About a year ago I made a substantial purchase at Tweeter. The salesman told me that if I apply for and use their credit card (issued by GE CAPITAL CONS CARDCO) that no interest will have to be paid for a year so long as there were no late payments and the minimum paid each month.
After a year the interest rate would be 21.98% on the outstanding balance. I thought this was a good offer since I planned to have a relatively small balance a year later. The year has now gone by and I got a bill that included the interest on the original amount for the whole year 21.98%!!!
I called the credit card company and was told that I would have had to pay the balance in full before the year was over to avoid this extravagant charge. This is not what the salesman had told me. The credit card people told me that the terms were spelled out in the bill's small print.
You have to be very careful to read them and understand them. I never did I trusted the salesman. A prominent warning in a clear language to alert me of the upcoming charge would have been a show of good faith. Not only do I have to pay the interest for the whole year but I got no interest at all for the payments I made. What a rip off!
John
Lowell, Massachusetts
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