Saturday, September 24, 2022

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How Financing For Xbox All Access Affects Your Credit

The financing comes in the form of a line of credit from lender Citizens One, not Microsoft. Citizens One will run a hard inquiry on your credit report to determine if you qualify for the 0% APR financing.

Usually, a line of credit works similarly to a in that you can borrow up to the limit on the account, pay it off and borrow again. In this case, however, there’s no indication that you’ll be able to access the line of credit beyond what you need to pay for your Xbox All Access subscription.

Citizens One doesn’t disclose a minimum credit score requirement to qualify. Generally, with lines of credit and 0% APR financing, the higher your credit score, the better your chances will be to qualify. The lender also doesn’t indicate whether it reports your on-time payments to the three national credit bureaus, but it may report late payments.

Youre Not Interested In Ultimate Game Pass

Enrolling in Xbox All Access only makes sense if youre 100% certain youll want Ultimate Game Pass for the next 24 months.

As a reminder, Xbox Game Pass Ultimate includes Game Pass, Game Pass for PC, and Xbox Live Gold, which enables online multiplayer. If youre only interested in playing single player games or split-screen multiplayer, you might as well downgrade to Game Pass, which is just $9.99 per month.

If you factor in the one-month free trial, you can have an Xbox Series X plus 24 months of non-Ultimate Game Pass for just $787 after taxes, a sizable ~$120 savings off of 24 months of Xbox All Access.

Read Also: How Much Is Xbox Game Pass A Month

How Much Does It Cost

Xbox All Access costs $22.99, $24.99, and $34.99 per month for an Xbox One S, Series S, and Series X respectively.

Heres a quick recap of the difference between consoles.

  • The Xbox One S is a faster version of the Xbox One released in 2013, able to run exclusively last-gen Xbox One games at 1440p .
  • The Xbox Series S is an all-digital version of the Series X with no disc drive and less power. The Series S is impressively petite and affordable, but unable to play games at native 4K resolution.
  • The Xbox Series X is the true next-gen experience youre looking for, able to play current and next-gen games at native 4K in disc or digital format.

Struggling to choose between Series S and X? The S makes sense if you have no interest in buying, selling, or trading physical copies of games, and you either lack the interest or dont have a TV capable of playing games in true 4K.

But for my money, Im going for the Series X Ill make back the $10 per month or $200 cash eventually, and in the meantime, Ill get to enjoy Cyberpunk and Halo in true 4K.

Buy Game Pass Ultimate Subscription Codes Piecemeal Off Of Ebay

Microsoft Xbox One X 1TB, Console with Controller

As for software, $14.99 is a nominal price to pay for the latest games and a Netflix-like back catalog of greatest hits. But heres a secret Microsoft doesnt want you to know: you can purchase individual one-month subscriptions to Ultimate Game Pass on eBay for $4.99. I can vouch for their legitimacy, as Ive been using them for years. Sure, you have to enter a fresh code each month, but its a small price to pay to save $120 per year. Plus, you can cancel anytime by simply letting your 1-month subscription expire no auto-renewals to worry about.

On that note, the greatest drawback, the catch to Xbox All Access, is that it locks you into paying full-price for Game Pass Ultimate for two years. If you instead pay $499 for a Series X console and purchase some eBay codes, even 24 of them, youll end up saving $240 versus Xbox All Access. If you can settle for an Xbox One X, youll save $440 versus Xbox All Access.

Best of all, on the Console + Codes plan, youre never locked into a monthly payment you may suddenly be unable to afford. Paying off your console up front is also a sure way to avoid missed payments.

I mean, can you imagine letting your Xbox affect your

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How Does It Work

Xbox All Access operates like your monthly phone plan. Microsoft is basically bundling together your hardware and your software into one monthly fee to make next-gen gaming a bit friendlier to the average budget than asking $500 for a console plus $60-$70 per game.

Theyve also made enrolling in Xbox All Access extremely easy its basically the same as purchasing a console with cash, the only difference being how much money youre charged and when. To illustrate, on theres a listing for the $500 console and a listing for Xbox All Access. To enroll in the latter, you simply add it to your cart and buy it.

When you enroll in Xbox All Access, Microsoft opens a line of credit for you from Citizens One bank. The bank pays Best Buy and you pay the bank. Yep, youre basically mortgaging your Xbox.

Its worth noting too that Xbox All Access, like other financing opportunities, is subject to a credit approval of 630 and above. If youre struggling in that department, make sure you take steps to improve your credit.

Xbox All Access: Pros

As mentioned above, Xbox All Access is a way to finance an Xbox over the course of two years rather than buying a console up-front. Heres how it works: You apply for a line of credit with Citizens Bank, much like you would for a credit card. If Citizens likes your credit, it will provide an Xbox Series X, as well as a monthly Xbox Game Pass Ultimate subscription, and charge you $35 per month for them.

First and foremost, the Citizens Bank line of credit is not nearly as punishing as a traditional credit card would be. Xbox All Access has a 0% annual percentage rate , meaning that you wont pay any additional interest on top of the $35 per month. Furthermore, there are no annual fees, penalty fees, or late fees.

To be perfectly honest, I was surprised to learn about the 0% APR, along with the lack of late fees and penalties. Typically, credit companies make their money by charging people interest if they dont pay their bills in full each month, and make extra money by charging administrative fees on top of that. But, as far as I can tell, if you pay $35 on time each month, for 24 months, there are no additional costs. Furthermore, if you miss a payment, you supposedly wont face any additional fees or interest at least for the first two years.

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How Does Xbox All Access Work

Xbox all access requires a payment of $34.99 per month for 24 months for the Series X bundle and $24.99 per month over the same timeframe for the Series S bundle. It’s a financing contract that offers a discount and deferred payments when bundling the console and online features up front.

Adding up the total costs, it’s $840 over two years for the Series X all access package and $600 for the Series S package.

Is Xbox All Access A Good Value

Microsoft rolls out a payment plan for Xbox Series X console

When you look at the overall cost of these Xbox All Access payment plans, youre spending a grand total of $527.76 for the Xbox One S bundle and $839.76 for the Xbox One X bundle. But how do these prices compare when you shop for each individual component on Slickdeals?

Based on our previous forum deals, weve seen the Xbox One S console sell for around $185 to $200, whereas the Xbox One X has gone for around $388 to $450.

We regularly see offers on Xbox Game Pass and Xbox Live Gold, as well. Game Pass memberships can be found on our forums for an average of $60 per year, while Xbox Live Gold memberships generally cost around $40 per year.

In other words, you can buy the Xbox One S plus 24 months of Game Pass and Live Gold for as little as $385 using Slickdeals. Similarly, the Xbox One X console plus 24 months of Xbox Game Pass and Xbox Live Gold will set you back anywhere from $588 to $650 using our forum deals. That beats the Xbox All Access price by as much as $251.76!

With that said, the zero-interest payment plan offered by Xbox All Access is a definite bonus, and it makes the Xbox One much more accessible for interested consumers. But if you can afford to buy at least the console upfront and then check Slickdeals for discounted Xbox connected services, youll be saving more money in the long-run.

What are your thoughts on the limited-time Xbox All Access financing program? Is it a deal or a dud? Sound off in the comments section below!

Images courtesy of Microsoft.

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Setting Up Your Xbox And Game Pass

If youve set up an Xbox One before, setting up an Xbox Series X or Series S will feel familiar: Microsofts Xbox app for Android and iPhone takes care of most of the process. Simply launch the app, power on your Xbox, and enter the code on the TV screen.

The Xbox app will guide you through the rest of the process, including connecting your Xbox Series X|S to your Wi-Fi network, transferring settings from an Xbox One , and choosing the streaming apps you want installed on your Xbox.

Now all thats left is to activate Xbox Game Pass. For Xbox All Access, Game Pass is actually tied to the console itself instead of being included as a separate prepaid card.

One thing to note is that if you already have an active Xbox Game Pass Ultimate subscription, the Xbox All Access credit will add 24 months on top, but only up to a maximum of 36 months!

So if youve already paid for a year or more of Xbox Game Pass, you may want to wait before activating the credit included with Xbox All Access to make sure you make the most of it.

If this is your first Xbox, no need to worry. Just activate Xbox Game Pass as part of setup and enjoy your new console!

Xbox All Access: How Does It Work

Xbox All Access is a 24-month financing program that signs you up to a contract, giving you an Xbox Series X or Xbox Series S for a low monthly fee with zero interest, and no annual fees, installation costs, or hidden charges. It also includes Xbox Game Pass Ultimate, giving you access to Project xCloud game streaming, over 100 high-quality Xbox games, and access to Xbox Live Gold multiplayer.

Financing agencies like Citizens One handle the contract portion of the agreement on Microsoft’s behalf, ensuring that monthly payments are kept. If payments stop for any reason, Microsoft can lock the console remotely if it isn’t returned, and your credit rating may be impacted as well.

This isn’t a subscription service you can cancel at any time easily. It is more akin to a 24-month cell phone contractual obligation. The financing agency will do a credit check beforehand, and determine eligibility. If you have a bad credit rating or history of breaking payment obligations, they may decline to bring you on board. The agency will issue a statement every month asking for payment, setting up automatic payments or a direct debit may be preferable to avoid missing payments.

The Xbox Series X or S console you receive will be pre-installed with your account details. After you have fully paid up the console after 24 months, the console will unlock and it effectively becomes yours to own, to do with what you will.

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Tips For Buying An Xbox Series X

Keep checking online with all of the popular authorized Xbox sellers. For retail store chains, talk to a store manager to determine what time new inventory typically arrives at that store and is made available to customers. Once you know this, make a point to call or show up and be the first in line to grab the new inventory.

To avoid getting scammed, refrain from ordering a new XBox from a random seller on, for example, unless you know that seller is reputable. And stay away from anyone on social media claiming to be able to get you a new Xbox Series X immediately and hassle-free. If someone is offering you a fast track to a gaming console thats sold out everywhere elseand is offering it at its original retail priceits almost guaranteed to be a scam.

If youre going the local online marketplace route, such as Facebook Marketplace, OfferUp or Craigslist, confirm that what youre buying is authentic, sealed and comes with a receipt if the seller claims its new. Be sure to test the console to make sure its working in all other instances. And if you must meet up with a seller in person, do so at a well-lit and public meeting place with plenty of foot traffic. Youll find that many police stations happily offer their lobbies specifically for transactions like this, and thatll often be your safest option. Most criminals are not stupid enough to attempt to scam someone at a police station.

Is Xbox All Access Worth It

Microsoft Xbox One X 1TB Console

If you want an Xbox Series X or Series S console, you effectively have nothing to lose by spreading the cost like this, since it comes with 0 percent APR payments. This is ultimately the same as buying an Xbox Series S or X console outright with Xbox Game Pass Ultimate, spreading the cost out over two years instead of all upfront.

Xbox Game Pass Ultimate costs $14.99 per month by itself, and the Xbox Series S costs $299.99 to buy outright. 24 months of Xbox Game Pass Ultimate costs $359.76. Buying them both together clocks in at $659.74.

Given that Xbox All Access costs $599.76 over 24 months, it actually works out at a $60 saving to get it through Xbox All Access, rather than by buying them both separately. Of course, you may not want Xbox Game Pass Ultimate, in which case buying an Xbox Series S for $299 by itself may be preferable, but if you plan to use both, Xbox All Access is a very great option.

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Xbox All Access: What Is It

Toms Guide has written about Xbox All Access before, but weve never discussed it in great detail. In case youre not familiar with it, Xbox All Access is essentially a financing option, but for a game console rather than a bigger purchase, such as a car or a house. You apply for a line of credit with Citizens Bank, which charges you $35 a month for 24 months.

While were normally leery of financing plans, Ive gone through the Xbox All Access fine print with a fine-toothed comb, and it seems pretty safe. However, youre going to lock yourself into a long contract, and may wind up saddled with services you dont want or need.

If youre wondering whether Xbox All Access is a good way to get an Xbox Series X, Im here to tell you that it is and it isnt. Read on to find out whether you should apply for All Access, or hold out for a more traditional restock.

How Else To Get An Xbox Series X

Of course, a lot of this analysis sidesteps one important issue: right now, its nearly impossible to get an Xbox Series X without Xbox All Access, and relatively easy to get an Xbox Series X with it. But remember, once you get your Xbox in hand, you cant simply pay for the whole thing up front and be done with it. Citizens Bank will have you on the hook for the next two years, and a lot can happen in that time.

Personally, I would feel more comfortable buying a console outright, even if it meant I had to wait a few more months to get my hands on one. Furthermore, Xbox Game Pass Ultimate goes on sale relatively often you could almost certainly get two years worth for less than $360.

Still, if you do get Xbox All Access, just remember to pay on time, and in full, every month. As long as you do that, Citizens Bank should be happy with you, and you should be happy with your Xbox.

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