Released: May 11, 2008

Read the fine print on ‘no-interest’ deals

Source: Kathy Kristof, Los Angeles Times (Free Registration)

When Best Buy offered Mike Walker the chance to take home a television set and make no payments, interest or otherwise, for 12 months, it seemed like a great deal.

Walker had shopped with Best Buy for years and had great faith in the retailer, so he barely glanced at the 13-page booklet that came with his new Best Buy credit card. It wasn’t until a few weeks ago - when the 12 months were nearly up - that he found the catch.

The company had been tracking the “deferred” interest on his outstanding balance. If any balance remained on the card at the end of the 12 months, Best Buy would retroactively charge him interest for the whole year.

Read Full Article: Read the fine print on ‘no-interest’ deals