Microsoft today confirmed its new ambitious Xbox All Access program, which combines either an Xbox One S or Xbox One X system alongside online subscriptions for a low monthly rate. But not everyone may qualify or be eligible for the program's lower cost terms.
Microsoft's new program is credit financed via a Dell Preferred Account, whose terms and monthly payments depend on an applicant's creditworthiness. This means the better credit you have the less you'll pay per month. The official Xbox All Access page says the initiative "starts at $21.99 and $34.99 per month" with 0% APR for an Xbox One S and Xbox One X, respectively, but that's for only well-qualified consumers. However, it appears no one will pay any upfront costs.
The 0% APR offer for 24 months is only available until December 31, 2018 and is apparently only available to existing Dell Preferred Account users, according to the program's terms. For new accounts, APR rates are variable and can range from 19.24% to 29.99%, and your particular rate is based on your credit.
Here are the terms and conditions of Xbox All Access as shown on the program's store page:
^DELL PREFERRED ACCOUNT (DPA): Offered to U.S. residents by WebBank, Member FDIC, who determines qualifications for and terms of credit. Taxes, shipping, and other charges are extra and vary. Payments are the greater of either $20 or the sum of any Monthly Planned Payment Due plus 3% of the New Balance shown on your billing statement (excluding any balance on a Planned Payment Purchase), rounded up to the next dollar. Minimum Interest Charge is $2.00. Rates range from 19.24% - 29.99% variable APR, as of 6/30/18, depending on creditworthiness. Dell and the Dell logo are trademarks of Dell Inc. Offer valid for in-store purchases at participating U.S. Microsoft Retail Stores.
24-MONTH EQUAL PAY OFFER XBOX ALL ACCESS BUNDLES. No interest charged on promotional purchase if total purchase paid in full within 24 months. Available at time of purchase from 08/27/2018 through 12/31/2018, while supplies last. Monthly payments required. Purchase amount divided into 24 substantially equal monthly payments, rounded up to next dollar. Outstanding balances at end of promotional period are subject to terms of Credit Agreement for existing accountholders. For new accounts: Rates range from 19.24% to 29.99% variable APR; Minimum Interest Charge is $2; subject to credit approval.
The program is financed via Dell Preferred Account, which is a credit line that allows consumers to finance purchases over a longer period of time. Here are some terms about the account below:
Dell Preferred Account is a revolving line of credit that gives you the purchasing power to update your technology. Applying for Dell Preferred Account is a snap, and you'll find out immediately if you qualify. Access a monthly payment that fits within your budget and exclusive offers and insider sales.
- Dell Preferred Account is a Revolving Line of Credit which is only available for items purchased for personal and home use. APR's and credit limits may vary with creditworthiness, as determined by WebBank, Member FDIC.
- Promotional Financing Offers may vary and are subject to eligibility requirements. Future purchases may be subject to different terms and promotions. Approval for the Dell Preferred Account does not guarantee eligibility for Promotional Financing Offers.
- Minimum monthly payments are required and are equal to 3% of the New Balance or $20, whichever is greater, as shown on the monthly billing statement.
- I am of legal age to enter into a binding agreement. Upon approval and verification, I can immediately use my Dell Preferred Account.
Xbox All Access represents a tremendous opportunity for Microsoft to fold more gamers into its ecosystem, but I'm interested in seeing how much variance there is between its monthly payments, ie how much low-credit gamers will have to pay per month.
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