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A tip for your GE Creditline card
Steeley 
8/5/05 9:05:26 AM
Overlord

Here's something I found out about GE Creditline which may help any of you paying one off. I don't think this violates the forum rules - it really is just meant as a helpful tip.

Scenario:

1. Johnny buys a plasma tv on his brand new GE card on a 12 months interest free deal

2. A month later, he buys a home theatre setup on the card which came with a 6 month interest free deal

3. 5 weeks after that, he makes a cash withdrawal from an atm using the card.

4. He has been making payments above the minimum since he got the card.

The deal:

If you pay just the minimum monthly payments, the entire payment will go to the first purchase on your card, regardless if it's 12 months interest free, or 6 months interest free. The only exception is if you withdraw cash from an atm. In that case, all monthly payments are directed towards the cash withdrawal until it is paid off, and then back to the first purchase on the card.

In Johnny's case, after the cash withdrawal is paid, he can only direct money to the 6 months interest free purchase if it is money ABOVE the minimum monthly payment. And he can only redirect that 'surplus' money by calling GE directly and requesting it after every payment.

Tip:

1. If you plan on buying something with GE Creditline, try and put the lowest interest free period purchase first.

2. Pay above the minimum monthly payment, and direct surplus payments to the lowest interest free days purchase. This has to be done by calling them and requesting it.

3. Read the fine print in future.

Hope that helps some of you avoid getting caught in the trap of having to pay interest on interest free purchases!

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If you do what you've always done you'll get what you've always got.

Silicon_Heaven 
8/5/05 9:19:41 AM
Champion

Get rid of it

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1bolHungLo 
8/5/05 9:24:03 AM
Titan

the best tip is:

1: not to get it
2: save up your own money
3: if you ever become brain dead and get one. get a pair of scissors and cut it up.

my parents where on AGC credit line and they where so happy when they cut up the card that was given to them by AGC.

sif you would something like that. its much the same as loan sharks.


Edited by 1bolHungLo: 8/5/2005 9:32:08 AM

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Body like a popstar, face like a rockstar. -Me

"But the speed difference is something only the most anal-retentive performance freaks would notice... " donutking

The End 
8/5/05 9:30:53 AM
Hero
Overlord


One purchase at a time. The only sensible way to use the card.

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Hold on. I'm falling.
Can't breathe anymore
An ocean has opened
These scars need to heal over

Steeley 
8/5/05 9:48:22 AM
Overlord

They're really only a problem for people who can't afford the stuff in the first place. I can afford it so I use it - why would I take withdraw money from my interest earning investments to pay for something upfront when I can let that money grow for the interest free period then pay it off?

It's all about knowing your capabilities really.

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If you do what you've always done you'll get what you've always got.

Wormstrangler 
8/5/05 10:11:50 AM
Banned

"my parents where on AGC credit line and they where so happy when they cut up the card that was given to them by AGC.

sif you would something like that. its much the same as loan sharks. "

Your parents didn't read the fine print and didn't stay within their limits.

Any type of Credit card is fine, so long as you still continue to spend within your limits and KNOW all the fine print.


Edited by Wormstrangler: 8/5/2005 10:12:58 AM

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Juggalo Scrub 
8/5/05 3:01:23 PM
Banned

Quote by Steeley
Here's something I found out about GE Creditline which may help any of you paying one off. I don't think this violates the forum rules - it really is just meant as a helpful tip.

Scenario:

1. Johnny buys a plasma tv on his brand new GE card on a 12 months interest free deal

2. A month later, he buys a home theatre setup on the card which came with a 6 month interest free deal

3. 5 weeks after that, he makes a cash withdrawal from an atm using the card.

4. He has been making payments above the minimum since he got the card.

The deal:

If you pay just the minimum monthly payments, the entire payment will go to the first purchase on your card, regardless if it's 12 months interest free, or 6 months interest free. The only exception is if you withdraw cash from an atm. In that case, all monthly payments are directed towards the cash withdrawal until it is paid off, and then back to the first purchase on the card.

In Johnny's case, after the cash withdrawal is paid, he can only direct money to the 6 months interest free purchase if it is money ABOVE the minimum monthly payment. And he can only redirect that 'surplus' money by calling GE directly and requesting it after every payment.

Tip:

1. If you plan on buying something with GE Creditline, try and put the lowest interest free period purchase first.

2. Pay above the minimum monthly payment, and direct surplus payments to the lowest interest free days purchase. This has to be done by calling them and requesting it.

3. Read the fine print in future.

Hope that helps some of you avoid getting caught in the trap of having to pay interest on interest free purchases!





uhh... thats the worst fucking suggestion i've ever heard.

for a start, cash withdrawals attract the full level of interest immediately. so you suddenly are paying off massive amounts of interest unnecessarily.

secondly, what kind of idiot doesnt shop around for interest free? i personally only buy on 18months int free with deferred repayments, so that i can make my payments to a bank account and get the interest of the total, then dump the full amount on the GE card at the last minute. But even then, you walk into a store and say "i want that tv on interest free... domayne/dickies/hn/whoever is offering it to me on 24months int free"... they will 90% of the time do the sale up for you on those terms. just dont expect a huge discount (if at all) if you are paying on finance.


no. your idea is fucked and will lead to ppl being in a worse situation than if they just let it be (given your scenario).


and as NA said - you gotta be sensible about it. anyone who cannot manage it is a fucking retard who doesnt deserve access to money at all.

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Sex Tip 81: Doom 3 Style.

Chase her around a darkened house trying to rape her with a torch. When she pushes you away, respawn behind her and fuck her up the arse.

1bolHungLo 
8/5/05 3:16:48 PM
Titan

Quote by Wormstrangler
"my parents where on AGC credit line and they where so happy when they cut up the card that was given to them by AGC.

sif you would something like that. its much the same as loan sharks. "

Your parents didn't read the fine print and didn't stay within their limits.

Any type of Credit card is fine, so long as you still continue to spend within your limits and KNOW all the fine print.


Edited by Wormstrangler: 8/5/2005 10:12:58 AM



they did stay within their limits and yes they did read the fine print. the only reason why they had to go through AGC was to get a credit reating so that they could apply for a loan for a house. because they dont have a credit rating.

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Body like a popstar, face like a rockstar. -Me

"But the speed difference is something only the most anal-retentive performance freaks would notice... " donutking

Juggalo Scrub 
8/5/05 3:24:35 PM
Banned

so why the big song and dance about cutting them up?

they would only have felt relieved to cut them up if they were financially retarded with them... because otherwise they are handy little bastards to have around.

hell i have, and know ppl who buy shit on their cards with the money already in their pocket, so they can get the payment on the card, give it a week or so and pay it off.

as i said, they are good to have and work to your advantage provided you arent a retard with money.

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Sex Tip 81: Doom 3 Style.

Chase her around a darkened house trying to rape her with a torch. When she pushes you away, respawn behind her and fuck her up the arse.

1shot1kill 
8/5/05 3:27:36 PM
Mod
Hero

Immortal


I'm a retard with money, I'd much rather not have a credit card. Having said that, I've got a Visa debit card and I've just applied for a $7k personal loan for a car & some furniture.

But I'd much rather not needing to do that.

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Certa Cito

Juggalo Scrub 
8/5/05 3:29:11 PM
Banned

well at least you know your weaknesses and will try to keep within them.

i see too many ppl come in and go "i want a computer system on interest free!" and buy shit they cant afford to pay off within the interest free period...

its depressing, then you realise if its not you, it'll be someone else. so you just sign the forms and let them go.

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Sex Tip 81: Doom 3 Style.

Chase her around a darkened house trying to rape her with a torch. When she pushes you away, respawn behind her and fuck her up the arse.

Steeley 
8/5/05 3:40:23 PM
Overlord

uhh...no Juggalo. If they are paying a 12 month interest free purchase off first, when there's a 6 month interest free purchase on the card not being touched, then if they don't redirect payments by calling GE they'll end up paying interest.

I didn't at all suggest to use a cash withdrawal on the card to make payments. Read the scenario again...I said if you do by chance make a cash withdrawal then any payments you make off the card are directed to that first and foremost, regardless of anything else.

And don't be so rude. There's no need for it.


Edited by Steeley: 8/5/2005 3:49:54 PM

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If you do what you've always done you'll get what you've always got.

localhost 
8/5/05 3:42:57 PM
Guru

i own everything i have.

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Juggalo Scrub 
8/5/05 3:49:16 PM
Banned

http://www.kleenex.com

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Sex Tip 81: Doom 3 Style.

Chase her around a darkened house trying to rape her with a torch. When she pushes you away, respawn behind her and fuck her up the arse.

BamBBBam 
9/5/05 1:07:31 PM
Overlord

Quote by 1bolHungLo
the best tip is:

1: not to get it
2: save up your own money
3: if you ever become brain dead and get one. get a pair of scissors and cut it up.



Yes, that is the way to go. I am saving for a house and in 20 years when i have saved $300,000 then I will buy it.

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There's no place like 127.0.0.1

St0ne_typhoon 
9/5/05 1:24:14 PM
Champion

The End is right make only one purchase at a time.

And don't just make the min monthly repayments, calulate how much you need to pay to pay it off by the end of the interest free period. The fine print says if you only pay the min you won't pay it off by the end of the period and thereafter the interest rate is like 26%. Theres nothing wrong with GE as long as you pay everything off before the interest free periods end.

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PureKrome is a wanker

glenn_styles 
9/5/05 1:31:48 PM
Overlord

Or just get a proper credit card which has 45 days interest free and then pay it off at the end of the period.

Saves on bank transaction fees and lets you earn interest in the meantime.

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seehund 
9/5/05 1:35:13 PM
Guru

Excerpt...

Quote by Steeley
uhh...no Juggalo.

And don't be so rude. There's no need for it.
Edited by Steeley: 8/5/2005 3:49:54 PM



He he he....you don't know Juggs, do you?

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Swoosh 
9/5/05 1:48:45 PM
Champion

who's juggs?

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who do i think i am? i'm neil armstrong, king of a frikkin moon!

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