(Closed) Charging Furniture?

posted 8 years ago in Home
Post # 3
Member
4385 posts
Honey bee
  • Wedding: May 2011

It’s very tempting but could be dangerous! If you want to do this I suggest you make a plan for paying it back, like setting aside a certain amount of money a month for the next 12 months so you can just pay it off when the interest free period is over. Otherwise you might get yourself into a big financial mess.

Post # 4
Member
3125 posts
Sugar bee
  • Wedding: December 2009

Yes those free money deals for credit cards and appliances / furniture are good deals if and only if you have the money to pay it off within 12 months. It’s a smart idea if you have the money, b/c if you keep it in your savings account for 12 months, it’s earning interest (AND you’re enjoying your new furniture). But if you think, oh, i can save for this next month and end up missing your deadline, the fees and interest rates will kick your butt.

Post # 5
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

I don’t like the idea of buying stuff you can’t actually afford this very minute. Why don’t you buy just a piece or two at a time over the course of a few months?

Don’t count your chickens before their hatched, or rather, plan on having the income in the future. If something happens and you NEED the money, it’s the first step in falling behind.

Post # 6
Member
3709 posts
Sugar bee
  • Wedding: May 2011

I am not a fan of charging things like furniture to be honest. It’s not rally a necessity in the same way a car or home is and if you miss that 12 month timeframe, the interest rate is a killer. I will echo ejs and suggest you just buy once piece at a time.

Post # 8
Member
1638 posts
Bumble bee
  • Wedding: September 2010

I agree with buying one piece at a time.

Fiance and I redid our kitchen in August (new granite & backsplash) and used all cash, however we couldn’t afford new appliances at the time so we saved up and just last month got all new appliances paid for in cash. For us it’s a good feeling having new things and knowing we have no payments on them. While we were at the store looking at appliances we saw new furniture and the store also had 12 months interest free and as much as we both wanted the new furniture we had to just say no. Now we are saving for hardwood floors and a new kitchen island/bar which will be done this spring/summer. We are hoping to use some money we get from the wedding to get a new dining set and put the rest in savings for the furniture when we get all the money.

Post # 9
Member
3125 posts
Sugar bee
  • Wedding: December 2009

isn’t that always how it is! Roxy, where are you from? apartmenttherapy.com always shows good sales for nice furniture in the major US cities – LA, Chicago, NYC, SF, DC, and Boston. Just today they had a really cute sofa that they featured from Craigslist. You could always go that route and buy the pieces you NEED that are used but in good shape.. But even if you’re not in major cities, you can find a lot of great stuff on craigslist.

Post # 10
Member
2475 posts
Buzzing bee
  • Wedding: June 2010

I would only do it if you are ABSOLUTELY sure you can pay it off in 12 months.  With most of these cards, all the interest that you would have been accruing during the 12 months if it was at the regular rate will get tacked on to your bill at the end of 12 months.

Post # 11
Member
3526 posts
Sugar bee
  • Wedding: August 2010

We’ve done this with our sofa & love seat set and our TV

But only do this if you know you that you will pay it off by that time. Otherwise typically the interest rates are VERY extreme.

We tend to make small payments along the way and make doubly sure to pay it off before the promotional period ends.

Often times when we do this it’s because of a very good deal that you just can’t pass up. Sorry but we don’t have a couple grand to throw on new furniture! Over time within a year. Yes.

Post # 12
Member
138 posts
Blushing bee
  • Wedding: July 2009

As other bees have mentioned, it can be great if you know you have that set amount each month to pay off the card in time before the interest kicks in.  When are you planning on getting the furniture?  If you want to get it before you close on your house, be careful because opening a new line of credit while in the mortgage application process could harm your approval. 

Post # 14
Member
3125 posts
Sugar bee
  • Wedding: December 2009

It’s a shame you don’t have a crystal ball to predict if/how much money you will receive as wedding gifts, huh? 🙂

Post # 15
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

Oh yeah um, I *thought* we’d end up with a certain amount of money from the wedding and we ended up with like 3K less than i thought we would (based on what I read on the hive and whatnot)

You know, you could always register for some furniture! That’s how we got our patio set =]

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