You may have seen the “limited time” Sleepys financing offers of 0% for 60 months. What’s the catch?
Let’s face the facts… mattresses are rarely cheap. Sure, the commercials may say for example, Sealy starts at $199, but that might only be for a twin size that is the lowest level model. For more comfort, you’ll be paying more money.
And this is where Sleepy’s Mattress can get you. Their credit card promotions (last I looked) were the following:
- 0% interest for 60 months: Read the fine print and you will see that’s only on purchases of $5,999 and above.
- 0% interest for 48 months: This one requires you spend between $3,499 and $5,998.99.
- 0% interest for 36 months: That’s on purchases of $2,999 to $3,498.99.
- 0% interest for 24 months: On purchases of $1,999 or higher
This is how they get you to buy more than you need. For a thousand dollars, no doubt you can buy a relatively high end mattress set that would satisfy 99% of people. But if you did that, you won’t get 0% financing with the Sleepys credit card since the price would be too low.
The end result? You go into their store to buy a new mattress, but the salesman convinces you to buy more in order to get 0% for a longer period of time. Unfortunately, many of us fall for this trick.
Don’t be taken for a fool
Understandably, the zero interest offers are enticing. But if you let them use that to convince you to buy more stuff, you aren’t saving money… you’re just wasting it.
If you actually were planning on buying $6,000 of bedding in advance (maybe multiple sets for multiple rooms) then by all means, go with their branded credit card that’s issued/managed by GE Capital (formally known as GE Money).
But if you’re spending a more reasonable amount, say $500 to $2,000, my recommendation would be to skip the Sleepys card. Why? Because a major bank card might offer you 0% on purchases for up to a year or two.
If you already have their credit card and can’t pay it off before the promotion ends, then you should cancel the account and transfer your balance to a 0% card. This is because the normal APR on the credit card from Sleepys is a staggering 29.99% APR!
This article was written or last updated November 20, 2013