Have you gotten any notices about the changes? I have received several.
My GE Money Lowe’s card (which I haven’t used in years) arrived with this information:
Due to new credit card regulatory requirements, we will no longer be permitted to offer “no payment” promotions. As a result, starting on February 1, 2010, any new financing promotions offered on your Lowe’s Consumer Credit Card will require minimum monthly payments during the promotional period. In the event that the regulatory requirements are changed in the future, we may being to offer “no payment” promotions again.
In addition, we wanted to let you know about special financing promotions that may be available to you when you use your Lowe’s Consumer Credit Card. From time-to-time, you may be offered one of the following promotions when you make a qualifying purchase: NO INTEREST IF PAID IN FULL WITHIN 6, 12 OR 18 MONTHS
Under each of these promotions, if the promotional balance is not paid in full within the promotional period, interest will be imposed from the date of purchase at the APR that applies to your Account when the promotional purchase is made, which is currently an APR of 21.9%.
And then it goes on.
I wonder if people will pay attention to this, and if it will cause less business for Lowe’s. I think some find it a big attraction to buy their home remodeling items from Lowe’s and not have to pay interest. But I wonder if they’ll realize if they don’t pay it all on time they will get socked for the interest FROM THE DATE OF PURCHASE. OUCH. That could be painful, especially if you made a large purchase.
So have you been getting any of those notices in the mail?