Ive been playing around with the idea of getting a new TV from best buy. They currently have an offer for no iterest for 3 years with a best buy credit card. I can have it paid off with my yearly bonus I get through work in about 6 months which works great, but I want to try and figure what my monthly min payment would be before I go ahead with it. Anybody know how to figure that out?
Not sure, but I've never had a minimum payment over $25 from best buy (if even close to that high). Maybe $32 was the most I ever had to pay on like $1,000 from somewhere else but I also don't think it was ever that high. Not trying to talk you out of it, but I would never bank on a "bonus" to pay something off. Obviously 3 years is a long time, so you could hopefully at worst pay it off with your regular salary. I just never count on bonuses/tax returns/raises when making decisions like a big purchase.
Read the credit card terms. It's usually a percentage of your balance plus the accumulated interest for that month. since its interest free, it should be just the percentage which would be around 3-5%.
My philosophy is to never buy something that I cant pay for immediately if its not a car or a house. Being able to pay off sizeable debt (1,000 or more) within a credit term can only increase your credit score.
