Regional electronics superstore chain P.C. Richard & Son, in partnership with Synchrony Bank, offers a credit card that allows you get special financing on big ticket items at a 0% interest rate. But make sure you know what you’re getting into! Our overview / review of the card is below:
The P.C. Richard credit card can only be used at P.C. Richard stores — it is not accepted at any other stores. Do you really want to open a new credit line for a card with such limited use and a high interest rate? (We’ll get to the interest rate in a moment.)
You might. And the reason you would is the special financing. P.C. Richard offers 0% financing on a wide range of items, with offers ranging from 6 months at no interest to 72 months at no interest. So, you can finance your purchase, spread out the payments, and pay no interest. Great, huh?
Well, yes, to a point. But you definitely want to read the fine print on this one. Because in most cases (other than mattresses), if you don’t pay off the complete balance on your purchase within the promotional time frame, you will then be forced to pay ALL of the interest that would’ve accrued from the day you made the purchase, as if the promotional period had never existed! And the interest rate you’ll be paying?
So, you do NOT want to get mixed up with this credit card unless you are absolutely sure you will pay off your balance within the promotional period offered.
There is an online application for the P.C. Richard credit card, but in reality the only reason to apply is if you get a 0% offer on a large purchase, so hold off for now. (Or forever.)