GE Money Bank - hhgregg $1000 Rip-Off GE Money could care less about its customers!! Alpharetta Georgia

This financing process is not exclusive to hhgregg, and it's stated everywhere. We have it in our ads, I quote, "Interest accrued from date of purchase if not paid in full in 12 months."

Please don't blame hhgregg for your lack of knowledge on how credit works.

And if you think financing pays my paycheck, it does not. hhgregg PAYS GE Money for the no-interest promotions. That's why you'll see certain brands having longer promotion periods, because those manufacturers pay hhgregg from an "advertising" fund to reimburse the company for that.

That's why Toshiba TVs no longer qualify for 12 months no interest financing, because they didn't want to help us PAY for it.

I have never made a single dime from promotional financing, and neither has hhgregg. We only offer it because it's convenient for customers and every other retailer offers it. It's actually really expensive for the company, and here's why:

If you don't pay any interest on the purchase, how does GE Money make money on it? They don't. So, GE money says, "We'll only allow this if you pay us." So, hhgregg goes to manufacturers and says, "Hey, your products will sell better if we can offer no-interest financing, but we need your help paying for it." And, if they say no, then that manufacturer's products don't get the special financing.

I have never heard of a finance option that only tacks on interest for the remaining balance. If you don't have the product paid off within the given grace period, the added interest is ALWAYS from the original price. It's written in the financing contract; you should have read it.

Please understand the concept of Defferred Interest No Payments. That means all interest will be defferred if the sale amount is paid in full by the due date. If not you are then billed for all finance charges from date of purchase. my recomendation would be to pay it off completely within a reasonable time frame after the expiration date and request the finance charges be waived at that time... as a consumer you make make sure you are educated on what the written terms of the promotional purchase are.

Actually I read it every single month, and I thought, as everyone else that has read it since thought, it meant what every other normal credit crad in the world means...and that is....If you have $500 left to pay then you will accrue interest on that $500. Not on the entire $3500 and then new interest each year on top of that!!!! And if you didnt work for that sorry a*s company you would not have known that either!!! Seems the only people that think it makes any since are the employees there bc it pays your paycheck, glad you can sleep at night!

Actually I read it every single month, and I thought, as everyone else that has read it since thought, it meant what every other normal credit crad in the world means...and that is....If you have $500 left to pay then you will accrue interest on that $500. Not on the entire $3500 and then new interest each year on top of that!!!! And if you didnt work for that sorry a*s company you would not have known that either!!! Seems the only people that think it makes any since are the employees there bc it pays your paycheck, glad you can sleep at night!

Actually I read it every single month, and I thought, as everyone else that has read it since thought, it meant what every other normal credit crad in the world means...and that is....If you have $500 left to pay then you will accrue interest on that $500. Not on the entire $3500 and then new interest each year on top of that!!!! And if you didnt work for that sorry a*s company you would not have known that either!!! Seems the only people that think it makes any since are the employees there bc it pays your paycheck, glad you can sleep at night!

Why is it that no one these days takes responsibility for their own actions? It's always someone else's fault. Did you ever once take the time to ready your bill? It says very clearly, and I am quoting right off of my hh gregg card bill where it says promotional purchase summary... "You will incur no Finance Charges on a Deferred Interest promotional purchase, provided the promotional purchase amount is paid in full by the indicated Promotional Expiration Date. If you do not satisfy these requirements, Finance Charges accrued FROM THE DATE OF PURCHASE will be added to your account." It really can't get any more plain and simple than that. Right below that statement it has a break down of all purchases that are under a promotional (deferred) interest rate. The 3rd box on the bill tells you what your deferred finance charge is.

Adding the year's worth of interest to the balance of a store charge card is not something that's unique to hh gregg either, in fact that's how ALL deferred finance charges work. That is how the credit companies make their money. HH Gregg does not own their own finance company, it is done through GE Finance. I purchased cabinets for my kitchen from Lowes under 12 months no interest and the bill said the exact same thing on it.