Comments on: Stay Away From The “90 Days, Same As Cash” Trap http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/ Personal Finance Blog, Your Guide to Financial Fitness Fri, 10 Feb 2012 01:15:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: mattyk40http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-32718 mattyk40 Thu, 25 Aug 2011 17:18:00 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-32718 To those of you who think it is smart to use these "xxx days same as cash" options who have the money to buy today.....you are not utilizing your money well. It usually cost the store offering the program anywhere from 5-15% of the amount being finaced to use this system. How else would the credit company make $$$ from those that pay in time? This means that if you have the cash, it would be easy to negotiate a lower price, since they would have to give it up to the credit financing compay anyway. Use your money wisely... To those of you who think it is smart to use these “xxx days same as cash” options who have the money to buy today…..you are not utilizing your money well. It usually cost the store offering the program anywhere from 5-15% of the amount being finaced to use this system. How else would the credit company make $$$ from those that pay in time? This means that if you have the cash, it would be easy to negotiate a lower price, since they would have to give it up to the credit financing compay anyway. Use your money wisely…

]]> By: Myecomhttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-31742 Myecom Fri, 10 Jun 2011 21:44:00 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-31742 I always use these, and I always pay them off before they are due. I bought a bed for $3200, 24 months no interest and paid it off in 8 months. So if your not an idiot these can work for you. I always use these, and I always pay them off before they are due. I bought a bed for $3200, 24 months no interest and paid it off in 8 months. So if your not an idiot these can work for you.

]]> By: Vinahttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-22904 Vina Tue, 08 Mar 2011 21:27:33 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-22904 I think if you live within your means and don't over purchase what you can't pay off, the "same as cash" deal can work out for anyone. Budget, budget, budget!!!!! I think if you live within your means and don’t over purchase what you can’t pay off, the “same as cash” deal can work out for anyone. Budget, budget, budget!!!!!

]]> By: Rogerhttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-12390 Roger Thu, 17 Jun 2010 15:51:30 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-12390 WOW! you're brilliant! those people wouldn't ever have shit either if they didn't purchase it that way! How many people just have cash saved up or around to go buy the things they need right now! Life doesn't work that way! Hence the reason why we have those finance programs! Especially with the economy the way it is! Sure a lot of people have abused it and have gotten themselves into bad situations. Moderation is the key to most things in life though! This is a world of impulse buying! Always has Always will be! Get over it and just buy things in moderation! Don't buy 3 big ticket items on financing in a short period of time. Just be a bit smarter about it and you'll be fine! Just make sure you don't make late payments and if you're budgeted well you will have a lot more things in life thanks to these type of finance programs! MODERATION!! WOW! you’re brilliant! those people wouldn’t ever have shit either if they didn’t purchase it that way! How many people just have cash saved up or around to go buy the things they need right now! Life doesn’t work that way! Hence the reason why we have those finance programs! Especially with the economy the way it is! Sure a lot of people have abused it and have gotten themselves into bad situations. Moderation is the key to most things in life though! This is a world of impulse buying! Always has Always will be! Get over it and just buy things in moderation! Don’t buy 3 big ticket items on financing in a short period of time. Just be a bit smarter about it and you’ll be fine! Just make sure you don’t make late payments and if you’re budgeted well you will have a lot more things in life thanks to these type of finance programs! MODERATION!!

]]> By: Smarthttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-11833 Smart Mon, 17 May 2010 15:47:52 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-11833 If you are able to pay it off within the time period, there is nothing better, IMHO. I ONLY use "xxx same as cash" offers. Granted, I have the cash to make the purchase outright at the time I make the purchase, usually, but I would much rather keep the money to myself and let someone else pay for it. As a previous poster noted, budget. I simply figure out how much I need to pay monthly to ensure that I don't get slammed with the finance charges. It's really easy and nice. The bigger underlying problem was touched upon in the first paragraph. People feel entitled to buy stuff (I deserve it, right) even when they cannot pay for it. Part of the cause for the whole subprime/housing debacle. Sure, the lendors were greedy, but the fact is, many people bought more than they could pay for... If you are able to pay it off within the time period, there is nothing better, IMHO. I ONLY use “xxx same as cash” offers. Granted, I have the cash to make the purchase outright at the time I make the purchase, usually, but I would much rather keep the money to myself and let someone else pay for it. As a previous poster noted, budget. I simply figure out how much I need to pay monthly to ensure that I don’t get slammed with the finance charges. It’s really easy and nice.

The bigger underlying problem was touched upon in the first paragraph. People feel entitled to buy stuff (I deserve it, right) even when they cannot pay for it. Part of the cause for the whole subprime/housing debacle. Sure, the lendors were greedy, but the fact is, many people bought more than they could pay for…

]]> By: Machttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-10749 Mac Sun, 04 Apr 2010 02:56:20 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-10749 Hey, not very appropriate. So your method (if you have one), is different than my own. Big deal. The way I do it works for me, and I certainly do budget...that's how I'm able to pay off every purchase I make and never pay a dime of interest. Do you have a house, a car? Do you pay for those up front, or do you have a loan? Same deal, different product. Hey, not very appropriate. So your method (if you have one), is different than my own. Big deal. The way I do it works for me, and I certainly do budget…that’s how I’m able to pay off every purchase I make and never pay a dime of interest. Do you have a house, a car? Do you pay for those up front, or do you have a loan? Same deal, different product.

]]> By: ryanhttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-10746 ryan Sat, 03 Apr 2010 17:35:23 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-10746 you are just a bum. its called budgeting, look into it. you are just a bum. its called budgeting, look into it.

]]> By: Machttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-10243 Mac Sun, 14 Mar 2010 05:48:17 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-10243 For big ticket items, I almost always go for the 6-18 month no-interest deals when I can find them...assuming I already have a store card. It's not always easy to pay it off in time, but I make that a #1 priority and have succesfully done so each time. I find I still can haggle, even with the finance plan in place, so it's been a win-win for me. For big ticket items, I almost always go for the 6-18 month no-interest deals when I can find them…assuming I already have a store card. It’s not always easy to pay it off in time, but I make that a #1 priority and have succesfully done so each time. I find I still can haggle, even with the finance plan in place, so it’s been a win-win for me.

]]> By: Mikehttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-9435 Mike Wed, 24 Feb 2010 00:37:22 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-9435 "80% of people that go for these deals NEVER pay off the balance in full” This is simply not correct, and was obviously NOT researched. The author should go and check with finance companies to really find out how many customers don't pay off in the SAC timeframe. I used to sell windows and our customers used 6 or 12 months SAC programs about 25% of the time. This amounted to roughly 500 customers a year. Our finance provider said that virtually ZERO customers allowed the free timeframe to expire. Watch the clock, make sure you are on top of your bills and pay it off on time and use someone else's money - why not!? Many stores give a cash discount, but some don't and the SAC deals are truly FREE if you pay on time. The finance companies do NOT make their money on interest from the customer but on fees the store has to pay. They usually range from a couple of percent for 90 days up to 10% - 11% for 18 months. It WILL show as an inquiry on your credit report which MAY be a problem for some folks. “80% of people that go for these deals NEVER pay off the balance in full” This is simply not correct, and was obviously NOT researched. The author should go and check with finance companies to really find out how many customers don’t pay off in the SAC timeframe. I used to sell windows and our customers used 6 or 12 months SAC programs about 25% of the time. This amounted to roughly 500 customers a year. Our finance provider said that virtually ZERO customers allowed the free timeframe to expire.

Watch the clock, make sure you are on top of your bills and pay it off on time and use someone else’s money – why not!? Many stores give a cash discount, but some don’t and the SAC deals are truly FREE if you pay on time. The finance companies do NOT make their money on interest from the customer but on fees the store has to pay. They usually range from a couple of percent for 90 days up to 10% – 11% for 18 months.

It WILL show as an inquiry on your credit report which MAY be a problem for some folks.

]]> By: Jennyhttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-9163 Jenny Tue, 09 Feb 2010 22:40:36 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-9163 We use same as cash all the time just so we can keep the money in our pockets in case of emergency in between the time we start the clock and the time the due date happens. We never have missed a due date. The beauty of it is that you don't have to make a payment most the time, until it's time to pay it off so you can set aside some money each month if you don't already have it stashed away. The interest can only be charged on the outstanding balance on the due date and most programs have no penalty for prepayments so you can pay it off as you can. I've seen interest rates at 15% 16% 17% and never saw any with 25%+. It's a great program for really needed items like replacements to heat/AC, or applicances you HAVE to have now, but didn't plan on We use same as cash all the time just so we can keep the money in our pockets in case of emergency in between the time we start the clock and the time the due date happens. We never have missed a due date. The beauty of it is that you don’t have to make a payment most the time, until it’s time to pay it off so you can set aside some money each month if you don’t already have it stashed away. The interest can only be charged on the outstanding balance on the due date and most programs have no penalty for prepayments so you can pay it off as you can. I’ve seen interest rates at 15% 16% 17% and never saw any with 25%+. It’s a great program for really needed items like replacements to heat/AC, or applicances you HAVE to have now, but didn’t plan on

]]> By: Seanhttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-8344 Sean Thu, 21 Jan 2010 04:44:42 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-8344 "80% of people that go for these deals NEVER pay off the balance in full" Wow, that is way higher than I thought it would be. I've actually done the 12 months no interest game once before for some furniture. It worked out for me, but I was never comfortable with it. I always worried I was going to miss a payment accidentally and get hit with all the back interest AND the high rate. I agree with the author though, save the money first and then buy. “80% of people that go for these deals NEVER pay off the balance in full”

Wow, that is way higher than I thought it would be. I’ve actually done the 12 months no interest game once before for some furniture. It worked out for me, but I was never comfortable with it. I always worried I was going to miss a payment accidentally and get hit with all the back interest AND the high rate. I agree with the author though, save the money first and then buy.

]]> By: The Financial Blogger » August Top Ten Posthttp://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-5058 The Financial Blogger » August Top Ten Post Mon, 03 Sep 2007 11:04:27 +0000 http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/#comment-5058 [...] #8: Stay Away From The “90 Days, Same As Cash” Trap [...] [...] #8: Stay Away From The “90 Days, Same As Cash” Trap [...]

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