Oh my goodness! I just noticed this article: Bowflex- I had been trying to establish credit for a while
11/3/2005 - Ashley writes:
I had been trying to establish credit for a while now when I seen the bowflex comercial! I called and they gave me a credit limit of $1500! I was thrilled! Not only could I enjoy a workout I had credit! I pay $28 a month but If you are late you are charged an extra $35! Well thats ok I guess but one day I noticed the pay off was now over $1700 and haven't had it over a year! In the begining the bowflex only cost $1500! My husband called them and asked what the problem was! The interest! Out of $28 dollars, only $3 go the the bill the rest is for interest! So if you add it up it could take me years to pay it off and I will have payed over $15,000 dollars for this thing!Its a ripoff to pay that much for this bowflex!Now I can't do a thing about it! I either pay $15,000 for it or I can have bad credit! I'm screwed either way!The company never said anything about this!!!!!!! Sincerely Pissed off
My recommendations:
- Get a bowflex to exercise and get fit - NOT to establish credit.
- Get a copy of the contract, from Bowflex, and read it before you buy.
BowFlex.ca Financing details 25+% says the following:
90-Days Same as Cash
To qualify for 90-days same as cash, you must apply for a Nautilus? credit card, by doing so you are applying for a revolving credit card from HSBC Bank Nevada, N.A. No Finance Charges if purchase paid in full in 90- days. If purchase not paid in full or Account not kept current, accrued Finance Charges assessed from purchase date. Standard Rate of 21.8% APR. Default Rate of 25.8% APR . Minimum Finance Charge $1.00. Certain rules apply to the allocation of payment and Finance Charges on your promotional purchase if you make more than one purchase on your Nautilus? card. Call 1 (888) 367-4310 or review your cardholder agreement for information.
