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I gots famous friends
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Discussion Starter #1
I got one of those things in the mail from Rooms to Go for 1500.00 instant credit, no payments til 2004. No money down 'ecpt the sales tax, and no interest.

I'm thinkin about a couple of lamps and a bed frame.. I'll pay it all of next year some time.......

Is there any hidden catch to those kinds of deals?
 

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I drive a fookin Honda
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We did the same thing at Basset Furniture. Just make sure to pay it off before or by the deadline, otherwise the interest rate will explode! ;)
 

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Tha Closer
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Matt93Cobra said:
We did the same thing at Basset Furniture. Just make sure to pay it off before or by the deadline, otherwise the interest rate will explode! ;)
It would go to about 23%
 

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No Cerveza... No Trabajo
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21,924 Posts
Make sure that the interest isn't tacked on if you don't pay it before the end of 0%.

I don't know if Best Buy still does it, but I know back in the early 90s they did. Say you bought 2,000 worth of stuff on one of their no payments for 6 months thingies. Everything is great for the 6 months, if you pay it before the end of the 6 months, no interest. But, if you go one month beyond six months, your 2,000 purchase became 2,000+6 months of interest tacked on.

Which would make your 2,000 purchase 2,200 or something.

Just make sure you don't forget to pay before your time period is up! A year of interest, even on 500, compounded monthly at 21% (or whatever it is), will make a goold deal, a bad deal.
 

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If you plan on paying it off soon the there usually is no hidden cost but if you dont watch out for the % rate
 

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Poor Boy Racing
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I did the same thing w/ the Roomstore and paid it all off shortly after and there were no hidden charges. Sounds like a winner to me.
 

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One of those chain furniture stores (RoomStore or Rooms to Go, can't remember which one) will only apply interest to the remaining balance after the interest-free period. So if you owe $10, you pay interest on the $10, not on the $1500 or whatever you bought. Read the fine print to be sure.
 

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Premium Member
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They DO NOT apply the interest for the full amount if you don't pay it off in time. I bought my bedroom suite from them and did the same thing. I paid most of it off before it was actually due and the rest didn't get charged any interest.

But they are fuckers... I went back to get some living room furniture from them and they had switched credit card companies so the one I had with them was worthless! :mad:
 
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