Gingrich’s dubious claim of a ‘normal’ no-interest charge account at Tiffany (Three Pinocchios)

Newt Gingrich’s dubious claim of a ‘normal’ no-interest charge account at Tiffany

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We checked with credit-card experts. They said Gingrich’s comments made little sense.

“It doesn’t sound plausible to me,” said Ben Woolsey, director of marketing and consumer research at CreditCards.com. “Store credit cards almost never carry these kinds of terms, and it is highly unlikely for an exclusive retailer like Tiffany’s.”

Some department stores, such as Sears, might offer a few months of “same as cash” credit for buying major appliances. But Woolsey said a store like Tiffany is not going to offer zero-interest credit for purchases of jewelry, given the type of clientele it attracts. “Maybe with Zales, but not with Tiffany’s,” he said.

John Ulzheimer, president of consumer education at SmartCredit.com, said Gingrich’s comments made sense only “if he had some sort of no-interest grace period. You can't revolve a balance and not pay interest unless there is a zero percent interest rate. Carrying a balance of up to $500,000 and not paying interest is anything but ‘normal.’ ”

However, he added that Tiffany “isn't your normal retailer, and upscale retailers are notorious for cutting special deals with VIPs like entertainers, athletes, and political figures.”

We queried Gingrich’s spokesman, Rick Tyler, for further explanation but as usual did not get a response.

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http://www.washingtonpost.com/blogs/fact-checker/post/newt-gingrichs-dubious-claim-of-a-normal-no-interest-charge-account-at-tiffany/2011/05/23/AFGPJ69G_blog.html

Shows how far out-of-touch with America he is.

jewelry..always wondered how he managed to get any woman interested. Now we know.


Watching him on Meet the Press, made clear - he has nothing to do with his finances...he has an accountant, because he didn't seem to understand credit. I think he didn't want to say what he spent the money on, because he bought a bunch of jewelry for others not his wife. Of course I think the only way his wife stays with him is for the jewels and whatever else he can get from him...I'll bet they have separate bedrooms too.