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| Interest Free Retail Financing Question Posted by nolanola on 7/17 at 10:19 am I'm new to interest free retail financing. I recently financed a purchase with Wells Fargo @ 0%/12 months. I forgot to make a payment on time and was late by a few days. I'm now being charged interest. If I were to pay off 100% of the bill today would I be charged any more interest? Forgive my ignorance here. Wells Fargo is impossible to reach by phone so far so I thought I would try here. Reply • Back to Top |
quote: Probably from billing cycle date to today. If you're going to do a 0%, ALWAYS set it up to auto draft the day after the billing cycle. Reply • Back to Top |
| usually they can go back and charge you interest from day 1 (purchase day) on the amount purchased if you are one day late. Same thing if you don't pay it off in 90 days or 12 months etc. Reply • Back to Top |
Posted by nolanola on 7/17 at 10:47 am to Im4datigers quote: So it's in my best interest to pay it off today (in month 6 or so) to not incur more interest charges, correct? Or will they still charge me interest for the full period of 12 months? TIA Reply • Back to Top |
| These deals are typically just not worth the risk and hassle as you are finding out. And if you cant pay straight cash for that couch or TV or whatever you probably cant afford it anyway. Reply • Back to Top |
| Why don't you refer to your paperwork or return to the place of purchase and inquire about the "fine print" you didn't pay attention to the first go round? Not trying to be rude but I think this is a prepare thy anus situation. You're more than likely going to be on the hook for all the interest on the purchase no matter when you pay it off. Reply • Back to Top |
quote: True if you don't take care of your business. Reply • Back to Top |
quote:It's more than just making your payments on time. Your credit report now lists a revolving charge account at 22% interest. Reply • Back to Top |
| Thanks to those that helped. I finally found a way to contact Wells Fargo and paid off the current balance with the interest that was owed. I closed the account and was told not further interest would be charged. Reply • Back to Top |
quote: It wasn't for anything like that and I could have paid it off at the time of purchase but it just made more sense for me at the time to do it this way. Reply • Back to Top |
quote: Do you know how I know that you don't have any knowledge about credit reports? Please don't spew your Dave Ramsey crap here. You aren't even being helpful. Reply • Back to Top |
quote: quote: I've looked at more credit reports than Debbie's done Dallas residents in my life. I've never seen a one that actually listed the interest rate on the trade line. On top of that, I had my own credit run along with my fiance's last month. Listed all of our bills, but no interest rates. Do you honestly know what you're talking about? Reply • Back to Top |
quote: Anybody who sees GE Credit on a report knows what the interest rate is. Reply • Back to Top |
| This is simply not true. ^^^^^^ You're an idiot. And for the poster that said return to the store and ask, they won't have a freaking clue. They sell the paper before you are even out of the store! Reply • Back to Top • Refresh |
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