BEWARE of the CATCHES in the 3 year no interest offer from Best Buy. Read the fine print to be educated before you sign on the bottom line. This reflects a poor customer relations effort to promote sales and the terms of the offer are designed to get you stuck with paying the exorbitantly high interest rate (up to 30%) if you make one mistake during the loan period.
Here are the catches to keep in mind:
"Interest will be charged to your account * from the date of purchase * if plan balance is not paid in full within 3 years or * if minimum monthly payments are not made *." This means, miss a minimum payment and owe them the full interest or if there is even $1 balance after 3 years you owe them FULL interest from the date of purchase.
Best Buy Interest rate info:
Program A:
Variable Standard APR = Prime Rate 14.4 percentage pts. (22.65% as of 09/01). Variable Default APR = Prime Rate 18.4 percentage pts. (* 26.65% as of 09/01). Standard Min. Apr 19.8%. Default Min. APR * 23.8%.
Program B:
Variable Standard APR = Prime Rate 17.4 percentage pts. (* 25.65% as of 09/01). Variable Default APR = Prime Rate 21.4 percentage pts. (* 29.65% as of 09/01). Standard Min. Apr * 23.15%. Default Min. APR * 27.15%.
Anybody in their sane mind should stay away from this "promotional" offer designed to take advantage of the consumer even for a minor default. They will be finding ways to trap you.
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