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Truth Seeker
Posts: 1
Registered: ‎02-05-2017
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Can I do monthly payment with my Visa credit card?

wondering if I can pay monthly payment

Legendary Epic Genius
Posts: 345
Registered: ‎11-12-2009
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Re: Can I do monthly payment with my Visa credit card?

Hi there,

If you're talking about financing options, you will need to apply for a Best Buy credit card.

The application process takes about 20 minutes and you will know right away If you are approved and for how much.

Best of luck
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Posts: 1,362
Registered: ‎03-28-2015
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Re: Can I do monthly payment with my Visa credit card?

If you put it on your credit card and then just pay small amount of your balance each month then that would be the same as doing monthly payments, however depending on your interest rate you could end up paying a lot of interest


Legendary Epic Genius
Posts: 548
Registered: ‎01-13-2012
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Re: Can I do monthly payment with my Visa credit card?

Well, that's basically how all of the monthly payment plans work anyways.

 

You're better off getting a line of credit from the bank and paying that back.

Legendary Epic Genius
Posts: 345
Registered: ‎11-12-2009
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Re: Can I do monthly payment with my Visa credit card?

I definitely disagree with putting a balance on your credit card, even a low balance of a few hundred dollars would take years to pay off when only paying the minimum amount due.

And while a line of credit is good to have its a hassle compared to applying for a Best Buy card - if you opt for the 6 month financing option the admin fee is only $29. Chances are a line of credit interest rate will amount to more than that.
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Legendary Epic Genius
Posts: 452
Registered: ‎06-16-2011

Re: Can I do monthly payment with my Visa credit card?

[ Edited ]

At least with a line of credit or a regular credit card, the interest fees are (relatively) transparent. With gimmicky "No Interest for X Months" in-store financing offers, the risk is huge. What they won't tell you is that if you miss a payment, or if you fail to pay off the full balance by the end of the "No-Interest" term, then all the previously waived interest on the unpaid amount is retroactively charged to you (at an insane interest rate) for the entire period of the loan, and now the juice is running with that very ridiculous interest rate. Probably something like 20 - 30%!

 

This is why these cards are so profitable to banks. People don't read the fine print. People miss payments. People end up owing sometimes as much as 50, 60, 70% more than the actual purchase price of the item they bought the day their "interest free" period ends, and counting. 

 

It's despicable. The Bank is wooing everyone with the promise of a flashy new purchase at zero interest. "Get it now! Pay Later!" Sure, many people probably pay it off with no issue, but things happen... life happens... for every one who does, there's another consumer who was sure they'd have no problem paying that little amount owing every month... until they didn't. That's what the Bank is counting on, and then they rake it all in. 

 

Just my unsolicited 2 cents, but nobody should ever make a large purchase on a no-interest in-store credit promotion. The math just blows my mind.

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