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/#utm_source=rss&utm_medium=rss&utm_campaign=stay-away-from-the-90-days-same-as-cash-trap Personal Finance Blog, Your Guide to Financial Fitness Sun, 14 Mar 2010 13:45:48 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: Mac http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/comment-page-1/#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: Mike http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/comment-page-1/#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: Jenny http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/comment-page-1/#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: Sean http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/comment-page-1/#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 Post http://www.moneycrashers.com/stay-away-from-the-90-days-same-as-cash-trap/comment-page-1/#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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