from photography then I could see buying on credit in order to assemble the right kit to support my income goals.

I actually use my AMEX card and collect the AMEX Rewards points for each purchase. AMEX requires you to pay each month's bill in full by the 18th of the following month.

I can not see acquiring debt to further my hobby. I plan each purchase and save until I can afford it. It has taken me 2 1/2 years to buy the gear in my signature block.

[grego]

Unless you "need" the equipment and it'll somehow bring you some compensation in the near future or in long term future. I would not take out a loan or use credit cards, unless you are with a 0 APR(although the companies can change the conditions at anytime, so be aware).

I've borrowed money from a friend once, when i first bought my 70-200 2.8 IS(my first real lens). But i've always used a card with the backing of already having all the money to cover the purchase.

Consider used if you want to save money. You can find some really good deals.

[murtaugh]

I agree completly I always use my credit card( cash back) then pay it off as soon as the charge usually goes through. I can't see going in debt with a 19-22% interest rate on a credit card for something i techincaly don't need. I am finally in the point where i am making a little more money, but now i will have wife( less than 60 days, can't wait) so that means i need the ok from her to. But she is usually ok with it as long as the bills are paid and the credit card balance stays at zero. plus photography is usually the only thing i spend money on.

[ACDCROCKS]

Good question. I do most of my shoping with cash in the hand, and it sucks becasue Im switching over from nikon. Im still in highschool, and making this as a career, and plan to go into debt. I bought the 70-200IS on credit card and was in debt for a few months (had $200 to go). But things are acring up and I need to think quickly. I dont want anything for christmas, but I need things like money, but my concious wont accept it. Theirs nights where I just sit and get depressed becasue of the cost, but it all repays it's self, but thats for whatStevie Ray Vaughan is for :).


NEEDS
Nikon D70 Repair $267.00
Canon 17-40mm f/4. $ 679.00
New Computer $500.00 (avg)
Lexar 2Gb CF $75.00
Canon 30D Body $1,169.00
Canon 580EX $379.00
Tamarac Pro 614 bag $299.00
TOTAL----------------------$3,368

[grego]

Good question. I do most of my shoping with cash in the hand, and it sucks becasue Im switching over from nikon. Im still in highschool, and making this as a career, and plan to go into debt. I bought the 70-200IS on credit card and was in debt for a few months (had $200 to go). But things are acring up and I need to think quickly. I dont want anything for christmas, but I need things like money, but my concious wont accept it.


NEEDS
Nikon D70 Repair $267.00
Canon 17-40mm f/4. $ 679.00
New Computer $500.00 (avg)
Lexar 2Gb CF $75.00
Canon 20D Body $1,169.00
Canon 580EX $379.00
Tamarac Pro 614 bag $299.00
TOTAL----------------------$3,368

20D? You can have one for much less than 1169. Buy a 550ex, if you can find one for a good price.
You can get a 4gb 120x Transcend for about 80-90. Their 2gb 120x goes for about 40-50. You can save money there.
Try and find the 17-40 used. Many good deals out there.

You can save yourself money easily, especially as a student, where money is tight. And of course, avoid credit card debt.

[rklepper]

I really don't want to step on anyones toes here, since you all have been a great help already. If you feel like answering great, if not that is great to. But I was just wondering how you guys purchase some of this equipment that is on the more expensive side? Is it credit cards and make mayments? Save and pay cash? Small personal loans? I just curious. Thanks in advance for the info.

I would think that it is financially irresponsible to put camera gear on a credit card or to make payments. The only things that one should ever go into debt for are houses, cars, businesses, and schooling. Anything else just ends up costing too much in the long term.

[rklepper]

Good question. I do most of my shoping with cash in the hand, and it sucks becasue Im switching over from nikon. Im still in highschool, and making this as a career, and plan to go into debt. I bought the 70-200IS on credit card and was in debt for a few months (had $200 to go). But things are acring up and I need to think quickly. I dont want anything for christmas, but I need things like money, but my concious wont accept it. Theirs nights where I just sit and get depressed becasue of the cost, but it all repays it's self, but thats for whatStevie Ray Vaughan is for :).


NEEDS
Nikon D70 Repair $267.00
Canon 17-40mm f/4. $ 679.00
New Computer $500.00 (avg)
Lexar 2Gb CF $75.00
Canon 30D Body $1,169.00
Canon 580EX $379.00
Tamarac Pro 614 bag $299.00
TOTAL----------------------$3,368

If it is for a business then a business loan would make much more sense as there are also tax considerations that cannot be met by putting anything on a personal credit card of any kind. And that is not even mentioning the difference in interest rates.

[Becca]

I always pay cash or put it on my AMEX (which has to be paid off every month) so I've never gone into debt to buy camera equipment. I just can't justify it as this is just a hobby for me.

[Ronald S. Jr.]

My mother got a Dell Small business account, in the interest of giving me a "leg up" in life and a way to make money for myself. She bought me my first set of gear last year, and I've just bought and sold, making a bit of money each time, until I was able to afford what you see in my signature. So, she went into debt for me (paid off now). When I purchase things now, I use my paypal debit card, and get a simple 1% cash back. However, I've no payments to make at the end of the month.

[condyk]

I would think that it is financially irresponsible to put camera gear on a credit card or to make payments. .

If something gives much pleasure and you buy at rock bottom price to start with then I don't see how buying something on CC is a problem. The problem is if you don't pay it off ;-) If you wait a year to save and all the time feel you are not enjoying shooting with just the kit lens, then you finally save enough to buy a 24-70mm L buy you do it paying at full retail price then you could be worse off. So, not a black and white answer.

[GyRob]

i use my credit card but ensure i pay it of befor any intrest can be added so i save for the said item although i may not have all the cash put it on card just after statment date that give's me 6 weeks to find any im short of then pay it off befor the pament due date - iv not paid intrest yet :)
Rob.

[SuzyView]

B&H and Amazon are great at accepting credit cards. B&H offers no interest for 6 months, but I've never taken advantage of it. I feel either you should have the cash or find a quick way to pay it off. I went into debt with my 5D to get the rebate this time. For $600, I got my 5D 2 months earlier than I would have otherwise. If photography is your business and you need something ASAP, then I don't find paying with a credit card a problem. Chances are the job you did with that new piece of equipment paid for itself. But please, don't look at any of the gear lists here and think we are all poor or rich. Some of us eat hot dogs and have 1DsMKII's. Others travel all over the world and have XT's with the kit lens on them. It's what your commitment is to the hobby and how much gear you feel you need to get the job done. I bought my 5D after spending a ton of money on the rest this year because I am seriously going into portrait shooting. The advice I got from friends here was that the 5D was sharp and PP time would be less. That was enough to make my decision for me. They were not wrong. I've done much more printing and a lot less adjusting. My 20D still has a purpose and I use it even more than the new 5D, but for work I have to turn around quickly, the 5D was what I needed.

Take your time and read the threads about equipment you are considering. Very few people here rush into purchases. Even if this is a hobby, money is money. Don't want to buy something you are not going to use.

[deadpass]

I pay with "cash", technically I buy online using my debit card, but the money is in my bank account before I order.

[Dante King]

I am waiting to see Belmondos reply. That guy must have a policy of one time use tripods and heads, the rate he goes thru them. Ever see his great wall of boxes? OMG, he must be a majority shareholder in canon stock!

[Skrim17]

I never purchase on credit, I do make money with my photography and I use it to fund new purchases or save it seperately for that cause.

[SuzyView]

I never purchase on credit, I do make money with my photography and I use it to fund new purchases or save it seperately for that cause.

I think that's a good method of regeneration. :)

[Joseph Hoetzl]

While I avoid ANY hobby purchase on credit (long term > 1 month), I have been known to take advantage of 18 months no interest offers if I sign up, and get 5% off type of deal.
Then I setup automated payments from my online banking account and don't worry about missing the term.

Otherwise, it is AMEX and points for me.

[runninmann]

At B&H, I use the "Bill Me Later" option, divide the cost into 6 payments, set up online payments from my checking account that are automatically deducted so I don't inadvertently go beyond the interest-free period. Same with the Amazon business Visa. Otherwise, I use my Amex, as with almost every other purchase, of any type, that I make.

[steved110]

In the UK any purchase of >£100 made with a credit card offers increased levels of consumer protection. So I ALWAYS buy on a credit card, it is safer. I plan to pay back in full each month and only occasionally have I ever been caught short and had to pay interest.

I have to confess to sometimes buying this month witha crd that offeres 56 days interest free period, so I am in effect spending next months salary....but so long as you pay in fuill and avoid interest charges, why not?

I also have a credit card that gives a small amount of cashback - typically I get about £30 a year, which incentivises me to spend on that card.

Another issue is that of fraud - if someone manages to clone my card, I would much rather it was the bank's money they were stealing. so I almost never use my debit card - if that were to be cloned all the cash would disappear out of my own bank account, and it would be that much more difficult to put things right.

[rklepper]

I really don't want to step on anyones toes here, since you all have been a great help already. If you feel like answering great, if not that is great to. But I was just wondering how you guys purchase some of this equipment that is on the more expensive side? Is it credit cards and make mayments? Save and pay cash? Small personal loans? I just curious. Thanks in advance for the info.

I would never buy anything for a hobby that I could not pay cash for. In my opinion, and I am not alone, there are only a few things that you should ever go into debt for. Houses, cars, businesses, and education are the only things that I can think of where it makes sense of any kind to go into debt. If you are going to pay off the credit card each month that is one thing. If you are going to carry a balance, you have taken the first step to financial irresponsibility.