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Author: MoneyBee One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: Credit card offers to college students Date: 5/18/1998 9:39 PM
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>>>>Having worked one of these retailers, I always explained this to customers, some listen, some don't. I noticed the fine print in the Sunday papers, most people skip this "mumbo jumbo".Having worked one of these retailers, I always explained this to customers, some listen, some don't. I noticed the fine print in the Sunday papers, most people skip this "mumbo jumbo"<<<<<<

As a sales associate you are definitely in the minority. Here's my story ...
When I was shopping for computer back last Sept Oct. I saw all those adds for 0 interest for 12 months. I got very excited. Oh joy. I could buy a computer, pay monthly and no interest. I could get MORE computer than if I paid cash. Started to really read those ads. There were 3 different retailers (you mentioned 2 --Best Buy & Circuit City) offering these deals in my area. Aha sez I to myself, "Self this here is an oppportunity." Several weeks pass and the Sunday supplements are piling up on the floor with magic marker circles and little yellow postits. Almost ready to run out and DO IT. Then I start reading the little itty bitty 6 point type. The kind that needs a magnifying glass and a 100 watt lamp. Oh gee what's this? Hmmm. Mumble --mumble. Well gee. It seems to be saying that if I'm late or miss a payment ALL the interest is re-instated EVEN THE MONTHS YOU PAID ON. I called all three retailers and asked them to enlighten me. I got the telephone equivalent of a blank stare --- long puzzled pauses. Not one of the clerks or managers that I talked too(at least 2 at each store) seemed to know what I was asking about. ALL THREE retailers. Not a clue. Or playing dumb. That stopped me dead in my tracks.

I thought wow. I have been very good about paying on time for the last three year,since I got back in the credit game, but even now I have a bill slip by me. Only a couple of times, but wow -- . They offered automatic withdrawal (but I refuse to use that option). But if your overdrawn -- (again something that hasn't happened for a very long time) you would have the same problem of re-instated interest PLUS the overdraft charges. Oh double wow. I could see lots of possibilities for screw ups.

My conclusion-- I paid cash. Got a good deal but --sigh-- not quite the deal I wanted.

So I'm not surprised that a suit is pending.

Just Buzzing Along
FoolBee
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