Best Buy 3 year no interest CATCH !

BEWARE of the CATCHES in the 3 year no interest offer from Best Buy. Read the fine print to be educated before you sign on the bottom line.

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This reflects a poor customer relations effort to promote sales and the terms of the offer are designed to get you stuck with paying the exorbitantly high interest rate (up to 30%) if you make one mistake during the loan period.

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Here are the catches to keep in mind :

"Interest will be charged to your account *** from the date of purchase *** if plan balance is not paid in full within 3 years or *** if minimum monthly payments are not made ***."

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This means, miss a minimum payment and owe them the full interest or if there is even $1 balance after 3 years you owe them FULL interest from the date of purchase.

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Best Buy Interest rate info :

Program A:

Variable Standard APR = Prime Rate + 14.4 percentage pts. (22.65% as of 09/01/2007). Variable Default APR = Prime Rate + 18.4 percentage pts. (*** 26.65% as of 09/01/2007). Standard Min. APR 19.8%. Default Min. APR *** 23.8%.

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Program B:

Variable Standard APR = Prime Rate + 17.4 percentage pts. (*** 25.65% as of 09/01/2007). Variable Default APR = Prime Rate + 21.4 percentage pts. (*** 29.65% as of 09/01/2007). Standard Min. APR *** 23.15%. Default Min. APR *** 27.15%.

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ANYBODY IN THEIR SANE MIND SHOULD STAY AWAY FROM THIS "PROMOTIONAL" OFFER DESIGNED TO TAKE ADVANTAGE OF THE CONSUMER EVEN FOR A MINOR DEFAULT. THEY WILL BE FINDING WAYS TO TRAP YOU.

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DO YOU WANT TO DO BUSINESS WITH SUCH A COMPANY THAT IS OUT TO GET YOU TRAPPED IN A FINANCIAL BURDEN YOU SHOULD NEVER HAVE TO WORRY ABOUT ?

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Comment On This

In case you didn't know. That's how every no interest plan works. It's really not that big of a deal. Pay your bill on time, like you should anyway; then just make sure it is payed off in full by the end of the promotion or transfer it to another card. You won't find a promotion from any company that isn't set up this way.