Some family of mine in Ohio recently moved into a bigger house and of course, that means it’s time for furniture shopping!
So that involved swinging by a Levin Furniture location to price out a living room set while visiting them. It always amazes me how sales reps are so eager to offer you their store’s financing application. While the Levin credit card is not inherently worse than most other stores, I’ll say it again because so many people still don’t understand that this easy bait is a hook, line and sinker.
Issued by WFFNB or GE Capital or Comenity? Same difference
Previously the Levin Furniture card was issued by World Financial Network Bank (WFNNB) but around 2010, they switched over to GE Money… different company, same difference. T0 makes things even more confusing, in 2012 they switched to back to WFNNB (who now operates under the name Comenity).
For 2013 the APR on this card is ridicuolous. Just how bad is it? 24.99%
Yes, that’s right… almost 25% when I looked. The fact that most store cards have rates in the 20’s is bad enough, but almost 25% credit card interest on a big ticket furniture purchases is brutal.
0% promotional offers? Be careful
I know what you’re thinking: “I don’t care if it’s 24.99% because I will be getting a 0% promotion.”
But here’s why you need to care: The 0% promotion that GE Money offers on this card requires payment in full before the time is up to avoid interest.
For example if it is “no interest if paid in full within 36 months” what that actually means is that the only way there is no interest is if you pay it all off during that time. And if you don’t? Well prepare for pain. I’m talking brutal gut-wrenching pain. Why? Because the accrued interest from day one will be added on if it’s not 100% paid off in time.
In other words, if there’s a shadow of a doubt you can’t pay before the time is up, then you shouldn’t bite the bait. The application may be easy, but it’s not worth it. Plain and simple.
Can you qualify for something better?
If you can get something better, then there’s no point in risking it with these types of “no interest if paid in full” offers. Go with a major credit card that doesn’t do that.
Whatever your credit might be, use this form to see if you might be pre-selected for something better. Don’t worry, checking will not affect your credit score.
Last updated for 2013