We’re accustomed to “don’t pay for a year” offers that trap people who can’t pay in full after the year is up. These people end up paying very high retroactive interest back to their purchase date. Sears Financial seems to have created a similar offer for their credit card.
With their offer, if all goes smoothly you can make just minimum payments each month without paying any interest. However, they are careful to say “interest will accrue on the financed amount from the transaction date at the rate then in force for purchase transactions but will be waived if you pay the financed amount ... in full on or before the Promotion End Date.”
There are three ways that you could be hit with retroactive interest (32.9% for me) back to your purchase date:
1. You fail to make a minimum payment.
2. You fail to pay the remaining balance when the promotion ends.
3. A mysterious “Promotion Termination Event” occurs.
This offer is just an attempt to drag the unwary deep into high-interest debt. Don’t be fooled.