from memory the last time we had one of these interest free set ups, the minimum monthly payment came up short of the total amount we needed to pay off in the 24 months also, so that's how they catch a lot of people out...the interest is then calculated on the original purchase price, not what you had left owing
Not quite correct mate...
Interest is only payable on the balance outstanding AFTER the promotional period is finished (ie you get a loan for $1500, pay off $1,00 before due date, then you start to pay interest on the remaining $500)- got asked this question so many times when I was slaving away at Retravision
and this quote from HSBC website (FAQ section)
What happens if I don't pay the total amount owing by the end of the promotional period?
"At the end of the promotional period, any outstanding balances will incur interest at our cash advances interest rate. Interest is only charged to the remaining promotional balance from the day after the promotion expires and is not backdated to the start of the promotion."