Myth: Great Deal!
Truth: Only if the balance is paid in full within 90 days
Be cautious when financing seems too good to be true. Remember that a deal such as this is usually a benefit to the creditor, not the consumer. If a consumer can pay off a debt within the 90 day period; it’s best to save the money for whatever the item is (furniture, appliances etc.) that you want or need.
If an individual have not developed good disciplines (exceptional money management) more than likely that purchase will not be paid within the 90 days. Therefore, that purchase will not be an interest free loan; the interest will be back dated to the loan origination date and added to your balance. The worst part to this gimmick is that you will more than likely have a VERY high interest rate (sometimes as high as 24% or more). Does it still sound like a great deal? Buyer, beware!
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