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Payments on promotional terms for Overstock

Regular Contributor

Payments on promotional terms for Overstock

I've placed 3 orders with my Overstock card in the last week. 2 of the 3 qualify for 0% interest for 12 months while 1 qualifies for 0% interest for only 6 months.

 

Does anyone know how my payments will be posted? I want to make sure all orders are paid off within their respective timeframes.

 

TIA for your help.

Message 1 of 9
8 REPLIES
Moderator

Re: Payments on promotional terms for Overstock


thepanttherlady wrote:

I've placed 3 orders with my Overstock card in the last week. 2 of the 3 qualify for 0% interest for 12 months while 1 qualifies for 0% interest for only 6 months.

 

Does anyone know how my payments will be posted? I want to make sure all orders are paid off within their respective timeframes.

 

TIA for your help.


You need to refer to the terms of your account to see how payments will be allocated.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

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Message 2 of 9
Regular Contributor

Re: Payments on promotional terms for Overstock


gdale6 wrote:

thepanttherlady wrote:

I've placed 3 orders with my Overstock card in the last week. 2 of the 3 qualify for 0% interest for 12 months while 1 qualifies for 0% interest for only 6 months.

 

Does anyone know how my payments will be posted? I want to make sure all orders are paid off within their respective timeframes.

 

TIA for your help.


You need to refer to the terms of your account to see how payments will be allocated.


Thank you for trying to help, gdale6, but if I understood it I wouldn't have needed to ask. Smiley Sad

 

Message 3 of 9
Community Leader
Senior Contributor

Re: Payments on promotional terms for Overstock

  • We reserve the right to apply payments equal to or less than the Total Minimum Payment however we see fit, which may result in balances subject to lower interest rates being paid prior to other balances. This may also result in higher interest charges.

looks like they can do what they want with the small stuff.   pay everything off before starting a new promo.

 

edit: i think the law makes them pay the lowest interest first, is that correct?


Message 4 of 9
Regular Contributor

Re: Payments on promotional terms for Overstock


elim wrote:
  • We reserve the right to apply payments equal to or less than the Total Minimum Payment however we see fit, which may result in balances subject to lower interest rates being paid prior to other balances. This may also result in higher interest charges.

looks like they can do what they want.   pay everything off before starting a new promo.


I have a secured message in to them to get an answer directly from the horse's mouth. Unfortunately, what's done is done but will definitely remember this moving forward!

 

Already learned that if you make a purchase and return the product, you have to make the minimum payment as listed on the statement if you have any purchases after that statement. Have never had to do that with Capital One or Discover so this is definitely a learning experience. :/

Message 5 of 9
Frequent Contributor

Re: Payments on promotional terms for Overstock

When I used the 0% offer, I also made other orders, as I paid during the month the statement seperated the 0% as a 0% item and the payments went to the other balances.

At least that is what they did for me, anything I paid over the other orders went against the 0% item.

 

This has been the case for my last 2 statements, still show balance as 0% for that order.

 

8600.0011500.00

8 FICO's (02-26-17) TU: 755 EX: 748 EQ: 758
Message 6 of 9
Regular Contributor

Re: Payments on promotional terms for Overstock

Thanks, BobbyLee2. All 3 fo my orders are 0% interest but one is 6 months instead of 12 like the other two. Ultimately, I need to make sure the 6 month order is paid within that time frame to avoid the high interest.
Message 7 of 9
Established Member

Re: Payments on promotional terms for Overstock

With synchrony I have been able to ask them to consolidate all my purchases together. But my purchases have been days apart. Good luck on getting it straightened them.
Message 8 of 9
Highlighted
Regular Contributor

Re: Payments on promotional terms for Overstock

This is the response I received this morning:

 

I reviewed your Overstock.com account. The payments on the account are 
divided between the balances on the account. First we pay any unpaid 
fees that may be a part of your overall balance.  Then we cover your 
scheduled payments on the account.  Finally, we apply any additional 
amount paid to any balance that is being assessed interest, paying the 
highest APR's first, followed by promotional plan balances with the 
earliest end date.  However, if you have a promotional plan that accrues
interest ending within the next 2 billing cycles, we will apply any 
amount paid above your minimum due to these plans first. Each statement 
provides the plan information as well as a reminder that the balance 
will need to be paid in full by the expiration date to avoid the finance
charges. 
Message 9 of 9