There is a short list of businesses I will never set foot in because I already know they are a rip-off. |
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Buying stuff that you can't afford is a habit commonly supported by Visa and MasterCard, but they aren't an option for everyone. A much more exciting option is Rent A Center. |
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Rent A Center No Credit Check |
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Rent A Center is taking a little risk renting out $1,000 TVs with no deposit, so they charge a little more. On this particular Rent A Center tag:
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Retail Prices |
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Laptops for rent to own.
More Price Comparisions: |
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Renting is Expensive |
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Compared to Buying with Credit Cards How high? Take a guess. |
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For example, in the case of a Sony 52" LCD TV, Paying cash would cost $1,704. If you put a $1,704 TV on a typical Visa card (23% APR) and paid it off with $172 monthly payments, you'd add $203 in interest for a total price of $1,907. |
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Best Buy has a better credit card which offers a lower interest rate (12%). At that rate, if you paid $1,704 off in 21 months, you'd only need to make $91 monthly payments to pay off $1704. ($192.23 in interest, total price $1,896).
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For fun, I set up the spreadsheet to calculate how much the tv would cost if I bought it with a credit card with an astoundingly high 100% APR. With 100% yearly interest over 22 months, you'd end up paying $2,156 in interest, totalling $3,839! |
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