Kevin W
Coeur D'alene,#2Consumer Comment
Thu, April 23, 2009
I hate to tell you this but you did agree to this when you signed on the line. Every single one of these retail no intrest promotions work exactly the same way. If you are one second late on a payment, or if you carry one cent past the end of the promo period, you will be back charged for every penny of intrest that would have assessed on the account going all the way back to the date of purchase. The lenders are counting on the fact that under these programs, a full third of people will end up paying all that back intrest for one reason or another. Another thing to pay attention to is that if you make what the statement lists as your minimum payment, at the end of your promo period you will typically only have paid a third of the outstanding balance. Wham! The back intrest kicks in! All that having been said, I have used these promotions sucessfully, for everything fron a $200 set of tires to a $4500 home theater set up, but it does take a little for thought. When every I am planning to use one of these promos, I always take a calculator to the store with me. This way I can figure out the sales tax add it to the cost of the item(s) that I am planning to buy, and devide it by the number of months that the promo runs for, and so I know how much I will need to pay each month to avoid all those finance charges. If you use one of these promotions, it is VERY IMPORTANT, to start with a card with a zero balance, and NEVER put any new purchases on top of your promo balance! Having any thing else on that card while you are paying this WILL screw things up! The last thing to aware of is with ANY recurring bill weather it is a utility or credit card or car payment that payment is always due around the same time each month. The Postal Service DOES lose mail from time to time. If you do not get your statement call customer service, they will tell you your due date and help you with your payment options. I personally would rather get stuck with a pay by phone fee than all the back finance charges