Comments on: Beware 0% Interest Finance Offers

By: ike

ike — Sat, 23 May 2009 22:00:22 +0000

Hello guys thanks for this useful site. I am new to this ‘credit card infested system’. I do not have a credit card yet and i have no credit history. What is the best way to start building a history for myself. Thanks guys

By: Jim

Jim — Mon, 09 Mar 2009 20:02:46 +0000

Given the low interest rates for savings accounts, if it were me, I would just pay off the 0% debt with my return and know for sure that it won’t ever become a problem. You give up a little bit of interest but it’s not enough for me to hassle over remembering to pay each month, etc.

By: c. iva britton

c. iva britton — Mon, 09 Mar 2009 19:52:52 +0000

I am brand new to this site, so hello. I used 0% interest one other time to buy this laptop. It worked out well. I recently financed some unavoidable veterinary expenses at 0% for six months that I can afford to pay off completely using my federal tax return. Question, pay it off 4 months early using tax money or continue to pay monthly to be paid off prior to 6 months? (I have no other debt besides mortgage, which is current). I Hope it’s appropriate to ask for this kind of advise here? Thank you.

By: Wizard Prang

Wizard Prang — Mon, 26 Jan 2009 18:37:13 +0000

The last time I purchased anything with 0% credit over six months, I paid it off in three. That was two years ago, and I am not doing that again.

There is too much risk – and remember, they _want_ you to be late paying. That’s how they make their money.

By: Valeri

Valeri — Mon, 17 Mar 2008 23:26:32 +0000

Its funny that I’ve come across this forum- I just got a bill from Circuit City (a Chase credit card) for a TV I purchased a year and a half ago at 0% interest for 3 years. Great right?! WRONG. I was 5 days late on my last payment, and guess what happened- I was charged $747.14 for the waved finance charges since I bought it. I calledand spoke to a few people at Chase, and nothing. They are absolutely ruthless, so my advice is to not use credit cards, or dont be late,

By: Damon

Damon — Thu, 21 Feb 2008 05:28:21 +0000

Yep, we used a 0% offer to finance splurge on an item… 3 years 0% interest… I made sure our payments were made in such a manner that it was paid off in 3 years… but I, too, didn’t think about the impact of the additional credit on my credit score…

By: Debt Hater

Debt Hater — Mon, 26 Jun 2006 01:04:15 +0000

I used one of those deals two years ago when I bought a new couch. I read the fine print and I knew what would happened, so I just calculated how much I needed to pay monthly to pay off the loan about two months before the promotional period ended. no problem. The only thing I didn’t know at the time was that the new line of credit would take down my credit score a bit.

By: echy

echy — Sun, 25 Jun 2006 00:40:33 +0000

This is true for most of these offers. The exception is Sears. I have used zero percent financing for them on a couple of purchases in the past and they did not accrue the interest.