I’m sure that sounds like a weird title, considering I try to be frugal. But here’s the thing: Yesterday, I passed up the chance to save 5% on a major appliance.
Yesterday, I discovered that Sears was having its Friends & Family Sale. The store does this 2-4 times a year by my count. It meant appliances were an extra 10% off. Since Kenmore appliances were already 20% off, it seemed like a good time to get a fridge.
Tim and I went in the store to examine options, found a fridge that was reasonably priced (if not the cheapest model) and then went to the house to check the dimensions. Satisfied it would fit, I went online (through Mr. Rebates, of course!) and… found out the model we liked was out of stock.
With a little more searching, I found almost the exact same thing but with regular handles. (The other one looked all cool and sleek because it just had handholds in the top of the door.) Since it wasn’t the cooler, sleeker model, the fridge was actually $45 less. For that, I decided I could handle the handles.
With the additional 10% off, the appliance was just under $410. Definitely not a bad price — especially since we’ll get about $20 back through Mr. Rebates.
But I could have saved another $20.50 if I had signed up for the Sears card.
Like Lowes, Sears will give customers an extra 5% off if they buy appliances on the store’s credit card. I was actually excited to find that deal because, well, I love me my extra savings.
After running around, though, I was tired. In the middle of the checkout process, I filled out the card application. Then I clicked to check the Terms & Conditions. That’s when I saw the 25% APR.
Not that it mattered, really. I mean, we would pay it off in full. So what was the big deal?
Honestly, I don’t know. It just deflated me. I thought about having ANOTHER credit card open, given how rarely we shop at Sears. It meant either having an extraneous line of credit or having to remember to close the damn thing in a couple of months.
I guess the crazy APR was just the last straw. I closed the Terms and Conditions and didn’t submit the application.
And I am glad I didn’t. Maybe it’s the depressive part of me, but the whole ordeal seemed silly and annoying. Maybe even a tad ludicrous. I mean, isn’t the whole concept a little weird? “I’ll give you savings if you just open up a line of credit you don’t need!”
Isn’t it that glibness toward credit that got us into this economic mess? I find it a little disturbing that store still offer these crazy credit lines, though I know it’s good business for them by and large.
More importantly, I find it disturbing that so many surveys I take have to clarify what they mean by “credit card.” They have to specify to survey takers that store credit cards and gas cards don’t count. That kind of says something about the whole store credit industry, doesn’t it?
So, yeah, I opted out of saving money. After delivery charges and sales tax, we’ll pay $525 — and get that $20 back from Mr. Rebates. I also signed up for the store rewards program (no credit card needed!) and so we’ll have $45 in credit to use for future purchases.
All in all, I think that’s enough savings for me.
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{ 4 comments… read them below or add one }
I don't blame you for the choice… done the same thing myself.
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Good for you for not playing their game! I agree that this is what got us into the whole mess to begin with. They offer you the 5% because if you have the card, you are X% more likely to spend money in their store. As if we don't have brains enough to control where we shop, just by the cards in our wallet. Its irksome, and demeaning.
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We (usually) never sign up for store credit cards, even if it means missing out on a few savings. In fact, we've only sign up for one store card, a furniture store CC. We signed up with 36 months no interest, so I calculate our monthly payments to make sure we pay it off in time before the interest kicks in. Since we're young, it a good way for us to show steady payment history & build some credit.
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Man, the store card discounts kill me because it can be so tempting. My one saving grace is that I usually am not spending enough for 15% off to be worth it.
So far, I have only submitted to one store credit card, but paying it off is kind of annoying, so I rarely use it unless they're having a specific deal on the CC.
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