Free iPad vs paying for one?
RBC (royal bank) has an offer that gives me a free iPad ;the same model I am looking at buying to replace my current iPad which is obsolete). I can buy this at Best Buy or Costco for $379 (current best price I found). Or I could jump through the hoops to get the free one. In order to qualify you need to do the following.
- open account
- set up 2 preauthorized payments
- set up 2 bill payments
Fee for account is $16 per month and there doesn’t appear to be a time frame I have to keep the account I think it’s worth my time assuming I spend a total of 4 hours that means I have “earned” $100 per hour tax free I think it is worth it but I’m concerned I’m “playing with snakes” what would you do?
Here’s what I decided to do. The net savings of $192 I would have to babysit the account until September 2020 and if I messed up, I would actually have to pay the full retail price back PLUS whatever monthly fees to date I paid. The savings works out to just under $15 per month so again looking though the lens of Your Money or Your Life, I would be earning the equivalent of about $20 per month. Assuming I spent a half hour of time per month, that works out to about $40 per hour. Which is not bad. BUT only if I don’t mess up.
So I decided not to do the “free” iPad and instead I bought one on kijiji for $360. Not an awesome deal but not bad considering it’s in a sealed box and not used. Net savings is about $70. But I don’t have to worry about it. I will see if I can get some money for my old one. Apple was only offering $25 on trade in so that wasn’t worth it. What I’d really like to do with the old one is to give it to someone with kids that can’t afford one. It still works and can play Netflix and access the library plus s whole slew of apps. But trying to find someone worthy is hard plus I was disillusioned years ago when I volunteered to distribute Christmas gifts to families “adopted” by each class at my high school. I drove around to help deliver gifts and went into apartments that were subsidized housing where the parent was receiving welfare and they had nicer stuff that we had. But if I find someone “worthy” then I’ll flyover it to them. Otherwise I try to sell it.
So off to backup the old one and set up the new one.