Best Buy - Payment plans?!

[krazykanuck]

I'm thinking of picking up some stuff from Best Buy and I'm curious to know if BB offers payment plans for items like TV's and other A/V equipment...it'll make it easier to pay over time rather all than in 1 chunk.

thanks.

[i6s1]

I'm thinking of picking up some stuff from Best Buy and I'm curious to know if BB offers payment plans for items like TV's and other A/V equipment...it'll make it easier to pay over time rather all than in 1 chunk.

thanks.

Yeah they do, but you'd be better off paying any other method. The payment plans are worse the credit cards.

But in any case, I would strongly advise against putting something frivilous on credit, many of us started down a bad road and end up regretting it.

[TinyTank]

these department store credit cards are a scam!!

[felix]

I agree. There's no point. If you don't have money to pay for it, why buy the item at all. Even if you don't have the cash right away, just put it on a credit card and do a return/repurchase with gift cards afterwards.

[Shaner]

Do NOT use Best Buy credit, you'll regret it!

If you want to make payments, get a credit card from a bank, or get a line of credit from the bank, or a personal loan, or whatever. Do not get credit from Best Buy.

I made the mistake of getting credit from the Brick and I regret it majorly. I will never make that mistake again.

[deal_lurker]

When dealing with these deferred payment plans, you must be wary of any admin finance charge fees. I don't know it is still the case... but I believe Future Shop charges these (don't know about Best Buy). For any companies charging an admin fee (for setting up a deferred payment plan on a purchase), they are just taking advantage of people who are already in a bad cash-flow situation. Sometimes the admin fee/finance fee costs are huge and make it more worthwhile to pay by normal credit card.

People should minimize the use of any type of loan if possible.

[K10]

When dealing with these deferred payment plans, you must be wary of any admin finance charge fees. I don't know it is still the case... but I believe Future Shop charges these (don't know about Best Buy). For any companies charging an admin fee (for setting up a deferred payment plan on a purchase), they are just taking advantage of people who are already in a bad cash-flow situation. Sometimes the admin fee/finance fee costs are huge and make it more worthwhile to pay by normal credit card.

People should minimize the use of any type of loan if possible.

What's wrong with using these payment plans for purchasing a tv worth ~$2000? The admin fee is only $99 and spread over 36 months. As long as you pay the bill on time each month, and taken into account the inflation rate, you are still winning in the end, no?

Although our family could have purchase the tv by cash/credit card, we chose the payment plan since we can't even knock a cent off the purchase.

[KevC]

I used their payment plan to finance my camera. (~$1200)

I got the 12mo no interest, no payments plan. There was an admin fee ~$100 so I just figured that's ~10% "interest", not too bad.

I paid it off in time, so no hassles.

One warning though, if you don't you're fscked. The interest they pile on is ridiculously high, and the moment you miss a payment you'll be paying for another camera (in my case).

So be weary. Only use it if you really know how to control your finances. (I was freakin out for not making the date... luckily I made it :D)

[Geese_Howard]

As long as you pay it off in time you will have no worries, sometimes people have like $200 of $2000 remaining and fail to make the final payment, they assume they will be charged interest on the $200, they are are not, usually 29.9% on the $2000 and thats when they get you.

So pay it off within the year and no problems. I never used the store card because i always pay it off right away but my brother used to work for Radio Shack and Future Shop.

[krazykanuck]

Thanks for all the info..it's not that I'm not capable of paying it all in cash...it's purely to reduce the load of the expenses. I'll most likely just put it on my credit card, I'll win by getting Aeroplan points along with the purchase..

[Casanova]

you can get 0% interest plans sometimes

[krazykanuck]

Went tonight.. at first the best they offered me was 6months payment..he later gave me a deal of 24 months if I purchased a stand for my TV and the 5yr PSP plan....I think I'll wait.

thanks guys.

[Geese_Howard]

you can get 0% interest plans sometimes

It wouldnt make sense for the store... they lend you $$$ and they assume the liability?

do you mean 36 month equal payment?

[deal_lurker]

I guess in your case it is ok... you just have to be wary of them.. as in the past, I have seen some situations where there was a disproportionally huge admin fee compare to the price of the item itself. Also the finance interest rates may not be the best compared to what is being offered by some of the credit cards.

I have seen places where the admin fee is tiered towards the amount of the item being purchased... so I guess each case is different.

I am sorry, I didn't mean to be so strong in my comments regarding avoiding the deferred payment plans/loans. I guess it's just me as I am the type of person try to never carry any balances in credit

What's wrong with using these payment plans for purchasing a tv worth ~$2000? The admin fee is only $99 and spread over 36 months. As long as you pay the bill on time each month, and taken into account the inflation rate, you are still winning in the end, no?

Although our family could have purchase the tv by cash/credit card, we chose the payment plan since we can't even knock a cent off the purchase.

[googoo]

2001 offer a pretty good paynent plan.

Brent