Apply for Slumberland credit card or not?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
7 posts
29marlins
Green Member
Green Member
 
Posts: 3
Joined: Mon Apr 29, 2013 8:01 pm
Location: somewhere i don't want to be

Apply for Slumberland credit card or not?

Postby 29marlins » Mon Apr 29, 2013 8:16 pm

I picked up an application for the Slumberland Advantage credit card, the furniture store. Haven't turned it in yet tho. The financing offer is this.

NO INTEREST IF PAID IN FULL WITHIN 18 MONTHS
Interest will be charged to your account from the purchase date if the purchase balance is not paid in full within the promotional period. Requires minimum purchase of $1499. No down payment required. Available in-store only.


The bedroom set I'm buying is going to run me around $1500 to $2000 I am thinking.

My goal is to pay it off within a year and a half but I can't 100% guarantee I can do that. If I don't pay it off before the 18 months then the way I read this is that I will owe interest from before that, is that how it works?


User avatar
Z06Biker
Centurion Member
Centurion Member
 
Posts: 464
Joined: Fri Apr 12, 2013 5:39 pm
Location: Los Angeles

Postby Z06Biker » Mon Apr 29, 2013 8:30 pm

You read correctly. That's exactly how they get you.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

29marlins
Green Member
Green Member
 
Posts: 3
Joined: Mon Apr 29, 2013 8:01 pm
Location: somewhere i don't want to be

Postby 29marlins » Mon Apr 29, 2013 9:26 pm

Wow. I was hoping I was misinterpreting it.

Then why would someone apply for the Slumberland credit card? Bank cards don't work like that, correct?

User avatar
Z06Biker
Centurion Member
Centurion Member
 
Posts: 464
Joined: Fri Apr 12, 2013 5:39 pm
Location: Los Angeles

Postby Z06Biker » Mon Apr 29, 2013 11:28 pm

Oh, most do. A lot of banks that offer 0% APR for the first 12 cycles have the same fine print. If you don't pay it all off within a year, BOOM -- they hit you with all the interest you've "invisibly" accrued.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

29marlins
Green Member
Green Member
 
Posts: 3
Joined: Mon Apr 29, 2013 8:01 pm
Location: somewhere i don't want to be

Postby 29marlins » Tue Apr 30, 2013 1:42 am

Does the Chase Slate or Freedom do that?

pewpew
Centurion Member
Centurion Member
 
Posts: 106
Joined: Wed Apr 03, 2013 3:16 am
Location: nyc/ny

Postby pewpew » Tue Apr 30, 2013 2:59 am

29marlins wrote:Does the Chase Slate or Freedom do that?


nope. you only get pegged with interest on your outstanding balance. the interest is based on the average daily balance of the billing cycle.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

CCG
Centurion Member
Centurion Member
 
Posts: 151
Joined: Thu Apr 17, 2008 6:52 pm
Location: Austin, TX

Postby CCG » Tue Apr 30, 2013 11:46 am

Most store cards work that way (retroactive interest). If there's a chance you won't be able to pay it off before the promo period ends, then the Slumberland credit card probably isn't a good idea.

If you want some good alternatives, check out this list of 0% credit cards that are sponsored. None of them will charge retroactive interest like Slumberland does.



Return to “Finance Charges & APR Compare”

Who is online

Users browsing this forum: No registered users and 0 guests