Is Sleepys Credit Card Too Good To Be True?

You may have seen the “limited time” Sleepys financing offers of 0% for 60 months. What’s the catch?

Sleepy's credit cardLet’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

 
Comments
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Just made a purchase as of just a few days ago and contacted the Synchrony bank. I was told to set up with the retailer (Sleepys) about the 0% financing for 12 months. I was told I could do 60 but know I can pay the balance off in 12 months. It is under $1000 and a remote twin bed with motor. We got off $500 on this bed. I didn’t go in with my Sleepys card but inquired with the sales person the arrangement. money down then when it’s delivered a bill will come in 2 wks. Works for me as I have good credit plus never miss a payment!

Last year bought a second bed at Sleepys. Understood the agreement to be the same as my first bed, No payments, no interest as long as paid before the year was up.
Comming up on that years date and called to pay off the balance to find out I have been charged a fee on any month a payment wasnt made by a certain date.
Only bought the second bed because I already had the account set up and that made it easy. THIS makes it TOTALLY NOT easy and I will be closing the accountas THIS the bed cost MUCH MORE than I could have purchased by CC SOMEWHERE ELSE!
Good bye!

Ive bought plenty of beds from sleepys for under a thousand dollars and still paid zero interest. This blog sounds rather uneducated since my statement fron sleepys also comes from GE – which you also recommended.