12month no payment Purchase, ANYBODY?

Hi,

I wonder whether you guys have every sign up for the 12 months no payment purchase with Hp. I dont really know the detail, but assume the price being paid is "equal" to the price of lappy being purchased by cash. Would you all sign up for it....

..or is there any hidden payment or tax or whatever?...

please share to us if you have any bad or good experience.
Thank you

 

Basically these promos are legit - the biggest thing to note is that the interest accrues during the 12 month period - basically if you don't pay it off by the end of the term, all 12 months of interest is applied at the end of the first year.

These deals are great is you still make payments, and pay it off by the end of the term - if you do so, it is largely the "same as cash".

 

Hi Monkeysings,
I never did with HP, but I have with some other stores. The main thing to remember is that if you do not pay the entire amount by the expiration you will be charged interest for the full amount for the full period. Not sure if HP does theirs that way but Best Buy and Home Depot do. If you can pay it off before the year is up it is a good deal, otherwise a more traditional purchase method would be cheaper.

 

For example, if I plan to pay a portion of the payment after 2 months, will I be charged the interest? Do I have to make an one-time full payment?

 

Hi preachp, and all,

So basically all the interest will not be charged on me if I manage to pay it off within and/or before the 12 month period right? I think I can, I manage to make subtantially 700+ but I am still confused whether the offer from Hp is honest or not!

Have you ever take the offer PreachP, or anybody, please share your experience to all of us... =)

Thank you very much
Monkey

 

Oh I forgot to ask,

I quote from HP site:
"Grace period for repayment 25 days from billing date. No finance charges assessed on outstanding balance if paid in full by due date. Minimum payment 3% or $20.00"

They do not exactly explain how to pay the bill, is it by credit card or check or what, will they charge another administration fee again if the lappy is paid by using check or cash....

I dont know about credit card, the payment would be practical and no additional charge, If I am not mistaken... Anyway, please let me know about this...

Tx

 

i used the 12 month no payment method for my last notebook that I ordered from HP. I didn't make any payments for about 4 months, and then just payed the whole sum off. I never had a problem, and was never charged any interest.

Basically, just make sure the entire bill is payed off before the 12 months is up.

Also, they never sent me a bill in the mail. I think they do this intentionally with the hopes that you will eventually forget about it, and the 12 months will pass. Since I did not receive a bill in the mail, I just logged in on their website, and payed it off with a CC.

Lucas

 

Nah, I just think someone is stealing your mail cuz I get a bill from HP every month. ;-)

 

Hi Monkeysings,
If you pay the entire amount off by the end of the 12 months you will mot incur any interest charges. But with both Best Buy and Home Depot we paid a couple off completely and there was no interest charge, however with both we carried only a portion of the total amount over the end of "offer" period and were charged interest for the full amount for the full time. The interest charged afterwards was based on what remained to be paid. I have never used an offer like this from HP but would assume that unless it is clearly stated as otherwise it would be the same.

 

hey PreachP, Lucas, and all,

Thanks for the reply. Preach, do u pay the bill by CC like Lukas, or check? Can you please share to us in more details, because I'm still wondering a part from the $1 administrative fee, do they charge us any hidden fees on whatsoever...?

I'm wondering about this.

Thx a lot,
Monkey

PS: any other options or ideas from everybody are welcome.. cheer

 

Hi Monkeysings,
The fees would be unique to each program. You would have to check that out for the paarticular plan. As for how you pay that is up to you. Paying with a CC is really kind of self defeating since you will end up paying the CC's interest rate on what ever you put on the card. But if it is getting near the end of the "offer"" period and you don't have the money to clear it then it would be more economical to put it on hte CC.

 

Hi Preach,

I copy and paste the term below:
Probably, my statement or question wasn't clear. I was wondering that IF I pay the bill using the credit card, in this case I have some funds available around 7/8 of the total payment, will the price be the same like buying it in cash....? Assuming for a $1200 lappy I'm short of $300. That was my case..

Preach, my following stupid question is it true that for "12 Months No Interest, No Payment on purchases of $299 and over" as describe in e-finance offer?

I dont want to be cheated, so please, please advice me...

thank u so much, dude =)




*90 Days No Interest, No Payment offer: Offer valid on purchases under $299. 12 Months No Interest, No Payment offer: Offer valid on purchases $299 and over. 18 months no interest offer: Minimum Monthly Payments required. Offer valid on TV purchases. Information for all offers: Same as Cash offers on approved Home & Home Office Store credit card purchases. No Finance Charges if purchase is paid in full before the promotional expiration date indicated on your billing statement and your Account is current. If the purchase is not paid in full, Finance Charges are assessed from the purchase date at the Standard Rate APR. For Accounts not current, the promotion is cancelled, and the Default Rate APR and Minimum Monthly Payments for 90 day and 12 month offers apply. Minimum Finance Charge $1. Certain rules apply to the allocation of payments and Finance Charges on your promotional purchase if you make more than one purchase on your Home & Home Office Store credit card. Call 1-888-367-4310 or review your cardholder agreement for information. For Accounts generated on or after 3/27/01: The variable Standard Rate APR is Prime Rate + 14.4 percentage points (21.65% as of 02/16/2006). The variable Default Rate APR is Prime Rate + 17.4 percentage points (24.65% as of 02/16/2006) and monthly payments will apply. For Accounts generated before 3/27/01: The Standard Rate is 19.2% APR.