HFIA offering new credit card financing options
By Furniture Today Staff -- Furniture Today, October 14, 2001
DALLAS — The Home Furnishings International Assn. credit card program has been enhanced to offer three new fixed-payment options.
Consumer purchases of $2,000 through the HFIA's Interiors Card can now be financed over 12 months, 24 months or 36 months.
The program, financed by GE Card Services, allows consumers to set up installment payments with an interest rate of 10.99%, said Mary Frye, president of the HFIA, a trade association for retailers and others in the home furnishings industry.
"The key benefit of the new financing options to consumers is that they will have a set number of equal monthly payments at a much lower interest rate than many credit cards," Frye said. "They will know what their monthly payment is and when it will be paid off."
Retailers offering the Interiors Card program pay a discount rate of 1.49% for 12 months, 2.99% for 24 months and 4.39% for 36 months. These lower rates enable HFIA dealers to compete with longer-term promotions at a lower cost than typical no-payment and deferred-interest promotions, Frye said. The new fixed-payment options also allow retailers to promote monthly payments on merchandise rather than total price.
The Interiors Card still provides consumers and retailers with no-payment and deferred-interest options. "The new fixed-payment options target customers who prefer a set monthly payment for major purchases and for dealers who want to offer longer-term financing on a regular basis," she said.
For more information, contact HFIA at (800) 942-4663 or visit the HFIA booth at the High Point market in Furniture Plaza.
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