Why subprime borrowers should think twice before opening a Fingerhut account.
you may be required to pay a portion of it right away, using a debit card, linked bank account or other eligible payment option , which Fingerhut refers to as a one-time down payment. The amount you deposit reduces your total balance.
Then, just like a regular credit card, you'll receive a statement every billing cycle. You'll need to pay the balance off in full and on time in order to avoid paying interest charges.The FreshStart account is a three-step installment credit program. First , you can make a purchase up to your credit limit. Next, you have to make a $30 down payment with a debit card, linked bank account or other eligible payment option in order for your order to ship.
According to the example on Fingerhut's site, a $100 purchase would require a $30 down payment, a $6.25 finance charge and six monthly payments of $12.71. That comes out to $112.51, which means you'd wind up paying $12.51 in fees. If you pay off your initial purchase within the repayment period, you may be upgraded to the Advantage account.
But if you pay your initial purchase in full and don't use the repayment plan, your loan will end and you won't be considered for the Advantage account.If you want to build credit, overpaying for products on Fingerhut isn't the best option. Plus you'll incur steep interest charges and fees if you carry a balance with the Advantage or FreshStart accounts.
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