|
|
 |
03-31-2003, 10:09 AM
|
#1 of 14 
|
|
Member
Join Date: Jun 2002
Local Time: 02:57 PM
Local Date: 10-10-2008
Posts: 51
|
Best Buy's no interest financing
I'm looking into getting a TV from Best Buy pretty soon. They've got this no interest financing for 24 months deal, so I'm thinking I'll take it. Have any of you run into any problems with their no interest financing?
|
|
|
|
03-31-2003, 11:42 AM
|
#2 of 14
|
|
Member
Location: W. Des Moines, IA
Join Date: Dec 2000
Local Time: 02:57 PM
Local Date: 10-10-2008
Posts: 2,362
|
A friend of mine was able to buy a TV this way that he could not otherwise afford. It is a great deal, but be sure to pay more than the minimum monthly charge to pay off the total before the 24 months is up and they stick you with finance charges.
If you know that you'll have the money at the end, you can pay the minimum each month and then pay the balance with your last payment. This is like an interest-free loan.
...but if you can't cover that last payment, you will get stuck with the 24 months worth of finance charges which could be quite high for a $3000 TV over 2 years.
|
|
|
|
|
03-31-2003, 12:25 PM
|
#3 of 14
|
|
John Co
Member
Join Date: Oct 2000
Local Time: 03:57 PM
Local Date: 10-10-2008
Posts: 3,630
|
Yes, unless you know for certain you're gonna pay it off right near the end, you should even them out. What I usually do is, when you get your first statement it will show the date by which you have to pay it off for the no-interest promotion. I usually back up 2-3 weeks from this, then divide the total by the total number of months, and pay that amount, (usually on the 24 month deal I do it in 23, to make sure it is paid prior to the "pay by or pay mega interest date"). So for an RPTV that final cost to you, with tax, etc., was, let's say $3000. This would come to 23 payments of $130.43, not too shabby. Also, I usually track my payments on an Excel spreadsheet.
|
|
|
|
|
03-31-2003, 01:40 PM
|
#4 of 14
|
|
Location: No, I did not co-create South Park
Join Date: Jun 2000
Local Time: 03:57 PM
Local Date: 10-10-2008
Posts: 10,442
|
As a poor college student this was my invitation to the wonderful world of HDTV. I bought a Panny 53WX42 last September for 1709 and only owe about 900 now. This is definitely the way to go.
|
|
|
|
|
03-31-2003, 04:36 PM
|
#5 of 14
|
|
Member
Join Date: May 2001
Local Time: 12:57 PM
Local Date: 10-10-2008
Posts: 8,497
|
no problem for me.
like chris said - as long as you pay it off in full before the end of the term it's the way to go. they're counting on people not being disciplined enough and getting dinked with the back-finance charges.
|
|
|
|
|
04-01-2003, 08:07 AM
|
#6 of 14
|
|
Member
Join Date: Dec 2002
Local Time: 03:57 PM
Local Date: 10-10-2008
Posts: 188
|
I bought a 53" Panasonic HDTV for 6 months interest free financing last november, I am about to pay it off.
The plan expires in May. I am very happy with the deal.
And I also bought my reciever and speaker stands for 12 months interest free. All I pay is like $30 a month on that.
I dont know why CC doesnt have good financing deals, they are losing lot of business.
|
|
|
|
|
04-01-2003, 08:34 AM
|
#7 of 14
|
|
Member
Join Date: Jan 2001
Local Time: 07:57 PM
Local Date: 10-10-2008
Posts: 189
|
The only problem I ever had with the Best Buy card was once you get the bill in the mail you only have a couple of days to turn around and mail the payment in. For example, I had a due date of Feb. 10th and their "recommended mail date" was Jan. 31...I mailed on the 1st and ended up getting hit with a late fee...most normal credit cards ask you mail at least 5 days before due date...luckily, I got the late charge taken off...otherwise the no interest is a really good deal...
\"I don\'t know what I\'ve been trying to prove, everytime I get too f**ked to move...\" -Superdrag
|
|
|
|
|
04-01-2003, 03:55 PM
|
#8 of 14
|
|
Member
Join Date: Mar 2000
Local Time: 12:57 PM
Local Date: 10-10-2008
Posts: 1,372
|
Matty makes an interesting point... sometimes these no interest offers have fine print that states you will be charged all interest if your payments are not all made on time. So make sure to look over the fine print, and then if that is the case make sure to get your payment in on time, every time.
|
|
|
|
|
04-04-2003, 10:30 AM
|
#9 of 14
|
|
Member
Join Date: Feb 2003
Local Time: 02:57 PM
Local Date: 10-10-2008
Posts: 91
|
Personally, I'm super paranoid about some screw up on my part that would cause me to incur some serious finance charges. For big purchases, I offer cash for a % discount and talk with the store manager - rarely fails to get me a good deal.
Keep in mind when you buy something with a credit card, the credit company usually takes 1 - 3 % of that $$$.
Cash is king!
Nathan
Lights. Camera. Action.
|
|
|
|
|
04-04-2003, 12:03 PM
|
#10 of 14
|
|
Member
Location: W. Des Moines, IA
Join Date: Dec 2000
Local Time: 02:57 PM
Local Date: 10-10-2008
Posts: 2,362
|
While Nathan brings up a valid point that it may be possible to get a small discount if one pays in full with cash, this does not help us poor folks who need the payments to be spread out. It is much easier to pay $100/month over 24 months ($2400 total) than to pay a slightly lower $2328 (3% discount) all at once.
Bottom line: It is a great deal. Pay your monthly bills on time. Pay off the balance before the financing time ends.
|
|
|
|
|
04-04-2003, 01:38 PM
|
#11 of 14
|
|
| |
