Sneaky Fine Print on RC Willey Credit Card?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
4 posts
limona
 
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Joined: Tue Oct 26, 2010 2:01 pm
Location: Tuscan

Sneaky Fine Print on RC Willey Credit Card?

Postby limona » Tue Oct 26, 2010 2:11 pm

My wife and I are remodeling our living room and were going to use the RC Willey credit card to finance the furniture we get at their store. I was going over the application closely and got a few questions on some things things in the fine print that are kind of sneaky.

The 12 months and 18 months deferred interest plans charge $1.00 handling fee for monthly statements. Can this be done legally?

What is the minimum monthly payment on a Visa or Mastercard? The RC Willey card requires 3% monthly on purchases on the 6 month plan but 5% monthly on the 12 and 18 month plans. Would this be more than what a Visa or Mastercard would charge us?

I can't find the RC Willey credit card application online. Does anyone know if they take online applications?

Thank you.


jeffysdad
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Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Tue Oct 26, 2010 5:59 pm

I've never heard of RC Wiley, but if you're going to do this you need to be absolutely certain that you make all of your payments (at least the minimum) on time. If there is any doubt that you will be able to do this, don't take the offer. I've done the no-interest store financing for furniture a couple of times and it has worked great. But you do have to read the fine print. If you screw up just one payment, you will almost certainly be liable for all of the interest that would have accrued over the entire life of the loan, even that from before you messed up the payment.

If you have doubts about what this store is offering -- and it sounds like you do -- I would look into what you might have available to you from other credit providers. If you're going with the store offer, you should definitely find out what bank is behind their offer and google its name along with the store's to see what comes up.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

limona
 
Posts: 2
Joined: Tue Oct 26, 2010 2:01 pm
Location: Tuscan

Postby limona » Thu Oct 28, 2010 1:51 pm

RC Willey is a chain of furniture stores in Nevada, Idaho and Utah and it might be in Texas too. The location we go to is in Utah. The store has good bargains but the credit card in my gut something tells me to stay away from it. If one of us looses our job unexpectedly next year I do not want to pay all that interest if it takes us longer to pay it off.

Thank you for the help. The credit union we use has an attractive offer on their credit card and we are going to probably go that route now. Interest aside that part about paying for statements really gets me have you heard of that before?

jeffysdad
Centurion Member
Centurion Member
 
Posts: 875
Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Fri Oct 29, 2010 8:59 am

I've never heard of paying for statements before. However, that might become more common as banks cut costs and try to raise revenue.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.



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