10:40 AM – Just in time for the holidays, Motorola has made a very interesting announcement that many customers can take advantage of. The company has officially announced that it will be offering $0 down payment and 0% interest on purchases made through their online store.
If you do choose to go this route, you will have a ‘credit account‘ with the company. This is essentially the same as having a credit card, but with better benefits. Best Buy also runs similar type program with their credit card. The 0% interest is on all purchases and you have a maximum of 18 months to pay off the balance. You also can pay off the balance in 6 or 12 months with 0% interest.
The key point to keep in mind is that you must, and I cannot stress this enough, must make the minimum monthly payment. For example, if you purchase the Moto X which is $549, it comes out to $30.50 monthly for 18 months max. If you wish to make a higher payment, that's up to you, but making the minimum payment on your credit account is key to keeping your 0% interest. Otherwise, you may be subject to a very high interest rate.
This is a good opportunity for those who are looking to get electronics for their family but are short on cash. Open a credit account with Motorola and you can order everything you need. Just be sure to pay everything off with in 18 months.
Lastly, you have to fill out a credit application, of course. To enroll in this program, customers will be subject to credit approval through here.
Here's what Motorola says on their website:
Subject to credit approval. Deferred Interest Minimum Payment Required Promotional Plan: Interest will be charged to your account (at the standard variable apr 28.99%) from the purchase date if the purchase balance is not paid in full within the promotional period or if you make a late payment. Minimum monthly payments are required for this plan during the promotional period. At no time will the minimum monthly payment be less than $25.00. Minimum Interest charged is $2.00 per credit plan. Required minimum $549 pre-tax purchase for the 18 month credit plan. Motorola Credit Accounts are offered by Comenity Capital Bank who determines qualifications for credit and promotion eligibility. US residents only. Not valid on previous purchase.
Will you be taking advantage of this?