Stores like to reel in credit card customers with tempting offers. Probably the most popular is the "0% interest" offer. But be careful with these; many retailers still charge you interest, they just defer it.
You've seen these offers. They promise a financing option of zero interest for six, 12 or 18 months. Sometimes longer. But Consumerist points out that these offers are often deceptive. If you're going to sign up for one, make sure it's not just a "deferred interest" account:
As opposed to true 0% interest offers, where you are not accruing any interest during the introductory promotional period, a deferred interest card account is actually accruing that interest during those months and you'll have to pay it all if you haven't paid off the balance in full by the end of the intro period.
Even better, Consumerist has an infographic pointing out the major retailers that offer deferred interest. The infographic also lists the retailers that legitimately offer zero interest. Check out their full post for more detail and the list of retailers.
Reminder: Beware Of Deferred Interest Credit Card Offers This Holiday Season | Consumerist
Photo by Sean MacEntee.
Two Cents is a new blog from Lifehacker all about personal finance. Follow us on Twitter here.
No comments:
Post a Comment