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Location:
Brisbane
Registered:
July 2002
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Need info on interest free deals
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Sun, 19 October 2003 12:54
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Had a decent explanation by a mate. but was just looking to make sure im 100% correct.
I wanna get it on some rims and tyres to ... get me some rims(duh) and a good credit rating(to help with loan application later on).
You get them straight away?, dont pay any interest and pay it over however long the interest free period is?. Can i pay it off as quickly as possible?
are they easy to get?, like I have been turned down for loans cause my avg earning is too low(i had small pay weeks at start of year cause of schooling). Im earning more and will be over the bracket to get the loan in 3 months.
how long do they take to approve?
Thanks
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Registered:
May 2002
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Re: Need info on interest free deals
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Mon, 20 October 2003 05:25
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Approval time depends on vendor - can be 15 minutes; can be 24 hours.
Yes, as long as you pay it all off within the period, you won't attract interest. However be warned that, if you do not pay it all back within the period, you will pay interest of around 27.5%, a fact on which these people rely...
We used one of these deals when we got our rims (most expedient method at the time) and paid it all back with 5 months. We now owe nothing on it, but the company keeps sending us "statements" telling us how much "credit" we have with them. Note that they do this so that people will think they have a "revolving line of credit" and will re-borrow money. I strongly suggest that you carefully read the fine print, as I would bet that the interest-free period is fixed (eg. 12 months), and if you pay it all off in, say, 6 months, then re-borrow on the same facility in a couple of months after that, you will only have around 4 months interest-free remaining, after which...well you know what happens next.
Again, Read the fine print
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Location:
Brisbane
Registered:
July 2002
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Re: Need info on interest free deals
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Mon, 20 October 2003 06:12
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thanks for the info.. but it doesent matter.. i got shot down 
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Location:
Adelaide
Registered:
September 2003
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Re: Need info on interest free deals
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Mon, 20 October 2003 06:24
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Dunno what is going on, but there must be something that is causing you to keep getting shot down. 
Hell, even people on the dole get money out of AGC, so something must be up. Might pay to speak to the CRA and pay to get a report to see what the hell is happening.
Comiserations dude
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Location:
Brisvegas
Registered:
June 2003
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Re: Need info on interest free deals
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Mon, 20 October 2003 06:59
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AGC/GE are really good for the interest free deals. All the info is in the contract just read it...the only thing you have to be careful of is the merchant themselves....they will often say no repayments interest free for 12 months. Make sure if this is the case you sign a sales voucher for 12 months payment deffered. A lot of ppl get caught out on this. If its interest free only you have to pay monthly. As Biased said, read the contract and make sure you payout the promo before it expires.
Why have you been knocked back? what credit limit have you applied for?
CRA Public Enquiry: 0294646000
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as I would bet that the interest-free period is fixed (eg. 12 months), and if you pay it all off in, say, 6 months, then re-borrow on the same facility in a couple of months after that, you will only have around 4 months interest-free remaining,
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Not the case...each item is an individual promo, if you payout early you wont accrue the unused time your simply just saving yourself money. Its only interest free if its offered at the time of purchase, otherwise your looking at 27.5% (ie:cash advance or expired promo)
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Location:
Brisbane
Registered:
July 2002
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Re: Need info on interest free deals
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Mon, 20 October 2003 07:03
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I its only happenning now cause i got about 10 knock backs in the last 2 months. Its just shit though.. cause now my credit is fucked for a while and i cant get anything
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Location:
Brisvegas
Registered:
June 2003
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Re: Need info on interest free deals
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Mon, 20 October 2003 07:23
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Yeah too many "inquiries" for credit will block your CRA file...within 3 months it's usually ok...i'd give it at least 2 months thou
bl mate
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Location:
Brisbane
Registered:
July 2002
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Re: Need info on interest free deals
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Mon, 20 October 2003 07:43
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yeah im waiting 3 months.. its just shit being 18
but i want some rims to tide me over to then.. but i dun wanna waste my savings
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Registered:
May 2002
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Re: Need info on interest free deals
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Tue, 21 October 2003 00:12
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| NickAE86 wrote on Mon, 20 October 2003 16:59 |
Not the case...each item is an individual promo, if you payout early you wont accrue the unused time your simply just saving yourself money. Its only interest free if its offered at the time of purchase, otherwise your looking at 27.5% (ie:cash advance or expired promo)
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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. As it stands, we could conceivably borrow against this "credit" and, come February next year (if we hadn't paid it back), it would be "Hello 27.5% reaming".
(As I understand it...Will check and let you know if this is, indeed, the case).
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Registered:
May 2002
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Re: Need info on interest free deals
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Tue, 21 October 2003 00:35
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Just checked and it is as I suspected...
Here is how it would work, in essence.
I buy, say, some rims and tyres in February, and use an Interest-free facility, such as "Buyers Edge" or similar. (Co-incidentally, I did!)
6 months later, I have paid the entire amount, and so there is a zero balance owing on the account. (Again, by happy co-incidence, this is also the case).
Note that I am now 6 months into a fixed, interest-free period. Should I re-borrow on this "available credit", I now have a 6-month interest-free period. If I don't pay it back within that 6 months...Well, you know what happens here! Similarly, if I were to re-borrow on this facility after that 6 months, it would immmediately attract consumer credit interest rates, in much the same manner as a normal credit card.
I would have posted the blurb which explains this from the GE web-site, but was not sure of copyright ramifications; it is explained in essence above.
I also spoke to one of their operators, who confirmed that this is the way it works...
Hope this helps someone avoid the big interest payments.
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Location:
Brisvegas
Registered:
June 2003
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Re: Need info on interest free deals
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Tue, 21 October 2003 02:35
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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.
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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
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Registered:
August 2002
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Re: Need info on interest free deals
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Tue, 21 October 2003 03:19
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We use AGC/GE at work
Make sure which box is ticked regarding the interest free period!
Oh and i have a mate that works in collections up in brisvegas for AGC/GE. If they start ringing regarding late payment ALWAYS offer something, he told me the ins and outs of it and basically if you dont even offer a token payment ($20), even if the borrowed amount was $1000, then dont expect credit availability for the next few years! They are collection NAZI's!
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Location:
Brisvegas
Registered:
June 2003
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Re: Need info on interest free deals
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Tue, 21 October 2003 03:35
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They are collection NAZI's!
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I work for them and i can tell you the majority of people are nice level headed individuals...there are dickheads that cant fathom the idea of human error or getting in a tight spot but that should be addressed shortly 
Basically pay the bill as your meant to and you wont have any worries...if your in a jam call to let em know...it is appreciated and that way you wont cop calls constantly asking for $$$
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Registered:
August 2002
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Registered:
May 2002
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Re: Need info on interest free deals
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Tue, 21 October 2003 04:59
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| NickAE86 wrote on Tue, 21 October 2003 12:35 |
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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.
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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
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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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Location:
Brisvegas
Registered:
June 2003
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Re: Need info on interest free deals
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Tue, 21 October 2003 05:28
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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).
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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?
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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)
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In other words, Read the fine print...and pay the loan prior to the expiration of the interest-free period
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damn straight...best way to do it...you'll never have a drama 
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Location:
Brisbane
Registered:
July 2002
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Re: Need info on interest free deals
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Tue, 21 October 2003 07:23
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i personally think all these credit companies can go get fucked.. they fucked my credit rating for no reason
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