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  1. #1
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    Default Interest free finance help

    So my laptop died about a month ago and im going crazy without one. Harvey Norman has interest free finance until Dec 2013. I have never used these before, hn uses go mastercard through GE finance. Can anyone give me any advice on this? I am always sceptical that everything is a trap but ideally we would pay off the laptop in a few months? Is it a trap I should stay well away from?

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    DONT DO IT! Its a credit card with GE that is very hard to close the account on.

    We bought our dryer with GE & its not good. We're still paying for 4 years on. Your better off renting with flexirent (also Harvey Norman). Far easier to deal with.

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    Can i ask why you can't close the account?

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    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    I would only do it if you be strict enough to pay it off before the interest free finance period ends.


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    You can close the GE accounts, you just have to jump through a few hoops. We purchased our bed on GE and three days after it finished we had the account shut down.

    How much do you want to spend on a new laptop? You can get a good one for just over $300 at JB at the minute.

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    Quote Originally Posted by Jess1889 View Post
    Can i ask why you can't close the account?

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    They wont accept we want it closed. It got to the point that i got our accountant onto them to get it closed & his still arguing with them.

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    There are 3 potential issues:

    1. You end up buying something more expensive as you don't have access to all the stores.

    2. You buy above your means, as you are not paying cash and it doesn't seem as much.

    3. You fail to repay it by the due date, and have to pay ridiculous interest.

    How much can you afford in cash? We bought a new laptop for $344 frin jb hifi this week, which was a bit over $500 including ms office and anti virus. My point is that they are a lot cheaper than they used to be.

    But, you can make interest free work for you. My bf and her husband earn close to $200k btw them, and only have aveeage expenses. They bought an apple on interest free, as they still got the lowest price and have the capacity to pay it back. But by putting it on the store card, there were reward points and some sort of price match guarantee. But they are probably not the norm for interest free.

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    Izy  (05-01-2012)

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    Interest free is just like credit cards - provided you pay it off within the allocated interest free period it's a good way to buy things.

    BUT you have to keep in mind that the minimum repayments won't see you paying it off within the interest free period. So you have to pay more than the minumum. The interest that kicks in after that period is pretty brutal.

    I think we still have an old GE account but because there's nothing owing it doesn't cost us anything.

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    Izy  (05-01-2012)

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    We have purchased a few things using interest free on GE a couple of times. It's really good if you make SURE you pay it. There is a monthly minimum that of you don't pay I think there is a $35 fee. If you don't pay it off in the interest free period then you pay 29% interest!!!!!!
    Saying that, we didn't have trouble and were happy doing it that way.
    I think if you get something under $500 then it's probably not really worth using GE.


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    Izy  (05-01-2012)

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    Quote Originally Posted by LucyB View Post
    .
    I think we still have an old GE account but because there's nothing owing it doesn't cost us anything.
    we do too.. It's good as don't have to apply again if we were wanting to use it again but in saying that when applying for bank loans etc they will use that against you as they use the whole credit amount even if the balance is zero. Ie if you can get $8,000 on your GE card then that's what they go on (does that make sense I'm all muddly today!!)
    I haven't activated my "credit card" that came with the GE account as wasn't silly enough and they got mad that's not going to do anything hehe



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