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The Truth About "Buy Now Pay Later"
We’ve all heard the offers: “No interest until 2014” or “90 Days Same as Cash.” These teasers are often employed by retailers to lure you into their store.
While the offer may sound reasonable, especially for big-ticket items such as furniture or appliances, the majority of consumers who take advantage of these offers will not be able to pay off the debt during the “no-interest” promotion period.
What that means to you
If you choose this type of financing, you may find yourself in an expensive situation if the balance is not paid in full before the promotion period ends. This is because:
- Interest has been accruing since the first day of purchase and will be added to the balance of the debt.
- Additional interest will accrue until the debt is paid off.
- Generally, interest rates on these types of loans are significantly higher (typically 20-30%).
Consider your options
If you know you will be purchasing a big ticket item, try to budget and save throughout the year. When it’s time to purchase the item, you’ll have enough to pay with cash. Some retailers may even give you a discount if you pay with cash.
For an immediate need or purchase, talk with a Kentucky Telco loan officer about low cost financing options. Our Visa Platinum credit card offers low rates, no annual fees, and no hidden fees.
If you’ve already financed through the retailer, adjust your household budget accordingly so that the loan will be paid off before the promotion period ends. If that is not an option, contact a Kentucky Telco loan officer for other financing options.
How to Survive the Holiday Season Without Busting the budget
If the thought of holiday shopping makes you break a sweat, don’t stress out yet. We’ve got some tips to help you save money and stay sane during the holiday madness.
Make a list
Write down everyone you plan to buy a gift for, no matter how small the gift may be. Include ideas of what to give each person, along with the maximum amount you’re willing to spend. Don’t forget to list the people who will receive holiday tips, such as babysitter and mail carrier. This will help you manage your holiday budget.
Don’t wait until after Thanksgiving to start buying holiday gifts. Start now. Keep your eyes open all for items friends and family would like; it’s often when you’re not looking for something specific that you stumble across the perfect gift for Dad or your best friend. Once December hits, you’ll be glad that you already have some people crossed off your list.
If you’re unsure of which specific item to buy, search for reputable online reviews. Check sites with user reviews and ratings to find out which products have the most positive feedback.
Black Friday & Cyber Monday
If you’re looking for great deals and aren’t afraid of battling large crowds, the day after Thanksgiving is a shopping must. Get a head start on fellow shoppers by checking a website like Blackfriday.org before the big day. The site compiles Black Friday ads from various stores and updates the information as it becomes available, allowing you to plan out which stores to hit and what products you intend to buy. Some stores even offer advance “Black Friday” sales before Thanksgiving, so it’s worth it to peruse the listings early.
Don’t forget about Cyber Monday. Cyber Monday is reputedly the biggest online shopping day of the holiday season—and accordingly, many online retailers will offer special discounts on their products. It takes place the Monday after Black Friday, though you can find online bargains all year long at Cybermonday.com, the official Cyber Monday website. On the actual day, the site will feature extra discounts and hourly specials to further entice online shoppers. To stay even more in the know during the holidays, sign up to receive emails from your favorite stores to get advance notice about sales and insider-only deals.
Get Started on Next Year
Plan ahead and avoid the stress of holiday shopping by opening a Christmas Club account. Setup automatic transfer from your Checking or Savings every time you get paid!
A Christmas Club account features:
- No minimum balance
- No monthly fees
- Earns dividends
- Payroll deduction available
To open your Christmas Club, contact us today at (502) 459-3000/(800) 292-9490 or firstname.lastname@example.org or visit your local branch.
News & Events
MoneyPass® Now Offers Surcharge-Free Access in more than 2,000 Walmart Stores
The MoneyPass Network is known for having convenient, surcharge-free ATM locations. We are proud to announce MoneyPass has become even more convenient for Kentucky Telco ATM/Debit cardholders to access cash surcharge-free! As of June, all Walmart MoneyCenter Express ATMs have access to the MoneyPass Network.
Walmart MoneyCenter Express machines can be found inside the Walmart MoneyCenter or Customer Service areas of the store. For a complete listing of all surcharge-free ATMs visit www.kytelco.com, www.moneypass.com, or download the MoneyPass app now from your phone’s app store.
“No Hats, No Hoods, No Sunglasses, No Backpacks”
At Kentucky Telco, we take your safety seriously. That’s why our “No Hats, No Hoods, No Sunglasses, No Backpacks” policy is important. Before you enter a branch, please leave any backpack or carrying case in the car and remove any garment that covers your head and face.
This policy will help:
- Create a more secure atmosphere for members, as well as employees.
- Reduce the risk for robberies.
- Increase visibility of suspicious individuals.
- Reduce bank fraud and identity theft.
If you have any questions regarding our “No Hats, No Hoods, No Sunglasses, No Backpacks” policy, please contact us at (502) 459-3000 / (800) 292-9490 or send us an email at email@example.com.
We appreciate your cooperation.
Important Notices for Members
The volunteer aspect of the Board of Directors is a unique characteristic that sets credit unions apart from for-profit institutions. If you, or any other member, is interested in running for election to the Board of Directors, nominations by petition will be accepted if signed by 1% of the membership (360 members). Petitions must be accompanied by a resume listing qualifications and signed letter indicating a willingness to serve if elected.
Petitions must be received by December 10, 2012. Please mail petitions to:
Kentucky Telco Federal Credit Union
3740 Bardstown Road
Louisville, KY 40218
Annual Meeting Notice
Mark your calendars! The Board Election and Annual Meeting will be held on Monday, February 11th, 2013 at the following location:
Buechel Woman’s Club
3738 Pulliam Drive
Louisville, KY 40218
Watch for more information.