BEST BUY - Credit Card Deferred Finnce Charges Rip-Off! Santa Rosa California

Free financing is a great thing but you need to look at the big picture. When you get free financing at Home Depot you get 12 months same-as-cash. Pay the balance by the 12th payment date and you've paid no interest. Home Depot does not require monthly payments as Best Buy does. BB requires that niggling payment each month. Why? If you're late with any payment you are on the hook for all of the accrued interest. They're simply playing the odds game. What are the odds of a person making/missing a payment? These days it's fairly good. And at 22+ percent interest that's a lot of gravy to slurp up.

Always avoid free financing offers where monthly payments required.

Free financing is a great thing but you need to look at the big picture. When you get free financing at Home Depot you get 12 months same-as-cash. Pay the balance by the 12th payment date and you've paid no interest. Home Depot does not require monthly payments as Best Buy does. BB requires that niggling payment each month. Why? If you're late with any payment you are on the hook for all of the accrued interest. They're simply playing the odds game. What are the odds of a person making/missing a payment? These days it's fairly good. And at 22+ percent interest that's a lot of gravy to slurp up.

Always avoid free financing offers where monthly payments required.

Free financing is a great thing but you need to look at the big picture. When you get free financing at Home Depot you get 12 months same-as-cash. Pay the balance by the 12th payment date and you've paid no interest. Home Depot does not require monthly payments as Best Buy does. BB requires that niggling payment each month. Why? If you're late with any payment you are on the hook for all of the accrued interest. They're simply playing the odds game. What are the odds of a person making/missing a payment? These days it's fairly good. And at 22+ percent interest that's a lot of gravy to slurp up.

Always avoid free financing offers where monthly payments required.

Free financing is a great thing but you need to look at the big picture. When you get free financing at Home Depot you get 12 months same-as-cash. Pay the balance by the 12th payment date and you've paid no interest. Home Depot does not require monthly payments as Best Buy does. BB requires that niggling payment each month. Why? If you're late with any payment you are on the hook for all of the accrued interest. They're simply playing the odds game. What are the odds of a person making/missing a payment? These days it's fairly good. And at 22+ percent interest that's a lot of gravy to slurp up.

Always avoid free financing offers where monthly payments required.

Here is where I think they are getting this figure of $77.00 All (or most) deferred interest promotions are conditional on 2 things.

1. Make AT LEAST your minimum payment every month (i.e. dont miss or be late)
2. Pay the balance IN FULL on the last month

It sounds like Best Buy (or whichever bank they use) is showing you how much you should pay (divided by 18 per se) in order to pay your full balance by the end of the promotional time period.

the Best Buy card is all taken care of by HSBC. I would check the bottom of your receipt, it tells you there what payment plan you are on, it should say someting like "18 months no interest". the bill will tell you how much finance charges you are incurring,but they will not be billed unless you haven't payed off the balance by the 18th month. HSBC has a chart on the payment site that tells you when the payment will be posted.

Um....thats why you buy only on sale with zer rate purchases.

I never buy anything at any dept store or retail of a 'high end amt' on the stores card unless i get terms similar to many months before 1st payment and also zero interest rate.

If I dont get that I go elsewhere.

That happened here with I went to circuit city last summer and they had the perfect package but would only give me 6months no interest.

Bestbuy, had the same package at $150 more...but gave me 24months at zero interest.

Point, I setup a automatic payment of $19/week to the bestbuy card and also setup the card to be autodrafted on minimumum payment if I fail to do the $19/wk.

It will be paid 2-3 months ahead of schedule without me even trying hard.
Btw, I am unemployed but have the cash flow (even with unemployment $$) to pay this plus a tv I bought that I pay $45/wk on a similar 3yr no interest rate deal.


If not for the above, I would put it on my visa whcih is a 6% visa (per mortgage).
But then I likely would not have bought either of the above.