All Topics / Finance / How much will I save? (24 Months Interest Free)

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  • Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121
    June 1, 2011 - 3:19 am

    I am thinking of purchasing $13,295.00 worth of Miele appliances and using their finance offer which is through HSBC.

    HSBC charge $59 per year so over 24 months that will be $118.

    25% deposit is required so $9972 would be placed on the HSBC card.

    Monthly repayments are required and calculated at 3% of the outstanding
    balance or $20, whichever is higher.

    Based on my home loan interest rate of 7.210% how much will I save (if anything) by using the HSBC finance option?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    June 1, 2011 - 9:19 am

    what is the interest rate which would apply on the card when you fail to make a payment or the freebie ends?

    You will be paying about $300 pcm in principal.

    Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121
    August 1, 2011 - 5:22 am

    Thank you Scott

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