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Lowe's card

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  • #1

    Lowe's card

    I have a Lowe's store credit card. For those of you unfamiliar, this is a home improvement store like Home Depot.

    Anyways, I charge alot on this thing. My statement this month shows a $2300 refrigerator, $378 for some tools and $178 for some other junk.

    Well the statement shows the fridge and the tools "0% if paid within 6 months" and the other stuff is just posted as it usually is.

    Normally I just pay in full. But if I wanted to, how much would I pay to carry a balance to avoid any finance charges? I assume I could just send a check for the $178 and then pay off the rest later. But I'm sure it's not that simple.
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  • #2
    It is probably not that simple. Just because the fridge and the tools are at 0% doesn't mean zero payment is due. That usually means you can just pay the minimum, whatever that may be, and there will be no monthly finance charge as long as the balance is paid in full before the end of the 0% promo period. I would call and ask that question. Then, I would call again and speak to someone else and ask the same question. And I'd document the time, date and name of the person you speak to each time.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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    • #3
      It would be more straight forward if it wasn't co-mingled with other charges. The minimum stated payment is $86. So I can only assume there would be finance charges next month.

      I believe the law is now that your payments are applied to the highest interest first. So if I paid $400 or $500, I'm sure that would cover it.

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      • #4
        That's about a 3% minimum. If you pay $178 plus 3% of the other charges, that would probably cover it so $400 certainly should. I'd still call and check because even with the new laws in place, they have all kinds of ways to screw you.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

        Comment

        • #5
          been there done that ..... what they do is apply your payments to the interest part UNLESS you call them just after the payment was credited and ask that it be applied to the 0% part..

          Also if you make a lump payment just before it expires that is enought to cover the 0% part they assume you intended that and apply it there.

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