While I like Gateway computers, and have 4 to show for it, I recently decided to finance computer #3 through Gateway Credit. I found it ironic that the Hurley State Bank creditcard arrived before the computer did. I also noticed that it was based (at least payments were directed to) Gray, TN... Home of Radio Shack's credit several years ago. (Gray TN is a very small town, sort of like having a Nieman Marcus located in the artic circle).
Anyway, I reviewed the terms after I received the card (holstein credit card!), and the terms were 28.9% APR!!! You have to be kidding, right? Well, I figured that I would pay the computer off quickly and avoid too much interest. The first payment was made 12-days before the end of cycle. I was still assessed an outrageous late fee, which pretty-much ate up the payment, in other words, no payment made. The second payment was made 10-days before the end of cycle. I was billed another late fee (again, no payment to principal). Pissed off, I sent a personal check for $1526, to FULLY pay off the card. The check was in mid-cycle. I received the next statement, and I had a balance of $29.00. This couldn't be right... I paid the card off. I called Hurley, and they were extremely rude... Saying that my payment was LATE!!! I explained to them that before I hang up and call a lawyer, they really needed to check the payment date, when it was credited, versus end-of-cycle date. The woman on the phone suddenly (but still rudely), changed tactics and stated that since it was so close, that she 'guessed' that she would just 'knock that late fee off'! This isn't financing, people... This is loansharking at its best!!! I would love to have a business like this!!! Rip EVERYONE off, no-one sues, no-one knows what their state limits are for credit card interest... You can't beat it. It is legalized loansharking!!! By my count, they would have gotten $348 per year from the late fees alone (per person), plus extended the financing out for over 10-years at the rate they were going.
I just bought a new laptop on their credit card. I'm really hoping that they do it again. It will be about the time I file a class-action lawsuit on them. Maybe I'll get to own a business like that after all!!!
Computers are not worth this hassle. Where I could have waited two months and purchased it with cash, on a regular credit card, I opted for this idiotic service. The computers are as good as any other. The financing would be easier through the mafia... You choose.
Larry
Oklahoma City, Oklahoma
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