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[Dusty]

I know that most of you are rich and pay cash but there are a few of us that have to finance anything over $50. Well, 7 months ago I puchased all new kitchen appliances using Home Depot's no payment and no interest for 12 month plan. My plan is to have it paid off before the 12 months is up.

This months invoice came with a ton of extra paper in it, in addition to all the bullshit. CONTRACT AGREEMENT CHANGE! From the way I read it, with the next billing cycle, the deal is off. All interest will be charged unless it's paid off this month! The only way to avoid it is to write and opt out or pay off the account. If you opt out, they cancel your account and the entire balance is due and at the higher interest. In other words, there is no way out of paying the interest unless you pay in full this month. That would be a $500 hicky I wasn't planning on having.
I rarely read this stuff but glad I read this one. Say bye bye to the tax refund check. 

Home Depot can kiss my hinie! 

Keep your eyes open, it's getting tough out there.

[Lucky]

That just seems totally wrong.  Did the original contract you signed with them state that they could change the interest rate before the 12 month period?  I would think that if the original contract states 0% interest for 12 months, then they would be breaking that contract by charging you interest after only 7 months.

[murray_61]

Yep, I've got a card that I've had about 9 years now, good history, never late & always pay more than minimum...  I looked at my statement last month and noticed a much higher interest rate, so I called...  THey said yeah, we sent you a letter saying that we were raising the rate, and it said in there that you could submit in writing that you don't agree or whatever and they wouldn't raise it...  I said I never saw no stinking letter, but there was nothing they could do about it....  Why the TarterSauce would I not opt out?  I now hate bank of america...

[TomVTX]

Bill,

Something doesn't seem right about that.  I, like you, charge stuff at home depot all the time, but only when it's over the 299 or whatever limit in order to get the 12 mo interest free deal.  We had a couple that were only 6 mo. interest free.  You might check to see if your promotion was for 6 or 12 mos.  I just had my wife look at our most recent home depot bill and as many charges as we had at different times over a 12 mo. period while remodeling kitchen/L.R. we've got them due at all times.  Read the part under promitions to see if there is any of those terms that may apply to your situation.

If all that doesn't make sense, I'd take that bill to the Home Depot office and ask for an explanation and if that don't work then bend over and tell them to get busy kissing.

[DKJSR49]

Home Depot and Lowes are doing it.  Gotta pay the balance before the 12 months, or get raped for all of the back interest.

[SouthernXer]

A lot of ccards are doing some funny sh!t right now.  I got a letter that said they were lowering my credit limit on one of my cards this past week.  I called and asked why and was told "all accts. were being re-evaluated".  I guess they all have their Cranberries in a bind right now.

[jmdaniel]

Home Depot and Lowes are doing it.  Gotta pay the balance before the 12 months, or get raped for all of the back interest.

That's not what Bill is saying. He is saying that they are demanding he pay up now, ahead of the 12 months.

It's BS, Bill. I'm with Tommy. Call and get details.

[Dusty]

I read it again plus a little more but I'm still a little suspicious. It could be interpreted to mean that it will stay the same unless I sneeze and then they will nail me to the cross. I'm going to call and confirm. Won't do any good to opt out, either way you are going to get hit with the higher interest. It's already changed on this statement. Oh, and guess who is behind it...CITIbank. Didn't they just get a wad of money from Mr. Onomama

What pisses me off more than all that is right after I brought the GE appliances home, I heard that the president of Iran is one of the controlling stock holders of GE.   

[GerTXr]

 Someone once said..."Nothing is free."  including interest. It's oh so true.

[gsboriqua]

You can opt out of the new changes and continue making payments on your agreed upon rate.  They will put the account on hold and you will no longer be able to use your card, but the original interest stands.  I've done this a number of times and ended up getting lower rates than what I had to begin with after customer service calls me back once they note the account is on hold.  I have cards that are 5.9% as my regular cash/purchase rate.  My most expensive card to use is discover which is at a whopping 7.9% interest.

[sherri]

They must not have received all of their bail out money they thought they deserved.

Seriously though I have heard of people paying close (like 2 weeks) to the end of the 12 month agreement and it not getting posted until after the 12 month period. I know the retailor pays somewhere between 5%-8% in fees to the credit card company to offer that.

sherri

[murray_61]

You can opt out of the new changes and continue making payments on your agreed upon rate.  They will put the account on hold and you will no longer be able to use your card, but the original interest stands.  I've done this a number of times and ended up getting lower rates than what I had to begin with after customer service calls me back once they note the account is on hold.  I have cards that are 5.9% as my regular cash/purchase rate.  My most expensive card to use is discover which is at a whopping 7.9% interest.

tell me more...

[VTreX]

I read it again plus a little more but I'm still a little suspicious. It could be interpreted to mean that it will stay the same unless I sneeze and then they will nail me to the cross. I'm going to call and confirm. Won't do any good to opt out, either way you are going to get hit with the higher interest. It's already changed on this statement. Oh, and guess who is behind it...CITIbank. Didn't they just get a wad of money from Mr. Onomama

What pisses me off more than all that is right after I brought the GE appliances home, I heard that the president of Iran is one of the controlling stock holders of GE.   

BURN THAT CARD  BURN THAT CARD  BURN THAT CARD 

[Tinman5507]

I read it again plus a little more but I'm still a little suspicious. It could be interpreted to mean that it will stay the same unless I sneeze and then they will nail me to the cross. I'm going to call and confirm. Won't do any good to opt out, either way you are going to get hit with the higher interest. It's already changed on this statement. Oh, and guess who is behind it...CITIbank. Didn't they just get a wad of money from Mr. Onomama

What pisses me off more than all that is right after I brought the GE appliances home, I heard that the president of Iran is one of the controlling stock holders of GE.   

BURN THAT CARD  BURN THAT CARD  BURN THAT CARD 

you work for Lowes huh

[jmdaniel]

you work for Lowes huh

WORK?!? Kenny?

WORK!?!?