Best Buy Credit Card Question - 0% Interest for 3 years?

by EpicFireworks

I want to see if I understand these terms correctly before I apply for credit with them. I don’t understand legalese very well, so the terms booklet that was in the application only helped a little. Maybe someone who has a Best Buy card or who understands the terms better can tell me if I’m right or wrong.

The promotion they’re running at this moment is three years without interest on so and so which isn’t important to understanding the card terms. This, of course, does not rule out finance charges. Looking through the booklet, though, made it appear that if I’m not paying interest and I don’t do anything dumb like pay late or go over my limit, then there are no finance charges. In plain english, it looked like it’s three years same as cash, so long as it is paid off within three years.

I asked the person at the counter if I understood it correctly, and they said yes. Of course, you shouldn’t take the customer service guy at his word on something like this, so I’m looking for another opinion. I’d be incredibly grateful if anyone could let me know if my interpretation of the terms is correct or not.

Answer by darceee
ya i have a best buy card which i’ve used several times..I only use it during promotions like the one u described b/c the interest is ridiculous otherwise… just be sure to never miss a payment and have it paid off b4 the end of the 3 yrs… also ensure that u qualify for the promo like sometimes it’ll say” no interest for 3 years on home theatre systems” so if u purchase something other than home theatre its not eligible.. and make sure u meet the req amount .. like purchases over $ 2000 b/c if ur below that then u wont be eligible… plus once u get approved for the card and u pay it’ll say on ur reciept that the purchase amount was under a no interest promo good luck hope that helps

Answer by Hello It’s Me
Usually these things work as long as you read and follow their rules. I have made purchases from Rooms to Go, Kay’s Jewelers, Lowes, and Kohl’s with similar plans. I had a minimum monthly payment to make, and as long as it was paid on time it worked. I made all payments on time and never paid any interest.

I think once you are late on one payment they can start charging you interest. They are banking on you being late or not paying the balance when the due date is up. It worked for me since I followed their rules. Just be careful, because most of these places have a high interest rate if you are late just one time.

Answer by The Judge
yeah, this is good for people in debt who are being strangled by their high interests.
They’ll pay your balance for you and now you owe to them and so long as you pay it off in 3 years then you are on the clear.
They are banking on the fact that most people that get into debt aren’t taht considerate so in three years they can start stinging them for all the interests they haven’t paid till then.
It’s a “lemmings-catching-trap” LOL.

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Best Buy is offering no interest for 36 months. I need/want a new TV. My credit score is good (around 750) but I’m only 24 years old. I have 2 credit cards now, 1 of which I’ve had for 6 years and have a great history with, the other for only 3 months now, but also a good payment history with. I also have student loans taken out. I am good about making payments on all of my lines of credit. Just wondering if opening a Best Buy card would effect my score that much, if I plan on making payments in order it pay it off in about a year. I’m mainly worried that opening 2 credit cards in 3 months may damage my rating. I am between jobs and will be making minimum payments on all 3 cards until December 1.
It’s a plasma, and I’ve been shopping for about 6 months and this is the best deal I’ve found. The purchase itself I feel good about, it was mainly the opening of the card that had me nervous. I just know how valuable good credit is, and I’ve worked hard to maintain it.
I also know the terms and conditions to the card and the no interest terms, and am good about managing my payments.

Answer by HotRod
Opening up 2 different credit cards in 3 months does lower your credit score only by a few points. My advice is if you really want that television you should wait until late November/early December due to the very low prices of televisions late this year. (This is assuming you will be getting an LCD)

Back to the credit cards, if you are committed and know that you will be able to pay off the Best Buy credit card before the interest kicks in then you should be fine. Another advice, try not to have many credit cards.

Answer by Life Is Better After Retirement
Your score will take a hit but minimal. You cannot apply or get any new line of credit without it hitting your score. It is only 5-10 points and recovers in a very short period of time. 2-4 months.
You have most likely recovered from the last card you opened.
You are aware of the “No Interest” agreement and to not even be a day late with any single payment.
and to have it paid off before the 36th month..

Answer by My Take on It
If you are “between jobs” why are you thinking of buying a plasma TV?

Seems you should wait until you are gainfully employed again before buying luxury items.

What do you think? Answer below!
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