 TITLE: How to Finance a Next-Gen Gaming Console CONTENT: Why a Credit Card Might Be a Better Option for Your Next Gaming Console\n-----------------------------------------------------------------------\nWhile there will be options available to finance your next-gen console purchase through a retailer or a third-party lender, using a credit card may be a solid alternative.\nMany credit cards offer introductory 0% APR promotions that allow you to make a purchase and pay it off over time. You may also get a welcome offer (sometimes called an intro bonus), which could save you money on the cost of the new console. Consider the following cards:\n**Chase Freedom Unlimited®****:** This card offers an intro bonus and an intro $0% APR promotion. You'll earn a 200 bonus after you spend $500 in the first 3 months and 5% back on your first $12,000 spent at grocery stores during the first 12 months (though Target and Walmart don't count). You'll also get an intro 0% APR on purchases for 15 months, as well as rewards on your ongoing purchases. Once the promotional 0% interest period is over, your ongoing rate climbs to a variable 14.99% to 23.74% APR.\nWith a new Chase Freedom Unlimited®, if you spend $500 on the Xbox Series X (ignoring taxes), your net cost will come down to about $300 thanks to the card's $200 welcome offer, and that's not including the card's base cash back rewards rate of 1.5%.\n**Capital One Quicksilver Cash Rewards Credit Card**: The card offers an intro 0% APR on purchases for 15 months, plus a welcome bonus of $200 after you spend $500 in the first 3 months. The bonus is as big as the one offered by the Chase Freedom Unlimited®, and can reduce your net cost significantly. Once the 0% APR period ends, the card's ongoing rate climbs to a variable APR of 15.49% to 25.49%.\nTo give you an idea of how much you can save, let's say you open a new Capital One Quicksilver Cash Rewards Credit Card account and charge $500 to purchase an Xbox Series X (again ignoring taxes). You'd get $200 back, which reduces your net cost to $350. Then, if you make no other purchases and pay $25 per month—the minimum payment as of October 2020—you'd pay off the balance within 14 months with no interest. Also consider the cost of taxes, accessories and games when planning your payments, since those extra costs can change your payoff strategy. Use a credit card payoff calculator to make sure you can pay in full by the time interest kicks in.\nTo contrast, let's take a look at what you'd pay if you used one of your current credit cards to make the $500 purchase. With a 16% APR (near the national average) and a 15-month repayment period, you'd have a $37 monthly payment, and pay $54 in interest. Factoring in taxes and other costs, your payment would be even higher. END