With the holidays right around the corner, the average consumer is going to finance the vast majority of their purchases. May is the month when this consumer will pay off the last of the holiday bills. On the same token, retailers more than ever are vying for your business. As a result, when you open a store’s credit card, you have the chance to win by saving huge on interest with the best “same as cash” offers this holiday season.
Wal-Mart is currently offering 6-24 month no interest special financing when you spend certain dollar threshold amounts in one transaction. $150.00-$298.99 will buy you 6 months same as cash. $299-428.99 is 12 months while $429-$598.99 will get you 18 months no interest. Any single purchase of $599 or more will earn you 24 months same as cash. As an added bonus if you spend $75.00 or more on your first transaction you will receive a $25.00 statement credit.
The Sears credit card offers either an extra discount or 12 months same as cash in select categories. This offer is good for $499 or more in appliances, $299 or more in fitness, or $1,500 on heating or cooling systems. If you are also a member of Shop Your Way Rewards, Sears’s free loyalty point program, use the credit card to receive an extra 10% in points at: Sears, Kmart, Land’s End, and Sears Outlet stores and online.
Apple will also let you pay off your new iPad Air or MacBook in installments. This credit card gives you 6 months on purchases on $498.99 or less, $499-$1597.99 will give you 12 months. Purchases of $1599 or more will give you 18 months interest free.
Big box electronics store Best Buy is also offered a tiered financing program for the holidays. 6 months is allowable for purchases of $149.00 or more. Any purchase of $429 or more is given 18 months no interest. Both of these offers are storewide. On HDTV or home theater purchases as well as Geek Squad home theater installation purchases of $599 or more will receive 24 months no interest.
There are some great financing offers through retail credit cards this holiday season. All of these offers are based on timely minimum payments due each month. If a payment is not made on time or is skipped, the interest rate will automatically default to the normal interest rate. With most cards, if the balance is not paid in full by the end of the promotional cycle, the interest is retroactive. Retroactive interest is that the credit card company will charge you interest from the first day you made the purchase; this can add up to hundreds of dollars. Pay the balance by the end of the promotional period and enjoy the savings and less stress financing offers can provide.