cancel
Showing results for 
Search instead for 
Did you mean: 

How does 18-month financing at Best Buy work?

tag
SteveUrkel
Frequent Contributor

How does 18-month financing at Best Buy work?

Dont understand it yet. Does the amount of the purchase get charged to your credit card? My best buy mastercard only has 300 limit. Can i finance a product larger than my limit?


*22 Years Old* Started my credit at age 19
Chase Sapphire Preferred Visa Signature- $9,200 II TFCU - $2,500 II Amex BCE - $2,400 II Paypal Extras Mastercard - $7,600 II American Eagle VISA - $3300 II Best Buy Visa - $3,000 II Chase Slate - $500
Message 1 of 10
9 REPLIES 9
BearsAndTurtlesRtheBest
Senior Contributor

Re: How does 18-month financing at Best Buy work?

Yes it gets charged on to your credit card and dont pay interest in that 18 month period.

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 2 of 10
wHiTeSoL
Valued Contributor

Re: How does 18-month financing at Best Buy work?

And Best Buy allows you to go 10% over your limit. If you make the monthly payments on time and finish paying off by the end of the 18 month period all interest will be waived. If you dont do one of the above you will be hit with all the interest starting from the purchase date. Make sure you pay attention to any requirments of the financing, sometimes they require a minimum purchase amount or a specific category (i.e. 18 months on all appliances or home theater)

Message 3 of 10
BearsAndTurtlesRtheBest
Senior Contributor

Re: How does 18-month financing at Best Buy work?

You should wait until Citi takes over in 4 more days ans ask for a CLI. Citi is more flexible than Cap1, just tell them you want to take advantage of the 18 month financing and they should take care of it. Although who knows what rewards and financing Citi will provide. I would wait and see.

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 4 of 10
Poki
Valued Member

Re: How does 18-month financing at Best Buy work?

... and put it into your monthly budget.

 

A few years ago I charged a large purchase (different credit account), 12 months 0% interest, and I thought I would pay it off. On the 11 month I realized I had $180 left to pay, yet only $150 in my checking.

 

lol, ok I'm sure you realize that... I've personally grown a lot since then.

"Neither a Borrower Nor a Lender Be"
Message 5 of 10
brianjb
Contributor

Re: How does 18-month financing at Best Buy work?

It is definitely a good plan to budget the amount to pay equal parts monthly so you don't get at the end and can't pay it all off.

 

For example, if you buy an item for $1200 and 12 months 0% interest, then pay $100 per month.  Or even pay a little more each month and pay it off in 11 months just to be safe.

AMEX TrueEarnings 10K | AMEX BCE 10K | AMEX Hilton Honors 10K | AMEX Hilton Surpass 2K | Bank of America 1-2-3 2K | Barclay Card 2K | Chase Southwest Premier Visa 6K | Chase Marriott Premier Visa 9K | Discover IT Card 1.5K | Merrick Bank 1.4K | Navy Federal Credit Union Visa 10K | Navy Federal Credit Union navCheck 15K | USAA Rewards 7K |+ tons of store cards (GE furniture, Amazon, Lowes, Home Depot, etc)
Total amount of available credit $100K
Scores (as of December 2013) Equifax 714 | Experian 714 | Transunion 727
Short term goal is score 750+ across the board
Long term goal is to have all scores close to 800 or 800+
Message 6 of 10
CashOnDelivery
Established Contributor

Re: How does 18-month financing at Best Buy work?

@ brianjb,
That's a solid plan as long there aren't any additional spending added to the account. Awhile back I took the registers word when my wife applied for a BB store card and they never mention DEFERRED interest. Anyway, she had a couple hundred left on the balance after the 0% expired and had to pay the deferred interest. Our fault for not reading the T&C's, lesson learned and we have moved on.

2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

Take the myFICO Fitness Challenge
Message 7 of 10
snowkitty
Established Contributor

Re: How does 18-month financing at Best Buy work?

I don't have a Best Buy card so I don't know if they do the same but, I have taken advantage of two seperate 0% interest offers on my Sam's Discover and they have a place where you log in to your account that shows your promotional information. It tells my purchase date, date of the end of 0% interest and what the interest would be if I don't get it paid in time. I have did what others here have recommended and calculated the least I need to pay each month but I do like to have that information in black and white so I know myself and Sam's are on the same page with dates/balances/etc.

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Message 8 of 10
jsickz32
Valued Contributor

Re: How does 18-month financing at Best Buy work?

I usually give myself 2 months cushion so i give them no chance of screwing me over with the interest. So if its 12 months i pay it off in 10. Or pay it off sooner if possible.

Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Message 9 of 10
jk26978
Regular Contributor

Re: How does 18-month financing at Best Buy work?

I love the 18 months on my Best Buy - I have used it twice and have always paid in full in less than 12 mos, (paranoid I guess - don't want the retro interest)....one thing to keep in mind - more likely than not, the minimum payment due that they put on the statement will not be enough to pay it off in the 0% time frame.  I just calculate how long I want to take to pay it off in the specified time frame and see what it will take per month and that is what I pay.

 

Just a little of advice that I use.

 

 

K

 


Starting Score: 650 Current Score: EQ:674 (SW Alert 12-28-15) - TU: 698 (5/27/13 SW)Chapter 7 filed 8/2009 - Discharged 12/2009 Goal Score: 750
Joined the garden again 12/5/13
In the garden again till at least 6/1/16

http:
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.