Community Chat

[SahmIam]

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@momtochloe wrote:

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@Imadickens wrote:

Stores are hoping people will forget and then the interest is charged! We bought furniture from Macy's on that plan. We also have a revolving account. Ever time my dh made a large payment, they always put it towards the revolving balance first, so the "furniture" balance would not get its full amount! For example, if we needed to pay $200 per month on furniture, and had a balance of $400 on revolving account, if my dh sent $450 to Macy's, we'd get a nasty call saying we were delinquent! On the bill it would say minimum balance due on Revolving account was $80 so my dh figured they'd take the $200 we owed on furniture and apply rest to revolving account! Reasonable, right? Nooooooo! When we called to complain, we were told the money always goes to revolving first! Sneaky! We got stuck for late fee, and nearly had to pay interest on the furniture account! Buyer be ware!

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@Imadickens this is shameful and in my opinion predatory behavior on Macy's part.  To be honest, I do not shop there for different reasons but this has convinced me to stay out of there permanently.  

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Yeah, Macy does this. But so does Lord and Taylor, JC Pennys, Bloomingdales..... when they offer a revolving credit be it jewelry or furniture as well as a "normal" CC.  The trick is to use one or the other but not both at the same time. They do tell you this; it's on the form you sign when you open it up. I know because I opened one at Bloomingdales for a mattress/boxspring last year that offered 1 year at 0 interest. At the end of the year, if not paid off, they added in THE ENTIRE PAST YEAR'S WORTH OF INTEREST to your account and now you owe that too. That little nugget was next to section about how payments are applied. The SA pointed both out.

I use zero financing on large items especially when it is something that may take weeks to arrive or has to be ordered. I learned this the hard way with Ethan Allen. Took months to get my money back and since I had used my DEBIT card (paid cash), I was out of luck until it was resolved. Never again.

[Allegheny]

@SahmIam

I use zero financing on large items especially when it is something that may take weeks to arrive or has to be ordered. I learned this the hard way with Ethan Allen. Took months to get my money back and since I had used my DEBIT card (paid cash), I was out of luck until it was resolved. Never again.

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Smart move.  I am going to remember that for the future.

[Imadickens]

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@momtochloe wrote:

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@Imadickens wrote:

Stores are hoping people will forget and then the interest is charged! We bought furniture from Macy's on that plan. We also have a revolving account. Ever time my dh made a large payment, they always put it towards the revolving balance first, so the "furniture" balance would not get its full amount! For example, if we needed to pay $200 per month on furniture, and had a balance of $400 on revolving account, if my dh sent $450 to Macy's, we'd get a nasty call saying we were delinquent! On the bill it would say minimum balance due on Revolving account was $80 so my dh figured they'd take the $200 we owed on furniture and apply rest to revolving account! Reasonable, right? Nooooooo! When we called to complain, we were told the money always goes to revolving first! Sneaky! We got stuck for late fee, and nearly had to pay interest on the furniture account! Buyer be ware!

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@Imadickens this is shameful and in my opinion predatory behavior on Macy's part.  To be honest, I do not shop there for different reasons but this has convinced me to stay out of there permanently.  

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My dh agrees with you completely! Unfortunately, in our small town, there's little choice!

[truffle]

0% never really worked for us.  Too hard to stay off the cards after the promotion ended.     We're good now though.