Comments on: Beware the Promise of “Interest-Free” Purchases http://www.creditaddict.com/archives/beware-the-promise-of-interest-free-purchases/ feeding your credit card addiction... Sun, 07 Mar 2010 21:51:18 -0500 http://wordpress.org/?v=abc hourly 1 By: admin http://www.creditaddict.com/archives/beware-the-promise-of-interest-free-purchases/comment-page-1/#comment-592 admin Mon, 28 Apr 2008 12:57:52 +0000 http://www.creditaddict.com/archives/beware-the-promise-of-interest-free-purchases/#comment-592 It depends on the offer... Some are no interest, no payments for a set period of time (though you still have to pay it off before the end or you get hit for back interest). For others you have to make a minimum monthly payment, but there is no interest as long as you: (1) pay on time, and (2) pay it off before the promo period ends. It depends on the offer… Some are no interest, no payments for a set period of time (though you still have to pay it off before the end or you get hit for back interest). For others you have to make a minimum monthly payment, but there is no interest as long as you: (1) pay on time, and (2) pay it off before the promo period ends.

]]> By: Funny about Money http://www.creditaddict.com/archives/beware-the-promise-of-interest-free-purchases/comment-page-1/#comment-591 Funny about Money Mon, 28 Apr 2008 12:55:05 +0000 http://www.creditaddict.com/archives/beware-the-promise-of-interest-free-purchases/#comment-591 Yipe! I use those plans whenever I can with big-ticket items...but not unless I actually have the money in hand. Then I put the money in an account that will make something but is low in risk, and mark the payoff date on not one but two calendars. The payoff date is one month before the bill is actually due. How can there be a late payment during the interest-free period? The deal is, you don't have to make ANY payments during the interest-free term. So...you can't have a late payment if none is due. If making a payment, not a payment in full, during the period that the company represented as interest-free somehow triggers an interest charge, it's time to go to the state attorney general's office. That pretty clearly is some sort of fraud. Yipe!

I use those plans whenever I can with big-ticket items…but not unless I actually have the money in hand. Then I put the money in an account that will make something but is low in risk, and mark the payoff date on not one but two calendars. The payoff date is one month before the bill is actually due.

How can there be a late payment during the interest-free period? The deal is, you don’t have to make ANY payments during the interest-free term. So…you can’t have a late payment if none is due.

If making a payment, not a payment in full, during the period that the company represented as interest-free somehow triggers an interest charge, it’s time to go to the state attorney general’s office. That pretty clearly is some sort of fraud.

]]> By: Tim http://www.creditaddict.com/archives/beware-the-promise-of-interest-free-purchases/comment-page-1/#comment-579 Tim Sun, 27 Apr 2008 22:02:18 +0000 http://www.creditaddict.com/archives/beware-the-promise-of-interest-free-purchases/#comment-579 I wish they would start teaching this in some of the schools. There are just too many people who dont understand the fine print, want their goods now, and then in a year end up getting socked with 12 months of back interest because they didnt realize they had to pay it all off. I wish they would start teaching this in some of the schools. There are just too many people who dont understand the fine print, want their goods now, and then in a year end up getting socked with 12 months of back interest because they didnt realize they had to pay it all off.

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