Offer looked too good to be true – so when I checked it out – google came up with Class Action Suits AGAINST Home Depot for just this very thing! It seems that on their prior offers they failed to advise consumers that the interest accrues (at @22% monthly!) for the entire term.

 
See all the legal actions against Home Depot at: 

http://www.consumeraffairs.com/homeowners/home_depot_no_interest.html

HD is hoping (praying) that we all 'forget' that the payment is due BEFORE the 1 year anniversary.

 

Then you're hit with a HUMONGOUS bill (i.e. On $1000 @ $1240!)

 
 
Reading some of the consumer comments from this wonderful website was quite enlightening.

 

Kudos to Consumer Affairs. They even have a page to file your complaint. How cool is that?!?!

 

 

 

 Actually, this is common practice. Any time you buy something on a no payment, no interest basis, you need to realize that, unless the balance is paid off by the date given, all of the interest will be due on the balance. I think there's an article about this on the main site (Dollar Stretcher) but I can't find it right now.

 

I think this has always been the case.  At least it was for the items that I bought under those terms.  Thankfully, I paid them off before the time limit, so there was no problem.  I think it does provide an added incentive to get the debt paid off!
Patrink

Sorry.  That's not always the case.   I've had the same types of deals with CitiFinancial, Sears and with Lowe's and they each really were interest free – that was the inducement – meaning that NO INTEREST accrues unless you do not pay within the time stated – then they start charging the interest – not charging for all the interest since you charged the item to the new account.  Proof of this was going into each account online and the balances remaining the same through-out the time until the anniverary dates.    As I paid each off by 2pm - one business day prior to the anniversary date - I never saw any amount of interest charged on the 3 accounts.

 

BIG difference.

No interest should mean 'no interest.'  

Otherwise they should call it:
“A-credit-card-with-a-very-high-Interest--which-accrues-daily-on-your-account-from-the-date-you-open/charge-your-new account-but-you-won't-be-required-to-pay-it-until-the-anniverary-date-of-your-purchase-and/or-opening-account.”    

 

Truthful - but with few 'takers' so they MUST lie or put the truth in such arcane legalese & such tiny print that the average person would not be able to find it - let alone translate it.    So much for "Truth in Lending." 

 

The only truth I've ever discovered is the old "Golden Rule": "He who has the GOLD makes the RULES."  Bankers have all the gold.  And they've paid off our congress with a glut of political contributions to ensure that they continue to make the rules.

 

 You sound very angry, Thrifty60. I'm sorry you feel so badly about it and I hope you have better luck in the future.

My husband and I have used this method to buy items several times in the past three years and never had a problem. We knew how the deal worked and that if we did not pay the balance off before the 1 year expired we would be "on the hook" for interest over the entire period and that it would be above the normal rate. How we work the system to our advantage is we only buy what we know we can manage payments on. And then we calculate monthly payments based on an ELEVEN month contract not twelve. I know a lot of you might wonder why we would do this rather than pay cash, and the answer is sometimes we do not want to part with money we have saved. If you plan it right it can be a valuable way to do home improvements. You just have to know the rules going in. It is unfortunate that some individuals were not informed properly.

Wrong. 

 

But you sound very condescending.

 

A facilitator would know that personal comments are inappropriate.

I don't know what kind of forum you're used to, but we're all friends here. I do hope things work out for you and I didn't intend to sound condescending, I apologize if you took it that way.

That's actually a good way to work it, Becky, IF you're disciplined and you plan perfectly. You can continue making interest on your savings.

Thanks for the reminder.  My husband "never" applies to these kinds of credit cards but he succumbed to this one for his business..  I have just called him to remind him to check when the year is up so he can pay it off. 

We don't apply to these credit cards because I learned the hard lesson about 10 years ago and a new TV bought this way,  When the year was up, wham! I got slammed and the TV ended up costing a fortune!