jcarte29 wrote:There's no trap about that. 1) common sense tells you if you don't pay it off in the period stated, you're gonna acrue the interest from the entire time (Isn't that any 0 promotion offer, no matter the brand?) 2) It clearly states on the promotional summary of your statement the date to have it PIF by. 3) Lowes has one other long term financing offer, and thats 84 months (if my memory recalls it's 3 point something APR)
With that being said I would go with the store card. I have one from Lowes and not only does it keep me from the temptation of using it elsewhere, they have actually told me that no matter what the current promotion is, if I have a purchase at or above only $299, I can choose 6, 12, 18, or 24 months 0 percent. I essentially use it solely for home projects. In fact I'm just waiting for the right time to do my next one, which will replace all the flooring in my house (minus kitchen and bathrooms). I've estimated it to be around $2,500, not much different from your plans cost wise.
And given the score and information you shared, and you have the same or better discipline than myself (you gave no reason not to think so, and you make 20k more annually than me), a store card will suit your needs just fine.
No. '0% for X months' is not the same as 'no interest if paid in X months'. Note how HD and Lowes cards carefully avoid using the term '0%'. What the HD and Lowes cards do is a sneaky tactic really only used in the subprime financing world. It's not something you have to accept if you have good credit and know what you're doing.
If I make timely payments from January to April while carrying a balance on a true 0% card but then miss the fifth payment in May, the issuer can only raise the rate and apply it to the period after I was late - from May onwards. The APR that applied from Jan through April doesn't change retroactively. The Lowes and HD cards can trigger interest all the way back to January. It's a high APR that is simply forgiven if you pay according to schedule.
southerndude, If you were paying the Lowes card off in full in a month (which you're not planning to do) then it would be a reasonable option to get the Lowes card. But you're not doing that.
If you had bad credit, then maybe the Lowes or HD cards would be the best you'd be eligible for. But you have good credit, and are really best off avoiding those cards. I don't really see any room for an informed counter-argument here.
Get a Freedom and have the best of both worlds - have a real 0% card for 15 months and earn rewards that feed into the UR system you're already using with CSP. Or, if your Discover is still at 0% and you can wait to make the purchase until the summer, you can enjoy the Discover 5% bonus category.http://creditcardforum.com/store-issued-cards/887-home-depot-credit-card-scam.html
That's the review for HD. It ends with:"Conclusion?
Whether you’re after low interest rates or rewards, this is a rotten credit card all around. To add insult to injury, I hear the customer service is treacherous on it.
The only half-way logical reason I can think of for getting it is if your credit score is garbage and you need an easy to get credit card. If that’s the case, the Home Depot credit card requirements/qualifications aren’t too strict. But for anyone with average credit or above, you can do much better getting a card elsewhere. "
Yes, the Lowes and HD cards can come with high limits, but that doesn't mean they are actually worth using.