zero interest installment, what are your thoughts about this?

@cefaz_21 (2597)
Philippines
July 1, 2007 8:58pm CST
Often times, people used thier credit cards to take advantage of a zero interest installment plan because they say it's like paying in full the amount of what you purchased but deffered. What do you think? Do you really think it has no interest at all? have you ever tried it? Is it wiser to do such?
2 people like this
5 responses
@all4ucnc (861)
• United States
2 Jul 07
Like they say . . Nothing in life is free . . . You take advantage of these offers, and even if you do not get tagged with a flat rate fee for it's offer, you take advantage of not having to pay on it for for 6 months and then get tagged with a high interest rate when you do start paying on it. If you can pay it off in the time frame given, then they are great,. . .But chances are you will still have an amount remaining when the offer ends, and then they will tag you with the interest (usually between 12%-24%).
1 person likes this
@cefaz_21 (2597)
• Philippines
3 Jul 07
I actually tried this once, I purchased a television set as a gift to my mom and I made sure I paid the bill every month, because I know there'll be interest if I skip payment..but I never know that interest would be that big! whoo!12%-14% is a lot.
@all4ucnc (861)
• United States
4 Jul 07
My husband bought a pressure washer ($1200) it was 0% for 6 months. I went a head and paid what I could in that time, but at the end we still owed $500, well the interest tacked on after the 6 months brought the amount up to $650.00 automatically. . . . And the interest after that was 22%. His great deal wasn't so great after all. We now read the fine print on such deals and find that the interest can can be as high as 24% . . . That's crazy!!!
1 person likes this
@breepeace (3024)
• Canada
3 Jul 07
The biggest problem with these installment plans is that if you don't pay off the amount in FULL before amount of time is up, they often make you pay the ENTIRE amount of interest from the beginning. If there's any doubt that you can't pay it off before it's due, don't get it.
1 person likes this
@cefaz_21 (2597)
• Philippines
3 Jul 07
I'll take note of that..thank you.
• Hong Kong
2 Jul 07
I have investigated those a little bit and around here, if it says no interest rate, it's no interest rate. But I don't use credit card to pay installments even if it's no interest rate. I just hate to do that. I would wait till I have enough money to buy. I don't want to worry every month about that extra expenses and I would think what if I lose my job during the period of something. I guess because my parents don't do that too and I pick up their way of life.
@cefaz_21 (2597)
• Philippines
3 Jul 07
that's very good of you..hope I can do that too. I think It will be forever if i am to wait to have enough money to but that item I want..lol! thank you and keep up the good work!
@cdparazo (5768)
• Philippines
2 Jul 07
Depends really on where you buy the item. Some store offers zero interest but the amount of the item is higher compared to actual cash purchases. When I see something to this effect, I no longer buy but would look somewhere else where the interest is really zero. I bought once a digital camera from Kodak and its really zero interest for 12months.
1 person likes this
@cefaz_21 (2597)
• Philippines
3 Jul 07
that is what I am eyeing also..I want to purcahse a digital camera but paying in full would be too hard for me.Hope I can see one that is really zero interest.thanks!
• United States
2 Jul 07
Ususaly it will cost a flat fee of like $50 to take advantage of these offers but then they are interest free for a period of time. I assume they figure most people will never pay it off in time. If you keep up on when the date is comming then it is a better deal then paying interest on a different card.
1 person likes this