Just as an example, here's the terms from Sears current promotional "no interest" from their web site: http://www.sears.com/shc/s/v_10153_12605_Appliances?adCell=A2 

In this case, the interest DOES start accruing from purchase date, just like Home Depot.  I can't find any that don't work this way.

3.) 12 Months, No Interest, No Payments on Appliances over $399 when you use your Sears Card. When paid in full within 12 months and account kept in good standing. Offer good through 06/21/08. See important deferred interest details below.

Deferred Interest Promotional Offer Details: FINANCE CHARGES accrue on a promotional purchase from the date of purchase and all accrued FINANCE CHARGES for the entire promotional period will be added to your account if the purchase is not paid in full by the end of the promotional period or if you default under your card agreement. Making the minimum monthly payment will not pay off your promotional purchase in time to avoid FINANCE CHARGES. With credit approval, for qualifying purchases made on a Sears card (Sears Commercial One(R) and Sears Home Improvement Account (sm) accounts excluded unless otherwise indicated) Offer is only valid for consumer accounts in good standing and is subject to change without notice. May not be combined with any other credit promotional offer. Promotional offers of 14 months or more require minimum monthly payments as disclosed in the offer. Sears cards: APRs up to 25.99%, but if your account has a variable APR, the APR is up to 27.40% as of 04/07/08 and may vary. Sears Master cards: APR's up to 26.49%, but if your account has a variable APR, the APR is up to 29.24% as of 04/07/08 and may vary. Minimum Monthly FINANCE CHARGE: up to $1. See card agreement for details, including when the default rate applies. Sears cards are issued by Citibank (South Dakota), N.A. Sears Solutions card issued by HSBC Bank (Nevada), N.A.

I had another thought about this topic.  In my position, coming from an enormous amount of debt.... I have been trying to understand just how it got so bad, I mean, SO BAD. 

One of the things that I have done for YEARS... is to buy something on these terms telling myself I would pay it off with my tax return.  I have bought a mattress one year, a bedroom set one year, a dining room set one year, and a couch another year.

What I should have been doing all along is using my tax return to pay down debt or others would say not to have such a large return in the first place, usually, 1 - 2K.  My point - it was just another way I stole money from my future.  From now on, my Tax REturn goes to paying for my daughters daycare in advance so I don't have to charge it, or paying down my mountain.

Just thought this would resonate with somebody else.

;-)

I agree with AmyC - we did the same thing with Sears about five years ago for a new washer & dryer when we bought the new house. I started a thread about it here a while back. The thing is, we did have the cash in the bank, earning interest for us, while the six-month promotional period ran. When the period was up we withdrew the funds from savings and paid it off.

But I did read the fine print before signing on the dotted line so I knew what the rules were going in.

Now, what they're hoping for is what a lot of people do - either not read and understand the fine print (which is the body of the contract) or just forgot about it and then they have to pay the high interest rates.

You used it smartly!  I paid mine all off before the incurred interest came into affect as well, but in hindsight, I wish I would have used my money to pay down debt, not buy more stuff with my tax refund.

This year, and last, I actually kept my refund and did not buy anything deferred with it as I normally do.

 

 

many years ago...had a advance on a card...and went in the station to get some gas or whatever...

was $5...gave him a credit card..."this one has expired"... oh here use this one...(the one I had an advance

on)...never realizing I had to pay off that advance, bbefore I could pay off that $5...and that $5 sat there and sat

there, and I knew exactly when I could pay it off, and not a minute sooner..I don't know how much interest that

 lousy $5 collected....it was no hardship case or anything...ut it was a very good lesson....

 

then about 5 years ago, a lady I knew...bought a new car....no interest, no payments for 3 months...I told her

she had more guts then I did, cause our jobs were kinda iffy at the time...and Ikept telling her...that no interest,

no payments were not right, something is wrong....it was like  talking to a child, she just kept repreating..."no interest, no

payments" ad how they left a rose in the seat for her, etc etc.."I had no intentions of buying a car...I went down there to try

"key" in the ignition, (that come on the dealers have) and next thing you know I had a new car, no interest, no payments for

3 months, it was like God took over and did it all....its completely out of my hands..."

that's exactly what she said....well of course that 3 months went by, and one day at work, someone made a comment about

something, and she said..."well, somebody better start praying fo rme...I'm gonna lose my house, my car and everything..."

she had gotten her bill and of course they want the money for the entire car right now....Well, of course she could keep the car,

but now she has to make all those interest payments...etc etc...I didn't work there much longer, so I don't know what happened

but I did hear she eventually did lose  the house and the car...very sad, but you couldn't talk to her, she simply would not

listen....and this is a woman thats a substitute school teacher....sad, sad, sad...

Those "deals" are very tricky - Forgetting about the payoff time period is what those companies are counting on. 

 When I worked at AOL (you can probably hear the collective groan of the other forumites - a lot of my stories begin with "when I worked at AOL")  We had to convince people that called in for tech support to listen to a telemarketer try to sell them some kind of program.  The caller would call in with a technical problem, we would get the problem fixed (or sometimes not) and then say something along the lines of "since you called in tonight we have a special offer for you.  Hold on while I get someone to give you those details -OK?".  All we had to have was them saying "OK" and we transferred them to a third party company that would try to sell them some program that would monitor their credit or help with their car (like Triple A).  The programs were generally "one month free".  But the trick is, you have to call and cancel it before the first month is up, otherwise they charged your credit card.

I signed up for one of the programs (yeah, i called in and just said transfer me . . .  the tech rep was rejoicing because you get credit for every transfer that stayed on with the telemarketer for at least 10 seconds) to see what it was all about, and I remembered to cancel it out, but I know a lot of unsuspecting people got stuck with a lot of bills for a service they most likely didn't need or didn't remember they had and never used.

yup, that's what they count on..people forgetting, etc...something (don"t recall what) I went along with for abit, but when I tried to call and cancel it before the 30 days was up...line was busy...or I was put on hold.....took several tries before I could get thru to cancel it...if ya can't get thru to cancel it..what kind of a joke is that????   so I never do anymore of those "good offer, cancel inside of 30 days" anymore...

 I just tell them...if I"m such a "good" customer...just send me some money, but no I'm not interested in your offer...

Dear All, This is a little off-topic, I know, but earlier this year I bought online some magazien subscriptions on a cancel-if=dissatisfied basis.  I've never had trouble with thta before.  But the  cvompany  went out of business & I never got one of the 'zines, nor was I able to reavh anycone to get a refund.  I wrote to the Federal Trade COmmission, but haven't heard back ....  Yours in Him, Deb