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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05-01-2012 15:40 #21
05-01-2012 15:41 #22
05-01-2012 15:45 #23Senior Member
- Join Date
- Jun 2008
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 .
05-01-2012 15:58 #24
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.
05-01-2012 16:09 #25
05-01-2012 17:06 #26Senior Member
- Join Date
- Feb 2009
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.
05-01-2012 17:18 #27
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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