How does it work when you take a store up on their "no finance charges for 24 month" promotions and stuff

[eflat]

There is a TV I would get if I could use their promotion. I doubt I have the credit history, though, so would I just like me shot down on the spot and told I can't buy it since I was not approved? Is that how it works?

Talking about this promotion: http://www.bestbuy.com/site/ol...00050001&type=category

 

[nageov3t]

they check your credit on the spot, but I can't imagine it'd be a problem unless you've got *really* bad credit.

 

[fossilburner]

just say no.

 

[Born2bwire]

What Best Buy has done for me is that you basically apply for a Best Buy credit card from HBSC. They place the purchase on the credit card and give you no interest on the card for the advertised period. I believe with something like this they do a credit check.

 

[The Stigenator]

basically best buy thing works like this.. whatever the promotion (say 34 months) there is interest, but its accured but not added to teh principle.. if you make payments on time and do not default, what you pay is the cost of tv + tax + recycling fee (if in CA).

THe minimum that the thing says to pay .. does not equate to minimum to pay it off in 24 months. Always divide the total by teh number of months to get your payoff amount each month.

If you got 2400 dollars in 24 months.. pay 100/mo

get it?

 

[eflat]

Originally posted by: TheGoodGuy
basically best buy thing works like this.. whatever the promotion (say 34 months) there is interest, but its accured but not added to teh principle.. if you make payments on time and do not default, what you pay is the cost of tv + tax + recycling fee (if in CA).

THe minimum that the thing says to pay .. does not equate to minimum to pay it off in 24 months. Always divide the total by teh number of months to get your payoff amount each month.

If you got 2400 dollars in 24 months.. pay 100/mo

get it?

I get that but I do not get if they do a credit check or not?

 

[sjwaste]

Just remember that a lot of these will charge the accrued interest when the promo period ends if the balance isn't paid in full.

Yes, I'm sure they do a credit check. It doesn't make sense to hand out unsecured credit to anyone that walks into the store.

 

[eflat]

Originally posted by: eflat

Originally posted by: TheGoodGuy
basically best buy thing works like this.. whatever the promotion (say 34 months) there is interest, but its accured but not added to teh principle.. if you make payments on time and do not default, what you pay is the cost of tv + tax + recycling fee (if in CA).

THe minimum that the thing says to pay .. does not equate to minimum to pay it off in 24 months. Always divide the total by teh number of months to get your payoff amount each month.

If you got 2400 dollars in 24 months.. pay 100/mo

get it?

I get that but I do not get if they do a credit check or not?

and assuming you invested the money you would have put into paying it off immediately you could make say, 10% (if lucky) per year for two years = $200.

So basically taking this offer gives you almost ten dollars a month and the TV instead of just getting the TV at the same time in cash.

 

[MixMasterTang]

Originally posted by: eflat

Originally posted by: TheGoodGuy
basically best buy thing works like this.. whatever the promotion (say 34 months) there is interest, but its accured but not added to teh principle.. if you make payments on time and do not default, what you pay is the cost of tv + tax + recycling fee (if in CA).

THe minimum that the thing says to pay .. does not equate to minimum to pay it off in 24 months. Always divide the total by teh number of months to get your payoff amount each month.

If you got 2400 dollars in 24 months.. pay 100/mo

get it?

I get that but I do not get if they do a credit check or not?

Yes, they 100% definately do a credit check. If you have little to no credit, you still have a decent chance of getting approved, if you have bad credit then probably not.

 

[nerp]

Read the terms and make sure that the card you get from HSBC bank doesn't include any membership, activation or any other fees attached to it.

 

[nageov3t]

Originally posted by: eflat

Originally posted by: TheGoodGuy
basically best buy thing works like this.. whatever the promotion (say 34 months) there is interest, but its accured but not added to teh principle.. if you make payments on time and do not default, what you pay is the cost of tv + tax + recycling fee (if in CA).

THe minimum that the thing says to pay .. does not equate to minimum to pay it off in 24 months. Always divide the total by teh number of months to get your payoff amount each month.

If you got 2400 dollars in 24 months.. pay 100/mo

get it?

I get that but I do not get if they do a credit check or not?

they definitely do a credit check. probably not a problem with no credit, but if you're one of those people whose credit is so bad you can't even sign a cellphone contract without putting a deposit down, you might be SOL.