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

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NickAE86
Forums Junkie

Location:
Brisvegas
Registered:
June 2003

Re: Need info on interest free deals

Tue, 21 October 2003 05:28

BlackSupra: Is his last name Carmen?

Biased: I work for GE Creditline...as far as im aware the standards are the same across all products (byers edge, coles myer etc).

Quote:

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?

Correct, the interest free is only the promotional item itself not the account. Its the retailer (Harvery Norman, Amart etc) that offer the interest free deal. The account can exist without these deals (but personally if you ask me, borrowing money on 27.5% is crazy). Its basically a credit card with the ability to ddefer payments and interest on certain goods from anywhere between 3-24months. You will only get interest free if offered to you by a retailer.

so yes in essance check the date your payments are due($27 fee for pmnt overdue 10days or more)...ensure your payments will actually payout the account before the promo expires (you'll find the min pmnt is 3% of your bal monthly not the amount needed to payout before expiry)

Quote:

In other words, Read the fine print...and pay the loan prior to the expiration of the interest-free period

damn straight...best way to do it...you'll never have a drama Smile

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