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  1. #21
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    Thanks everyone. I don't know what to do! It would definitely be paid off bumy the time the interest free term ends, we are pretty good at budgeting and can afford the repayments. And I have no intention on using it for either things while still paying off one thing. Or having a high limit no way! I am still a little scared though!

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  2. #22
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    Quote Originally Posted by Jess1889 View Post
    Thanks everyone. I don't know what to do! It would definitely be paid off bumy the time the interest free term ends, we are pretty good at budgeting and can afford the repayments. And I have no intention on using it for either things while still paying off one thing. Or having a high limit no way! I am still a little scared though!

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    If your scared of it, dont do it.

  3. #23
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    Hubby has a GE card wish he didnt he had a limit of 5000 dollars and maxed it and i am now left to pay it off because he cant be bothered paying it he knows that i will always pay it for him because i dont want his or my credit rateing ruined .I guess they are good if you can trust your self to pay it off and dont use it for things you dont need .

  4. #24
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    Quote Originally Posted by poppyseed View Post
    We have paid for alot of our things thru GE and I've found it brilliant! But as others have said, u have to make sure u pay it off before the interest free term.
    What I do is work out how much ur spending then divide that by the interest free term (ie, $2000 / 24mths = $83.33 a month), then ask urself if u can afford that. GE will send a statement usually much cheaper than that, like $60 a month. We always pay extra so if I really shld b paying $83.33 (the amount I worked out), then we pay $100. That way u pay it off quicker too
    We have paid off;
    2 lounge suites
    LCD tv
    Dining set
    Fridge
    Bedroom set
    Computer
    All at different times over the last 6yrs I always make sure that we actually need the item and then wait until the store has a long interest free term
    We recently got a GO MasterCard (for some reason GO has a lower min spend on items) from HN for a slr camera and it's on 40mths free term. (this is a luxury item for once lol).
    Oh and don't accept their offer of increasing the limit. We have always kept ours quite low.
    Hope that helps
    This exactly!

    We have bought so much stuff over the years that we couldn't afford outright but could afford the repayments. I am currently paying off my nice new fridge that I def wouldn't have afforded otherwise.

    Mine is not a general credit card though, so no temptation to use it for anything other than well researched and thought out large purchases.

  5. #25
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    Quote Originally Posted by Jess1889 View Post
    I am still a little scared though!
    If your scared don't do it! Follow your gut instincts

  6. #26
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    Hi

    I have used interest free many times to be able to buy larger goods, TVs, fridges, laptop etc... I am not a fan of GE (I have used them previously) because of all the extra fees. You have an approx $3.95 monthly fee, plus direct debit via bpay cost an extra 50c and to me that all seems to add up esp if you have interest free over a long period of time. (Those figures are what it used to be, so correct me with updated fees). Though in saying that once you pay off the balance, you do not have any extra fees to pay whilst the account is kept open.

    I personally prefer HSBC interest free. It is exactly like have a credit card where you pay your yearly fee, which i think is $55 but you can make interest free purchases from participating outlets, for example JB Hi FI and **** Smiths. There are no extra fees other than the yearly fee and I dont use it other than to make interest free purchases.

    Like someone mentioned already, calculate the purchase cost and divide it by the interest free period to work out your real monthly payments and just pay it off within the time frame.

    Hope this helps.

  7. #27
    babalooba's Avatar
    babalooba is offline Being a brother is better than being a superhero
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    Store cards can be really good but you have to be smart. We have a GE card and have a washing machine and lounge on it atm. We have $3000 limit and keep refusing to raise it. Both of our purchases were made on long interest free terms (50 months and 24 months) and both were on sale. When you make a purchase make sure you calculate how much it will cost each month and DON'T pay any attention to the minimum payment, you won't pay it off in time if you follow this. We usually pay around $20 more than what I worked out to cover it, just to be safe.


 

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