12-10-2012 03:35 PM
So last June I purchase a projector from Amazon and they were offering 0% for 12 months with their credit line, I took it. Today I happened to login my account to see when the promotion ended (just to remind myself that it really was 12 months and not 6). It has a column of Accrued Interest Charges. I haven't missed a payment so I am not sure what that column is. Does it show what interest I would pay if I don't pay the balance by the end of the promotional period?
12-10-2012 03:37 PM
Yes. If you have a balance after 12 months, you pay 12 months of interest.
12-10-2012 03:49 PM
Yes that is the way it works, so best to pay it off a month or so early just to be safe, you don't want to get hit with $250 interest surprise.
12-10-2012 04:17 PM
I just wanted to make sure that that's what it was. I figured it would be the interest amount they would charge if I didn't pay it before then, but I wanted to be certain hehe. Thanks!
12-11-2012 10:20 AM
As someone already said, pay that thing off a month early and get some kind of confirmation for evidence. I missed the pay off date on one of these deferred interest deals on a $2,000 TV I bought at Best Buy and got slammed with some ridiculous amother of interest, $600+ as I recall. With enough complaining they took away the interest charges, but those promotions can be very dangerous.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.