Toymods Car Club Inc: General Car Talk => Need info on interest free deals

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biased99
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Registered:
May 2002

Re: Need info on interest free deals

Tue, 21 October 2003 04:59

NickAE86 wrote on Tue, 21 October 2003 12:35

Quote:

If that were the case, GE ("Buyers Edge") would not keep sending us "statements" saying we have $1500 in credit available to us; once the initial borrowing was paid off, the facility would have been "closed", and we would have to re-apply if we were to require further borrowings.

GE send you statements as a legal requirement....just because you have an available to withdraw amount doesnt mean if you use it it will be interest free...interest free doesnt apply to the account it applies only to the individual item itself (in your case tyres). If you were to say withdraw cash during this interest free period it would accrue interest due to the fact that its basically a store/credit card. Once you've paid out the promotion the account remains active but doesnt accrue interest until you use it again. You can either purchase another item on interest free or use it for cash advances. You wont need to reapply for the line of credit.

These types of deals are really great for the interest free component...basically you only pay extra $2.95 month account fee until paid....just make sure you pay them out before they expire

In essence, therefore, you are saying that it is actually a WORSE deal than I intimated? (ie. Now that I have paid the original balance, within the stipulated interest-free period, if I then borrow more money against that facility, it immediately attracts interest? BTW. This is not how the web-site's explanation implies it's "workings"...)

I take it that you agree with my original post, then? (In other words, Read the fine print...and pay the loan prior to the expiration of the interest-free period).

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