Anyone use Best Buy's financing?
12-09-03, 07:48 PM
#1
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Anyone use Best Buy's financing?
I'm looking for an HDTV and am going to have to use financing if I get one. Anything I need to know about Best Buy's? They have no interest until 2005 right now. Are there any hidden costs? Can you give them a down payment? Can you pay more than the monthy amount? Any info will help.
12-09-03, 09:03 PM
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There financing does not require a down payment, just minimum monthly payments. You can always pay more than the minimum. Just make sure you pay it off completely before the end of the terms because they will slap you with a ton of finance charges.
12-09-03, 09:05 PM
#3
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you can pay more than monthly amount. I assume you could pay part in cash and the remaining on the BB financing.
Hidden costs? Not really although they do defer interest so that if you miss a payment the zero interest stops and all back interest is added to the balance. so you will face a huge penalty if you are even one day late.
For anyone who pays on time it is a good deal. i used it to buy my HDTV and just paid 10% of the original balance to make sure it was paid off in 10 months. It is nice using someone elses money
Hidden costs? Not really although they do defer interest so that if you miss a payment the zero interest stops and all back interest is added to the balance. so you will face a huge penalty if you are even one day late.
For anyone who pays on time it is a good deal. i used it to buy my HDTV and just paid 10% of the original balance to make sure it was paid off in 10 months. It is nice using someone elses money
12-10-03, 09:10 AM
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I would suggest using their website and scheduling your payments in advance. That way you do not miss a payment and get hit with a late payment fee and the deferred insterest.
12-10-03, 11:55 AM
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As others pointed out, it can be a great deal, but you have to remember to pay it:
1. ON TIME each month atleast the minimum amount
2. PAY IN FULL by the time stated.
Or you will get hit with all the full interest (very high rate) retroactive to the beginning.
Also, if you use the card to buy regular cheaper stuff each month (like games, dvds, cds, etc) just be carefull about when you are paying your bill which balance it is coming off of.
I took advantage of their financing deal when it was 18 months.
I paid it off on time, but if I didn't I had over $500 in "deferred interest" waiting to hit me.
1. ON TIME each month atleast the minimum amount
2. PAY IN FULL by the time stated.
Or you will get hit with all the full interest (very high rate) retroactive to the beginning.
Also, if you use the card to buy regular cheaper stuff each month (like games, dvds, cds, etc) just be carefull about when you are paying your bill which balance it is coming off of.
I took advantage of their financing deal when it was 18 months.
I paid it off on time, but if I didn't I had over $500 in "deferred interest" waiting to hit me.
12-12-03, 02:49 PM
#7
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Best Buy credit card is run by Household Bank which is now owned by HSBC. The word on creditnet and creditwatch for the last two years is that they set a ridiculously high credit standard for approval as a bait and switch tactic. People with FICO's in the 700's said they were denied credit there and the employees said they saw it all the time.
