Interest Free Finance

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How much does Interest Free Finance really cost?.

I’ve never actually believed that Interest Free Finance has no cost, and today I was quoted for something, and I thought I would check how much the Interest Free actually was costing.

The repayments were quoted at about $48 per week for 3 years, a total of $7,563 with the Interest Free Charges added.

But they quoted a cash/credit card price of $6,800. That works out at an extra $763 if going with the Interest Free option…

That extra $763 in fees, charges or interest (whatever it is called) actually works out at 7.4561% per year (charged monthly), if called Interest.

It’s not a high rate, in fact it is reasonable. But it isn’t FREE.

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