Need some advice on a credit card I have?

Question

Ok, so I am in college and my laptop took a fall that killed it and I was told that it would be cheaper to buy a new one instead of repairing my old one.

I went into Best Buy looking at laptops and they said that if I apply for their credit card, I would get 2 years of no interest if my purchase is over $1000. So of course, I wanted a laptop NOW and I applied for the credit card and got a balance of $1,062 on it.

Now, I have the money to pay it off right away.... but should I?

Are there any hidden costs that I should be worried about?

When they say 2yrs no interest... does that mean that if I pay it off within 2yrs I will only pay $1062?

I guess I just need some advice on this. I DO NOT want or intend to use this credit card for anything else. I just do not want to lose any money off of this. After the balance is at 0, I want to cut up the card.

How do I go about doing this?

anything helps, and thank you in advance.

Tyler

Answer 1

Ask Best Buy about their restocking fee, if you bring something back.

Answer 2

Often when a card says no interest for a certain time period, the interest still accrues, and if you haven't paid off the card when the limit is up, all the interest gets added on to the balance.  In addition, you keep adding interest at whatever rate you agreed to for every month you carry a balance after the two years are up.  If you have the money now, pay off the card, call and cancel, then cut it up.

Answer 3

Ignore the other spam.

Pay it off right away. Call to make sure there won't be hidden interest charges (they do that sometimes.) Once i is paid of, you need to call and cancel it. Make sure you get a confirmation number of the cancellation and then cut it up. Good luck

Answer 4

If they offered 2 years no interest than it means exactly that. You can pay off the balance within a 2 year period interest free. That does mean the exact cost of the laptop.

I don't know why everyone is telling you to cut up your card and cancel it. You should keep your card especially if there is no annual fee on it.

If you cancel it that may shorten your average account age and your score will take a hit.