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It’s important to read the fine print when you’re financing a purchase. Learn how deferred interest financing can hit you right in the wallet.
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One of the unfortunate things about life is how surprise expenses can just pop up out of nowhere, forcing you to shell out a pile of money on short notice. Having a solid emergency fund is the best way of coping with unplanned bills. But according to SecureSave, 63% of American workers can’t cover a $500 expense out of savings, so it’s likely that you’ve had to find other ways to cope with a large bill or purchase.
One strategy is to take advantage of deferred interest financing — this is sometimes offered when you make a large necessary purchase like a home appliance. It is a pretty common feature of store credit cards. I’ve used this type of financing multiple times, but it’s best approached with caution, a calendar, and a little bit of math. Here’s how you can cover a large purchase using deferred interest financing — without risking a hit to your wallet.
Let’s say you’re making a big purchase, like a new washing machine. The one you’ve picked out costs $800, and you want some time to pay it off. So you apply for a store credit card that offers a year of deferred interest on purchases under $1,000. You won’t be charged any interest during that year, but watch out! If any amount of your payment remains unpaid when the time is up, you’ll be charged interest on the entire cost. Ouch.
Despite this drawback, deferred interest financing isn’t all bad. Since store credit cards often have lower credit score requirements than other credit cards, this can be a good way to make a big purchase if you have a lower credit score and lack the cash to pay for something outright. And if you make your payments in full and on time, you can even improve your credit score so you can qualify for better credit cards later.
Nope, it’s a bit different. A credit card with a 0% APR period will give you a set timeframe during which you can use the card and not earn interest on your purchases. After the period (which could be a year or longer) is up, any charges on the card will accrue interest at the go-to rate (check your card’s Schumer box for details).
However, unlike with deferred interest financing, if you make a large purchase with a 0% APR credit card and fail to fully pay it off during the intro period, you will not be charged interest on the entire purchase — only the amount of it that remains on your card when interest starts to apply.
A 0% APR credit card is a great way to finance a large purchase, but these credit cards often have more stringent credit score requirements than store credit cards do. So if your credit score is a little shaky, you might have a hard time qualifying for a good 0% APR credit card.
All right, you’re ready to buy that washing machine with a deferred interest financing offer! Here’s how you can ensure your purchase doesn’t cost you extra money.
Don’t assume the minimum payment due is all you need to pay, because in most cases, it will not be sufficient to clear your debt before that pile of interest is charged on the whole purchase.
Your $800 washing machine might come with a $50 minimum payment, but paying just $50 per month for 12 months only covers $600 of your purchase. Boom, $200 is left at the end of a year, and you get charged interest on the whole purchase.
Don’t let this happen to you! Run your own numbers. Divide $800 by 12 months to arrive at an actual minimum payment of about $67. Pay that every month (and ideally more if you can), and you’ll avoid those interest charges.
If you use your card for other items that don’t qualify for deferred interest, you’ll be charged interest on them immediately. And if you think you’re making payments toward your big purchase, your payments might be applied to the higher-interest purchases instead, thanks to laws about how credit card issuers apply payments. So perhaps give the card a rest while you’re paying off your big purchase to avoid this.
Consider setting up autopay for the minimum payment (or more) that you calculated. I don’t do this, because autopay makes me nervous — which isn’t to say it’s a bad thing! I just have a long history of living paycheck to paycheck, and not actively paying my bills myself every month gives me anxiety. But this is my own hangup, and I’m a firm believer in all of us needing to do whatever works to manage our own personal finances. So use autopay if it works for you!
Deferred interest financing can cost you extra if you’re not careful. Approach with caution and always do your own math to figure out how to pay off your purchase before interest is charged.
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If you purchased an item online or in store from Sam’s Club within 90 days, you may be able to get a price adjustment. Here’s what you need to know.
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Buying items at Sam’s Club can be a great way to keep more money in your bank account. The warehouse club offers special prices for members on bulk items as well as Member’s Mark products that are often priced below name-brand alternatives.
Sometimes, though, you’ll charge something on your credit card at Sam’s Club only to find that the item goes on sale shortly after. It can be disappointing to discover that you overpaid and could have gotten a better price had you just waited a bit to buy.
The good news is you may be able to get some money back in this situation. Here’s how.
The official Sam’s Club policy as stated on its website indicates that the warehouse club is “committed to providing the absolute lowest prices.” As a result, individual warehouse clubs can price match another club’s pricing.
However, the site also indicates that you will not be able to get a price match on clearance or marked-down items, nor can you price match competitors or get a matched price on items with regional variations in price.
While this price match policy doesn’t seem very generous, the reality of when Sam’s Club may match prices could tell a different story. In an online chat with a customer service representative, the agent indicated that they could “definitely” provide a price adjustment if you bought an item that went on sale.
The online representative indicated that Sam’s Club would offer a price adjustment for both online orders and purchases made in local warehouse stores. Further, the rep said that you could get a refund as long as you requested one within 90 days from the time of your purchase. You just need to provide proof of the sale price, which could include a photo or screenshot.
This is great news for Sam’s Club shoppers who may find themselves regretting the fact that they bought something at full price, only to discover the item went on sale shortly after. It also shows that it never hurts to ask Sam’s Club, or any store, if it can provide you with a price match after a purchase has been made. The worst that happens is the store says no and the best case scenario is that you get to keep a little more of your hard-earned cash.
To take advantage of this policy, keep tabs on the prices of larger items that you buy from Sam’s Club (such as electronics or furniture). You can make a note to visit the website and check for bargains in the weeks after your purchase. For smaller items, it’s also worth taking a glance when you’re shopping in-store or when you are browsing the web to see if the price has been reduced.
If you spot a sale, take a screenshot or picture and then contact customer service to get some of your money back in your pocket, where you can use it for other goals.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
Investing doesn’t need to be complicated or take hours of your time. Discover some of the easiest and best ways to invest $10,000.
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Saving up $10,000 to invest is an impressive accomplishment. Since you surely don’t want that money to go to waste, how you invest it is important. One of the most common mistakes people make in this situation is going with complex or high-risk investments in hopes of getting rich quickly.
For most people, it’s better to stick to simple and proven investment options. If you’re looking for ideas, here are 10 easy ways to invest $10,000.
An index fund tracks a market index, which is a group of stocks or bonds. For example, there are index funds that track the entire U.S. stock market, the S&P 500 (500 of the largest publicly traded companies on U.S. stock exchanges), and large cap index funds that focus on the largest companies.
These are a popular way to invest in stocks. Most of my portfolio is in a total stock market index fund. There are a few reasons index funds are a great investment:
They tend to have low fees.They invest your money in a large number of stocks or bonds, making it easy to build a diversified portfolio.All the best stock brokers have plenty of index funds available.
A target-date fund is an investment designed with a specific retirement year in mind. For example, a 2050 target-date fund will be set up for investors to be able to retire in 2050. It will start out heavily weighted toward investments with higher potential returns, such as stocks. As time goes on, asset allocation shifts more toward conservative investments, such as bonds. It’s essentially a retirement fund in a single investment.
Robo-advisors use algorithms to choose investments and manage your portfolio for you. When you start using one, you answer basic questions so it can figure out the best investment strategy for you. While robo-advisors typically have management fees, they’re much more affordable than the fees charged by a human advisor.
TOP PICKS: Best Robo-Advisors
The U.S. Department of the Treasury offers multiple Treasury securities with a reasonable return. There are three types, depending on how long you want to invest:
Treasury bills are sold for terms ranging from four to 52 weeks.Treasury notes are sold for terms of two, three, five, seven, or 10 years.Treasury bonds are sold for terms of either 20 or 30 years.
These pay fixed interest, so they’re good if you’re looking for a stable investment. They’re also considered risk free.
A certificate of deposit (CD) is a deposit account where you lock up money for a set term. Terms generally range from six months to five years. They pay fixed interest rates, which means your CD’s rate stays the same even if interest rates on bank accounts drop. They’re backed by FDIC insurance, so they’re completely safe.
RELATED: Best CD Rates
A real estate investment trust (REIT) is a company that owns income-producing real estate. REITs make it possible for anyone to invest in real estate, as you can buy and sell them with a brokerage account, just like with stocks. They’re ideal if you’re looking for investments that generate passive income, because REITs pay high dividends (a portion of company profits paid to investors).
A high-yield savings account is a savings account with an above-average interest rate. Several of the best options currently offer rates of 4.30% or higher, which is much better than the national average of 0.45%. High-yield savings accounts are used more often for savings goals than investing, but with how high rates are right now, they can grow your money quite a bit.
RELATED: Best High-Yield Savings Accounts
Not everyone sees this as an investment, but if you have high-interest debt, paying it off is one of the best investments you can make. For example, the average credit card interest rate is over 20%. If you have credit card debt at a 20% APR, then by paying it off, you’re effectively getting a 20% return.
A money market fund invests in short-term, low-risk securities. They’re conservative investments that typically generate reasonable returns. The tradeoff is that they won’t increase in value as much as more volatile investments, such as stocks. But they work well if you’re looking for security, and you can withdraw from them within a day, so it’s easy to get your money if you need it.
I bonds are another type of bond issued by the U.S. Department of the Treasury. The interest rate on I bonds is tied to the rate of inflation, so when inflation is high, I bonds pay out more. The current interest rate for I bonds issued from May 1 to Oct. 31, 2023 is 4.30%. This is another risk-free investment that provides a solid return.
There are lots of simple ways to invest $10,000. Choosing the right ones depends on your goals with that money, age, and risk tolerance. If you’re investing for retirement decades down the road, stock and real estate investments are excellent choices because of their growth potential. Index funds, robo-advisors, and REITs would all be worth considering.
If you’re looking for more stability, bonds, banking products, and money market funds can provide that. Last but not least, paying off high-interest debt is always a good choice if you have any, as is a target-date fund if you’re saving for retirement.
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