P.C. Richard - "No Payments, No Interest"

P.C. Richard & Son • Oops, Wrong Model • Lowest Price Guarantee • Extended Warranty • "No Payments, No Interest" • Delivery & Set-Up • Returns/Refunds

Gabriel of East Meadow NY (2/1/03): In October of 2001 I purchased a large screen TV set on the "no payments, no interest until 2003" promotion. The total cost was about $3700. Since then I made minimum payments on the account every month. In August of 2002 I purchased on the same account another item for approx. $900 but not with the same promotion (this purchase only had a 90 day no interest plan and I did not pay it within 90 days). The minimum payments were continuously made until the present time.

At the end of the original promotion, January 2003, the balance was not paid in full and a $900 interest fee was added to the balance. This is a deceiving practice of offering a "no payments, no interest" offer, when the interest is in fact tacked on retroactively. Furthermore, it is unclear on what amount this interest is based since the minimum monthly payments were made continuously for 14 months.

Every monthly bill received from PC Richard has the statement: "If a promotional purchase amount is not paid in full by the indicated Due Date, Finance Charges will (or if any Minimum Payment Due is not paid when due, may) be assessed on this amount from the transaction date (or, at creditor's option, from the posting date)." This is a confusing statement at best on whether they will charge the interest retroactively when the minimum payments are made every month. I believe this is actually a deceiving tactic. The store will not discuss or negotiate further with me.

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