Buying a TV? Beware of Alternative Financial Services

woman relaxing online on sofa reading some papers

It’s no coincidence that the official best time of the year to buy a TV begins with Super Bowl week.  My friend recently boasted about his new 70-inch 4k set and my brother-in-law has been posting pictures on Facebook of his 110-inch.  With my generation, the competition to have the best television around has become a national pastime of its own.

My concern is that despite millennials being the most educated generation in history, 42% of them have used a costly alternative financial service in the past 5 years, such as payday loans, tax refund advances, rent-to-own products or pawnshops.  And I theorize that small deals like those we are currently seeing on televisions drive this behavior.  They want the “bargain,” but they’ll borrow money in the most expensive way to get it.

Instead, I’d like to see my generation wise up and save for these types of purchases, or at least stick to traditional financing options.   In looking at information on credit cards offered by Bank of the Ozarks, the APRs offered are better than paying the almost 400% APR often associated with payday loans.  The APRs on credit cards offered by Bank of the Ozarks are based upon the prime rate and your creditworthiness.  Obtaining a credit card is also subject to credit approval so if your credit won’t afford you this option, take it from me, you can’t truly afford that TV unless you save and pay cash for it anyway.

Bank of the Ozarks’ Credit Cards are issued by First Bankcard, a division of First National Bank of Omaha.

By Adam Lucas Adam Lucas holds a Finance degree and an MBA from the University of Kentucky. His work has appeared in many major outlets including Yahoo,, and

Monday on the Money is a weekly commentary from Bank of the Ozarks providing financial advice and solutions important to you and your family.