Discover and Chase 12mo 0% BT end date interesst

[creditconcept]

Hello All,

I have a question for the experts. I am currently using two 12mo 0% balance transfer offers from Chase freedom and Discover IT.

My question, If I did not pay off the balances by the end of the 0% period, Do they START charging me interest then, or do they pile on the retroactive interest over the 12mo period?

Also, if I have a 5K balance, and pay it down to $500 by the time the period runs out, am I charges based on the current balance or the original transfer ammount?

Thanks....!

[Skye12329]

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@creditconcept wrote:
Hello All,

I have a question for the experts. I am currently using two 12mo 0% balance transfer offers from Chase freedom and Discover IT.

My question, If I did not pay off the balances by the end of the 0% period, Do they START charging me interest then, or do they pile on the retroactive interest over the 12mo period?

Also, if I have a 5K balance, and pay it down to $500 by the time the period runs out, am I charges based on the current balance or the original transfer ammount?

Thanks....!

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Its right when the promotion ends is when you get interest charged. It should be based on the current amount is what your interest charges will be. 

[Anonymous]

IME Visa/MC/Discover etc. will not charge retro-interest. Store cards will. Lowe's recently sent out a notice that they would start charging retro interest if special promo interest balances weren't PIF by promo end date. 

That being said, I'd check the T&C for the product in question and not assume. 

[taxi818]

Well really you want to know if after the promo period will you be charged back interest like with store card. NO!!!!!.

You will only be charged the interest from your current balance at the time the promo ends. so even if you BTed 5000k. and still had a balance of 2400 at time the promo ended. your interest will start to kick in the month after the promo ended. based on the no interest promo APR, as with store cards. they retroactively charge the interest. from the beginning amount.  this is not the case with major credit cards. hope that answers your Question. good luck.