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Mega Contributor
Creditaddict
Posts: 18,873
Registered: ‎10-23-2007

I forgot if I posted... Please delete if so!! LOL - LOWES LONG FINANCE!!

Was in Lowes yesterday to do a triple take on 5.9% FIXED FOR 84 MONTHS...

In the fine print it says if you spend more than $3500 you can choose 5.9% Fixed APR until Balance paid. (so it says both 84 months/ until paid off, which I assume paying regular payments would almost always pay off balance at 5.9 before the 84 months)

I think that is pretty awsome though, I believe you would have only had the option of opening a seperate "Project Card" to get lower locked in rates before.  So not sure if that means they are going to do away with that product or just want to have a 2nd option.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Contributor
SpiceIslander
Posts: 326
Registered: ‎02-01-2010

Re: I forgot if I posted... Please delete if so!! LOL - LOWES LONG FINANCE!!

It could be special financing for the project card. I have a regular Lowe's card and right now they're running a special financing offer of 0% or 18 mnths on it, so I'm wondering if it's something like that. In any case, 5.9% fixed sounds great!

Meg.

FICO: 04/2014 - TU 765 | EQ ??? | EX 768

Amex BCP 12900 | Lowes 10,000 | LOC 9300 | Sallie Mae/Barclays World MC 9000 | FNBO 8900 | BOA Platinum+ 6000 | Citi Simplicity 5200 | Chase CSP 5000 | Achieva CU 4000 | Discover 4000 | Sam's Club 3000 | Sears 900
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Senior Contributor
StartingOver10
Posts: 3,819
Registered: ‎03-06-2010

Re: I forgot if I posted... Please delete if so!! LOL - LOWES LONG FINANCE!!


Creditaddict wrote:

Was in Lowes yesterday to do a triple take on 5.9% FIXED FOR 84 MONTHS...

In the fine print it says if you spend more than $3500 you can choose 5.9% Fixed APR until Balance paid. (so it says both 84 months/ until paid off, which I assume paying regular payments would almost always pay off balance at 5.9 before the 84 months)

I think that is pretty awsome though, I believe you would have only had the option of opening a seperate "Project Card" to get lower locked in rates before.  So not sure if that means they are going to do away with that product or just want to have a 2nd option.


Don't assume that the amount of the regular sheduled payment would pay off the amount before the time period specified.

In fact, in most of those deals the scheduled payment does not pay it off - you end up with accrued interest added to the account at the end. You would need to either make larger monthly payments or make acclerated payments to pay it off prior to the promo ending period to avoid the accrued interest at the end. GE is noted for doing this. Look at rip off report - you will see tons of complaints....

Mega Contributor
Creditaddict
Posts: 18,873
Registered: ‎10-23-2007

Re: I forgot if I posted... Please delete if so!! LOL - LOWES LONG FINANCE!!


StartingOver10 wrote:

Creditaddict wrote:

Was in Lowes yesterday to do a triple take on 5.9% FIXED FOR 84 MONTHS...

In the fine print it says if you spend more than $3500 you can choose 5.9% Fixed APR until Balance paid. (so it says both 84 months/ until paid off, which I assume paying regular payments would almost always pay off balance at 5.9 before the 84 months)

I think that is pretty awsome though, I believe you would have only had the option of opening a seperate "Project Card" to get lower locked in rates before.  So not sure if that means they are going to do away with that product or just want to have a 2nd option.


Don't assume that the amount of the regular sheduled payment would pay off the amount before the time period specified.

In fact, in most of those deals the scheduled payment does not pay it off - you end up with accrued interest added to the account at the end. You would need to either make larger monthly payments or make acclerated payments to pay it off prior to the promo ending period to avoid the accrued interest at the end. GE is noted for doing this. Look at rip off report - you will see tons of complaints....


This is the part that always gets me... GE is known for this because they handle a LARGE part of the store card sector of credit... It's not some backroom scam, it's the lack of knowledge of what people are signing up for.

*** and yes you would want to figure out on your first bill rather you want to pay just required or set it up to pay off balance in say 82 months (I like to finish paying 0% or other accounts like this that are accrued so that I give myself a 1 month cusion if the bank feels I owe a different amount than I do after what I feel was final amount... don't want to miss it over a small tiny amount!  I was actually just reading the verbage but upon doing the $3500 devided by 84 months, it's $42 call it... GE has at least $25 Min. payment these days on the accounts I have so you would need to pay more to complete before 84 months... 

 

and to other poster - Its weird I signed on to Lowes now and I don't see it anywhere, then in credit cards under personal i see 18 months or 5%, under major purchase I see as low as 7.9% AFTER 6 months 0% and Business I don't see anything!

So not sure if this was just 1 store, or a promo that still has not fully rolled out but im 99% sure the picture was of personal account and talked about $3500 min. verses the $299 for the 18 months.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: I forgot if I posted... Please delete if so!! LOL - LOWES LONG FINANCE!!

[ Edited ]

It is a very common practice to offer Deferred Interest.   It is not just a GE bank thing.   

 

It is a great deal if you know what you are doing.   It is punitively expensive if you don't pay it off it time.

 

I have about 5 accounts that offer deferred interest often.    I use them and always pay off a month earlier, just to be sure.

 

 

I just got a mail offer to apply for HomeDepot with 12 to 24 months defferred interest, depending on purchase price.


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