Is the Bose credit card charging you interest retroactively?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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9624
 
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Is the Bose credit card charging you interest retroactively?

Postby 9624 » Mon Jun 17, 2013 5:56 pm

After pricing out a Bose sounddock with speakers and subwoofer at their store, i was told to get the Bose Preferred credit card which offers no interest financing for 6 to 12 months depending on how much you spend. They were out of applications at the store for me to read directly and it's not avail online which makes figuring this out difficult. I am researching this on my phone right now.

My conversation with the sales rep went something like this.

Sales rep: It is deferred financing.
Me: Ok then it's not true 0%.
Sales rep: No it is true 0%. We defer the interest for 12 months and then start charging you after.
Me: I thought it works differently with deferred.
Sale rep: Nope you get 0% with the Bose credit card.

From my understanding of how credit works i thought deferred meant that retroactive interest would be charged if not paid off in time?


flan
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Postby flan » Mon Jun 17, 2013 9:10 pm

Your usage is the standard one. But don't trust the word of the salesman; his job is to sell overpriced audio gear, not to accurately explain the credit terms. Read the terms and conditions of the credit offer; they'll tell you what you want to know.

CCG
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Postby CCG » Wed Jun 19, 2013 3:29 pm

I tried looking for you to find the answer, but Bose doesn't have a recent credit card agreement online. The only one I could find is from 4 years ago. If the terms are more or less the same now, then yes you are correct - it's only no interest if paid in full. If you don't pay before the time is up, then you get hit with the back interest.

They do have a 0% payment plan that you can use your own credit card for. Here's how it works:

Now: 0% interest from Bose

Choose the Bose® payment plan and make low monthly payments using your own credit card—with 0% APR and no interest charges from Bose. Just tell us which card you wish to use and select the 6- or 12-month payment option.

The Bose payment plan is available on orders of $299 – $1500* paid by major credit card. The 6-month option (web-based orders only) includes an initial down payment of 1/6 the product price plus tax and shipping charges, charged when your order is shipped. Then your credit card will be billed for five (5) equal, monthly installments beginning approximately one month from the date your order is shipped.

The 12-month option includes an initial down payment of 1/12 the product price plus tax and shipping charges, charged when your order is shipped. Then your credit card will be billed for eleven (11) equal, monthly installments beginning approximately one month from the date your order is shipped.


Your best bet would be to do that with a non-Bose credit card that offers 0%.

Here is our list of the longest 0% credit cards (sponsored). If you're currently on the deferred interest plan, you may want to get one of these to transfer the balance to, if you can't pay it off in time before their retroactive interest kicks in. Good luck!




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