anyone used Bestbuy's financing?

A good rule of thumb is not to buy something until you can afford it...

There's not much more to know... 18 months no interest. I recently bought a laptop with it, one thing to consider is that to be approved for enough for a decent tv you're going to have to have pretty solid credit.

I used it for my Sony TV/Blu-Ray combo. As long as you pay it off before the 18 months, you don't get charged any finance charges. But you HAVE to be good about paying it off.

Yeah, just make sure you pay it off in 18 months or otherwise you will regret it!! Hello Finance charges!! I buy most or all of my stuff this way and i just make sure i pay it off early!! It works great for me!

A good rule of thumb is not to buy something until you can afford it...

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It's actually intelligent to use financing in your favor. 0% interest with no fees is literally free money. Why pay $1500 all at once now when you could pay $100 a month for the next 15 months, while keeping the money segregated in another safe investment (high yield savings account) earning interest. Doesn't mean you can't afford it. Hell, even if he did not have $1500 all at once, why save for months then pay when you simply could get the TV now and enjoy it, then pay as you go which is kind of like forced savings.

In the end their financing is very good. I've used it multiple times before (laptop and TV). Just remember to make more than the minimum payment, pay it on time, and make sure it's paid off in 12-15 months as a rule of thumb. If you are late a payment they can, and probably will, make the interest rate 29.99% which is what most credit card companies do.

I have really good credit and Best Buy gave me a $10K credit limit on my card. Not sure why it's that high (who would ever spend more than a few thousand MAX??). With average credit you should get a line around $2500 which is plenty for a good TV.

My father bought a sony 37" 1080p bravia tv with free sony blu ray player for 1 grand and 0 interest for 18 months but they tried to charge him a late month fee 5 days before the monthly payment was due (on the 3rd month) and he called in and they did a 'friendly courteous wave' just this one time and he just paid it off instead and closed the account. just watch it for the late fees as if you don't pay more than a week in advance they'll tack on a late fee so be careful.

[quote name='intoxicated662']My father bought a sony 37" 1080p bravia tv with free sony blu ray player for 1 grand and 0 interest for 18 months but they tried to charge him a late month fee 5 days before the monthly payment was due (on the 3rd month) and he called in and they did a 'friendly courteous wave' just this one time and he just paid it off instead and closed the account. just watch it for the late fees as if you don't pay more than a week in advance they'll tack on a late fee so be careful.[/QUOTE]

Yet another good reason to pay bills online (direct through their site). They give you a tracking number and you can make a payment a day or two before it is actually due. It will post to your account even before the money comes out of your account. Why would I send in a check or do bill pay through a bank when they (the bank) say I still have to schedule payments 7 days in advance?

Lastly, interest free is great if you're diligent about it. If you don't pay it off in time you will accrue interest from the day the purchase was made. Learned that the hard way when I had $500 in interest hit at once since I didn't pay a computer off in 24 months. Also, make a late payment and your interest charges get tacked on from the purchase date plus a huge jump in the interest rate going forward.

I would say be careful about it. I signed up for their best buy card (at the BB store through HSBC bank) to get a laptop. I'm still paying for it, but I really don't like that fact that in all of Illinois, there is only one branch and it is 90+ miles away. Very inconvenient since I prefer to go to the bank to pay off my bills. Wasn't to much of a fan of their online website either (which I use to pay the balance off).

Also, it's also good to read fine prints and such, as I totally missed the part where they would charge me an "insurance" fee on my laptop. Basically it was a $10-$20 fee (don't remember) saying that if my purchase should get stolen or broken, I would not be responsible for the remaining balance. Might seem good to some, but this was something I didn't need.

To summarize....Read the fine print and know your spending limits

The 18 months interest free financing is good but you will have to pay 1% of the total each month as a minimum and you MUST pay off the balance before the end of the 18th month otherwise you will get jacked with back interest for ALL 18 months. If you miss 1 payment (or are late on 1 payment) all your financing is gone. You have to stay on top of it. It can be difficult getting a decent size credit amount.

(BTW I was a Best Buy Employee in the HT department up until April )

I applied for Dell and got denied, maybe I'll try Best Buy now. Does it matter if you have money in your bank account? I don't have much there.

[quote name='Griffey867']It's actually intelligent to use financing in your favor. 0% interest with no fees is literally free money. Why pay $1500 all at once now when you could pay $100 a month for the next 15 months, while keeping the money segregated in another safe investment (high yield savings account) earning interest.[/QUOTE]


A common misconception. Your suggestion does not account for risk. Would you take out a second mortgage on your house to make an investment that is slightly higher than the interest on the loan? Most people would not; yet, the idea of using a 0% interest loan to "save" the money is the same thing.

If you put the $1500 in a high yield saving account and pay the entire amount of the TV at the end of 18 months then you would make just shy of $60 with an interest rate of 2.5% (very unlikely you will have a rate this high). One small misstep (risk) on the terms of your agreement and you will more than lose that $60. One large expense (risk) that your were not expecting that makes it so you cannot pay the balance at the end of 18 months and you've lost more money again. Plus, you have the "work" of keeping the terms of the agreement the entire time.

If you pay cash outright, then you avoid the hassle and risk of being a slave to a finance company.

To the OP, several people do take out 0% credit and many people who do end up paying interest on it (all of them thought it was a good deal at the time and for most it ends up not to be.)

The best policy is to have an emergency fund first, then save cash for your purchases. I wish I could convey enough that debt is dumb. People spend 47% more when using debt than cash. You may get your $1500 and decide that the money looks better than the TV.

I don't mean to sound fanatical, but we have been "sold" that debt is a way of life when it is irresponsible. I suggest reading some of Dave Ramsey's materials about debt if you want to see what I mean.

Take care, and good luck on whatever you decide to do.

Take care and good luck with whatever decision you make.

[quote name='SMITTYBLAZE']I applied for Dell and got denied, maybe I'll try Best Buy now. Does it matter if you have money in your bank account? I don't have much there.[/QUOTE]

You need to have 1 credit card and a drivers license. It does not matter if you have any money in a bank account (though you should to pay it off :lol. The process is done through your credit score. As others have said your credit has to be extremely good to get any type of substantial credit balance ( or anything even close to a tv's price).

Also just to let you know Best Buy can do 10% higher than the approved credit total on your first purchase (i.e. if you are approved for $1000 they can can $1100 on your first purchase). Dont ask me why.

What a load of crap!!! I suddenly got a deep urge for a laptop and now I'll have to wait 'til after Christmas!!! Ahh!

High yield savings account...It is to laugh.

well mixed opinions. I can afford the tv, thats not the problem. The problem is weighing the deals.

for example the tv is $900, no tax from amazon.

$900+tax = about $980 or so

so what I am weighing is $980 + 18 month financing, or $900 straight up w/ no tax.
Although with BB you also have the benefit of a B&M to return it to.

But I've used financing in the past, not on a tv, but they've been great for my pc and laptop. I paid about $50 a month for a year to get my laptop, which was much better than paying $600 up front. I just wanted to hear opinions form BB financing customers

[quote name='V4oLDbOY']But I've used financing in the past, not on a tv, but they've been great for my pc and laptop. I paid about $50 a month for a year to get my laptop, which was much better than paying $600 up front.[/QUOTE]
Better in what way?

I can't fathom why you wouldn't pay up front if you have the cash.

[quote name='Allnatural']Better in what way?

I can't fathom why you wouldn't pay up front if you have the cash.[/QUOTE]

LOL... enjoy being poor your whole life.

The reason that you use financing is not because you can't afford something immediately... it's so that you can take advantage of your bank's interest on your own money for as long as possible, as well as taking advantage of inflation rates (though, in the USA this is not too big a factor in such a short time frame). I'm not going to get into a lecture on economics here, but paying for things upfront when you have the option defer payment is one of the stupidest things you can do, especially when you're being offered 0% interest for any amount of time.

I don't really like financing at all. I usually save til I have enough to get what I want. But if you do decide to do that I would make yourself a plan to get it paid off before interest starts. WHy pay more if you don't have to?

Zero percent interest is easily the best way to buy things. I am buying my car with 0% interest and it allowed me to get much more car for the same money. As to your dilema Op, it basically comes down to paying $80 extra over 18 months versus having the extra money now. It is the holiday season and black Friday is right around the corner. Having that extra money may allow you to take advantage of some of the deals.

I just finished paying off my TV from best buy. The financing was great for me. It really just depends on how responsible you are. Same with any credit/debt.

I scheduled payments for the year and could have left it alone. However, I am OCD about checking credit card payments and such, so I would check it like every 2 weeks anyways.

Yeah financing is pretty awesome. I just got a pretty spectacular new 42" samsung and assuming I just pay the minimum to not get interest its only costing me $35 a month (I plan to pay it off quicker cause I want a new laptop too but this was more pressing) and I don't know if I'd ever just have around $600-700 to blow at once no matter how carefully I saved.

I did it when I bought my parent's a laptop (for Christmas).

As long as you pay on time you're fine. If you miss even 1 payment, the finance charges start from the 1st day. Doesn't matter if you paid on time for 17 months and mess up on month 18.

I had good experiences using them for my TV about a year ago. Just made sure to pay it off early. As others have said if you're on time all year and just miss that last payment - you get screwed with all the late fees.

I paid plenty extra every month just to be safe and get it out of the way. For me it was certainly better than plopping down $1000 on the spot.