What does the fine print mean????

Question

saw in my paper today that home depot has no interest no payments on credit card purchases $299 and over. While reading the fine print, it listed the apr for purchases of $2000 or more. I was going to get a washer/dryer that would be a little over that. Does that mean it wouldn't apply? Here are the terms from the home depot site.

"FINANCE CHARGES accrue from the date of purchase and all accrued FINANCE CHARGES will be added to your Account for the entire promotional period if qualifying purchases, including premiums for optional credit insurance, are not paid in full before the end of the deferred payment period or if you fail to make any required payment on your Account when due. See below for details.*

*With credit approval for purchases made on the Home Depot Consumer Credit Card. APR for purchases: 21% and 15.48% for purchases of $2,000 or more; Default Rate for purchases of $2,000 or more APR: 19%. Minimum Finance Charge $1.00. "

I understand the no interest part only if I pay off the amount in full. I am question if the $299 or more applies to purchases over $2000. I don't want to buy them thinking I have the no interest offer to find out I do because I purchased $2001.

Answer 1

Typically, you don't accrue interest on a purchase for a specified time period (such as 6 months). If you haven't paid your purchase off in that time, then you start accuring interest and some will slam you with interest payments back to the date of purchase (as in the case with Home Depot). If you purchase your washer and dryer, make sure that you pay it off prior to the end of the specified time period (or as they call it, the qualifying period). Call the store and double check that your purchase will be over $2000 and want to make certain that you still qualify for that deal. All have a minimum amount, some limit the maximum as well.

Answer 2

It would be much cheaper to put the washer/dryer on a low interest credit card. Some credit cards are even 0% interest for several months or a year. Always look for the lowest rates. Now if Home Depot is saying no interest, no payments until 2008. You could get the appliances...AND MAKE REGULAR PAYMENTS EVERY MONTH...paying it OFF before any interest is charged. This would be an intelligent way to buy it and save money

Answer 3

If your credit is A1 you would receive an Annual Percentage Rate APR of 15.48 % on charges over $2000 lesser credit would be charged 19%. In this type of transaction interest accrues during the deferral period. If you pay off the entire balance before the end of the interest free period you pay no interest. However, if you fail to pay off the full amount you will be charged with the balance, all of the interest accrued during the deferral period plus additional interest on the remaining total each month. It is a good deal only if you can pay off the entire balance before the interest free period ends.

Answer 4

"Fine print" = text in a small font, often found at the foot of legal/sales documents. It explains the content in maximum detail, and has a reputation for hiding critical information that limits or negates your rights. In the song, which talks of meeting someone after a break-up of a relationship, I assume it means that the narrator has decided not to give away any of her feelings: the ex-partner can work out for themselves the fine detail of what she's feeling. Since I saw you last I've been holding back I figured I should do just that I thought I'd crack but I smiled instead I'll let you read the fine print Read between the lines For what got left behind