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Fingerhut Complaint - Outrageous Finance Charge
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I have been with Fingerhut for less than a year now. I hope by publishing this info about Fingerhut I am able to help others before they get nabbed....mafia style by Fingerhut.
Their products are way below average in quality
and their interest rate is outrageous but you don't find any of this out in the beginning as it is not apparent.
Most of their products, in my opinion, must be made in 3rd world countries-- the quality is not evident.
Plus the point I want to make here is the most important:
I have a few other credit cards and the one that charges the least amount with the highest quality is Dillard's at 18%. You get what you pay for and the interest rate is not going to break you and they don't make a point of hiding the rate like Fingerhut does. Shame on Fingerhut.
Fingerhut, how dare they. They do not make you aware in any of their info that their interest rate is 25%. This is criminal, mafia style.
As soon as I get rid of this bill, which is about 3 more payments, I don't want any more to do with them..ever! You would be wise to heed my advice.
Most of what I bought has worn out or broken before I am even able to pay it off. Pure junk of which the Fingerhut members pay 25% for. Guys that is. 25 cents on a dollar....like I said it is Mafia Style.....think about it
Their products are way below average in quality
and their interest rate is outrageous but you don't find any of this out in the beginning as it is not apparent.
Most of their products, in my opinion, must be made in 3rd world countries-- the quality is not evident.
Plus the point I want to make here is the most important:
I have a few other credit cards and the one that charges the least amount with the highest quality is Dillard's at 18%. You get what you pay for and the interest rate is not going to break you and they don't make a point of hiding the rate like Fingerhut does. Shame on Fingerhut.
Fingerhut, how dare they. They do not make you aware in any of their info that their interest rate is 25%. This is criminal, mafia style.
As soon as I get rid of this bill, which is about 3 more payments, I don't want any more to do with them..ever! You would be wise to heed my advice.
Most of what I bought has worn out or broken before I am even able to pay it off. Pure junk of which the Fingerhut members pay 25% for. Guys that is. 25 cents on a dollar....like I said it is Mafia Style.....think about it
Comments:
Posted by tnchuck100 on 2009-11-02:
Getting away from Fingerhut is a good move. They are a high interest junk dealer. Their primary customers are those who have poor credit.
But, just for the record, a 25% APR does not directly translate to 25 cents on the dollar of what is purchased.
The way the interest is applied is 25% / 12 = 2.08% per month and is used to calculate that months interest on the unpaid balance. Say, $200. That would be $4.16. The new balance before your payment would be $204.16. Now, say you make a $10 payment. Your new balance is $194.16. Your $10 payment only gained you $5.14 toward your balance.
Most use "average daily balance" to calculate interest. That does gain them a couple of cents more from you.
But, just for the record, a 25% APR does not directly translate to 25 cents on the dollar of what is purchased.
The way the interest is applied is 25% / 12 = 2.08% per month and is used to calculate that months interest on the unpaid balance. Say, $200. That would be $4.16. The new balance before your payment would be $204.16. Now, say you make a $10 payment. Your new balance is $194.16. Your $10 payment only gained you $5.14 toward your balance.
Most use "average daily balance" to calculate interest. That does gain them a couple of cents more from you.
Posted by CrazyRedHead on 2009-11-03:
We occasionally get a Fingerhut catalog and it explains the finance charge and the shipping charge in it. I was with them a long time ago and agree with you, they are cheap. My husband wouldn't listen to me and ordered something from them, he now agrees with me.
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