Movie-loving procrastinators everywhere, listen up: Blockbuster is reinstating late fees. So, grab the copy of Kindergarten Cop that has been sitting on your TV stand for the past week and take it back to the store. NOW.
Hoarding rented movies is like an Olympic sport to me. So, when Blockbuster ended late fees a few years ago, I was elated. Too bad that has now come to an end.
After reporting some pretty embarrassing quarterly results, the struggling video rental company announced that it would be bringing back procrastinators' worst nightmare by charging customers $1 for each day (up to 10 days) that a video is kept past its due date. Also, the company decided to shorten the rental period on new releases from a full week to just five days.
So, let's do some math. Say you just couldn't get enough of that adorable Schwarzenegger family-fun film and kept it a full two weeks after you rented it — you would be paying a total of $13 ($10 in late fees + $2.99 initial rental fee) to rent a movie that's 20 years old. On Amazon, you could currently buy a new copy of the movie for just $5.98. Half the price and you get to keep it forever. Kind of ridiculous, right?
Blockbuster is trying to frame the new cost as an "additional daily rate" instead of a late fee. We say it's just one more thing that makes us love RedBox and Netflix even more.