Empire Today credit card financing VS. competition?

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Empire Today credit card financing VS. competition?

Postby y00t » Thu Sep 26, 2013 2:41 pm

This is a helpful forum I found it this morning and have already learned a lot about strategies for improving my credit score.

That brings me to this question about a retail account I was just about to apply for from Empire carpet and flooring. Their credit card has 2 options for financing depending on how much you spend.

option 1- no interest if paid in full in 12 months
option 2- 48 months (4 years) of payments at a rate of 9.99%

All my current credit cards have interest rates in the mid-teens and the 9.99% is a few lower but it comes with no 0%. The option 1 gives 0% but 12 months is a length of time that's not exactly blowing up my skirt. I'm expecting to spend roughly $3k.

Should I go with what's behind door #1 or #2 or neither?

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Postby mdl28 » Thu Sep 26, 2013 3:32 pm

How much are you financing?

Amex Gold Prem'r
Amex BCP
Amex Green
Barclays Ring Platinum MasterCard
Citi Diamond Pref'd
Chase Sapphire Pref'd Visa Signature
Chase Freedom MasterCard
Discover It
New York Life Visa Signature

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Postby Midori » Thu Sep 26, 2013 3:56 pm

Looking at their website, it looks like they have a 50% off special on flooring, 50% off installation, and 50% off padding and materials going on*****. Residential only, not in Minneapolis. Is your flooring selection eligible for the discount? Is the discount attractive enough to make you want to consider flooring you might not have been initially attracted to? :o)

Honestly, I wouldn't go into debt on home improvement. If I had to choose between 1 or 2, I, personally, would go for Option 1 and pay it down aggressively in at least half that time, if not sooner. The boards are full of people who write about how they slipped up, their finances changed, they paid late, they made some error that whacked them with a boatload of penalties and retroactive high interest. If I couldn't manage all of it in half the timeframe given to me, I would reevaluate what it was I needed to do, and whittle down the project into affordable stages that I would work my way through over time.

*****When purchasing select styles of Carpet, Hardwood, Laminate, Ceramic and Luxury Vinyl Tile, discount is applied to the regular price of the products; basic installation; and standard padding, take-up, haul-away and moving of furniture. Excludes stairs, floor prep, take-up of nailed or glued down products, upgrades and miscellaneous charges. Product cannot be sold separate from installation and materials. Residential installations only. May not be combined with other offers. Not valid on prior purchases. Valid through 10/06/2013 in select Empire service areas. Not valid in Minneapolis service area. Offer subject to change.

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