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90 days same as cash or pay off now....

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Site has officially gone rogue. Confusing....

 

Question

 

Bought furniture for a couple k and the deal is 90 days same as cash but after 90 days the interest is bogus.  Would you pay it off immediately if you had the cash or wait a while for it to register on your report after 90 days then pay it off.  Also this would deplete the savings by a couple k which I didn't want to do...

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Site has officially gone rogue. Confusing....
 
Question
 
Bought furniture for a couple k and the deal is 90 days same as cash but after 90 days the interest is bogus.  Would you pay it off immediately if you had the cash or wait a while for it to register on your report after 90 days then pay it off.  Also this would deplete the savings by a couple k which I didn't want to do...
Pay it off asap if you have the cash.

Sent from my SM-N950U using Tapatalk

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Pay it off ASAP. 

 

Like many any business models, the furniture business is hoping you don’t PIF, before the deferred interest ends. 99% of the time, if you don’t have it PIF at the end of 90 days or whatever the timeframe is, the interest backdates to the original sale price. You are getting ready to take it in the flowers dry, if you don’t get it PIF before the 90 days is up.

 

Furniture is a typical emotional purchase. Sales personnel know this. I’m not opposed to deferred interest schemes as long as you are purchasing based on math and not emotion. Or said another way.........think more, and feel less.

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If paying upfront won't hurt you cash-wise, pay cash now. If you want to finance it, take the 90-day offer and pay it off way before the 90-day period ends. I did that with my bedroom set.

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I've used those sorts of offers in the past and put the money into a short-term CD (back when you could at least get a decent rate, even on short-term).  Made sure it was paid off before the expiry of the same-as-cash deal.  Used the meager profit for a good bottle of wine or something similar...

 

There is no harm in waiting a little while to pay it off...just be sure it is paid before the date applicable to the cut-off.  In some cases, it is actually more like three statement periods.  Your statement should show the actual date by which it must be paid. 

 

I do these all the time with some of the PayPal stuff, especially since it doesn't report a balance.  Free money is free money.

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If there is any risk of NOT having the cash to pay the balance in full before retroactive interest kicks in, pay it now.  

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