Did you spend a couple thousand on a new bed and finance it through the store? Then make sure you read this…
Sleep Number (formally known as Select Comfort credit card) has 12 and 48 month payment plan through GE Capital. The offer you get depends on the mattress and not surprisingly, the longer deals require you to spend the big bucks:
Be aware that they often charge interest retroactively – at a rate of 29.99% – if you aren’t able to pay back your purchase within the allotted number of months. Check the fine print for yourself on one of their offers, such as this:
In order to avoid retroactive interest, what you will want to do is transfer your balance to a new card that gives 0%. If you do that before the offer expires on the Sleep Number bed credit card, then you won’t get charged the retroactive interest (because it will be paid off, at least to them).
And if you don’t already have a Sleep Number credit account, you should probably just avoid it in the first place. In addition to the aforementioned trap, none of the 48 month plans are valid with promotional sale prices.
So that means even if you used their card opportunistically (by paying it off in time) you still would be losing out, since you didn’t qualify for the sale pricing.
Let’s see… the possibility of deferred interest payments at rate of nearly 30% -AND- missing out on sale prices with the 48 month plans?! It’s a lose-lose situation with the credit card from Sleep Number.
Written or last updated August 9, 2013