Credit Scam....ok, not exactly a scam, but *I* think its underhanded, and everyone needs to be on the lookout for it. I purchased an item that has a promotional deal. Pay it off in 18 months and pay no interest. It does, however, require a minimum promotional payment every month. If I dont have it paid off in 18 months, I owe ALL accrued interest from date of purchase. Pretty standard stuff really. Here is where it gets tricky. They give me a credit card. I got the first bill. They want me to sign up for auto pay. The choices for autopay are minimum due, full balance, other amount. The total amount due/the minimum promotional payment = 20 months. It is DESIGNED for me to not make the 18 months. If you buy stuff on xxxx same as cash...make sure you do the math. Then protect yourself and subtract at least one pay period.
Posted on: Tue, 03 Dec 2013 06:39:55 +0000
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