topic Re: Question about promo APR in Credit Cards

Question about promo APR

Anonymous — Sun, 08 Nov 2015 08:24:39 GMT

I was approved for the Chase Freedom card in August. The promo was 0% apr for 15 months then 13.99 apr.

I have to have some dental work done (almost $5k worth). If I put this on my chase card and don't get it knocked out by Nov 21st 2016, will the interest be on the remaining balance or of the original charge?

I am looking at options of using an existing card that will put me at 15% utilization or 50% of my chase acct vs taking another inquiry, a hit to my AAoA and hoping my Sl is enough to cover it with care credit. I am also looking around to see who has a longer promo 0% apr. Any input, suggestions, ideas etc would be appreciated!

Re: Question about promo APR

Anonymous — Sun, 08 Nov 2015 08:53:57 GMT

Your on the hook for the full interest if you don't pay it off by 15 months.

Does your company offer FSA? It's pre tax money you can spend on dental and vision. You can withdraw the full amount and pay it back by deducting your pay check every pay period.

Re: Question about promo APR

Skye12329 — Sun, 08 Nov 2015 10:44:46 GMT

Chase does NOT charge retro interest. They will charge interest on any remaining balance after the promo. Some store cards might charge retro interest.

Re: Question about promo APR

Anonymous — Sun, 08 Nov 2015 11:33:20 GMT

@Skye12329 wrote:
Chase does NOT charge retro interest. They will charge interest on any remaining balance after the promo. Some store cards might charge retro interest.

This is the correct answer. Pay off as much as you can between now and then, hopefully pay it off. If not, you'll pay interest on the remaining balance.

Re: Question about promo APR

Anonymous — Sun, 08 Nov 2015 18:08:12 GMT

Thanks for the info! I knew how store cards retro'd the interest but wasn't quite sure how others did. I was looking at my chase statement and like that they break it down. It shows the balance of the promo priod in a different section.

This couldn't have come at worse time. We bought a house and new furniture 2 months ago. It cut into quite a bit of our savings. We are trying not to touch what is left in case something happens. I know we can knock quite a bit out in a year but I didn't want to risk a retro interest. I am sure I will take enough of a hit using 50- 60% utilization to this card.

Re: Question about promo APR

Anonymous — Sun, 08 Nov 2015 19:00:33 GMT

@Anonymous wrote:
Thanks for the info! I knew how store cards retro'd the interest but wasn't quite sure how others did. I was looking at my chase statement and like that they break it down. It shows the balance of the promo priod in a different section.

This couldn't have come at worse time. We bought a house and new furniture 2 months ago. It cut into quite a bit of our savings. We are trying not to touch what is left in case something happens. I know we can knock quite a bit out in a year but I didn't want to risk a retro interest. I am sure I will take enough of a hit using 50- 60% utilization to this card.

You mentioned going for Care Credit (I think). If you DO go with Care Credit, it DOES retro interest (I'm fairly certain). So if you split it, focus on paying down Care Credit before Freedom.

Re: Question about promo APR

Skye12329 — Sun, 08 Nov 2015 19:41:35 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks for the info! I knew how store cards retro'd the interest but wasn't quite sure how others did. I was looking at my chase statement and like that they break it down. It shows the balance of the promo priod in a different section.

This couldn't have come at worse time. We bought a house and new furniture 2 months ago. It cut into quite a bit of our savings. We are trying not to touch what is left in case something happens. I know we can knock quite a bit out in a year but I didn't want to risk a retro interest. I am sure I will take enough of a hit using 50- 60% utilization to this card.
You mentioned going for Care Credit (I think). If you DO go with Care Credit, it DOES retro interest (I'm fairly certain). So if you split it, focus on paying down Care Credit before Freedom.

This is correct. When we applied for CareCredit for the vet. They offered us 0% for X mos. but has to be PIF by the end or promo ends.

CareCredit also offers a different promo if its over X amount i wanna say 3 or 4k? But you get a lower interest rate (15%.xx) till its paid off. In other words Freedom would be best option either way.

Re: Question about promo APR

NRB525 — Sun, 08 Nov 2015 21:13:45 GMT

@Anonymous wrote:
Your on the hook for the full interest if you don't pay it off by 15 months.

Does your company offer FSA? It's pre tax money you can spend on dental and vision. You can withdraw the full amount and pay it back by deducting your pay check every pay period.

Please edit this out. i will remove this post also once you have edited that earlier post. Chase does not charge interest retroactively. Chase keeps the promo interest separated because it is different from the purchase interest category. Being early in tthe thread, you have put up very misleading misinformation.

Thanks

Re: Question about promo APR

Anonymous — Sun, 08 Nov 2015 21:45:48 GMT

@Anonymous wrote:
I was approved for the Chase Freedom card in August. The promo was 0% apr for 15 months then 13.99 apr.

I have to have some dental work done (almost $5k worth). If I put this on my chase card and don't get it knocked out by Nov 21st 2016, will the interest be on the remaining balance or of the original charge?

I am looking at options of using an existing card that will put me at 15% utilization or 50% of my chase acct vs taking another inquiry, a hit to my AAoA and hoping my Sl is enough to cover it with care credit. I am also looking around to see who has a longer promo 0% apr. Any input, suggestions, ideas etc would be appreciated!

5k in dental work. Ok. Not sure exactly how difficult of a procedure it is. You could investigate Careington Care 500. A dental discount plan. It will get you over half off at thousands of dentists. Its only $7 a month. Just cancel when you are done using the coverage. It is NOT insurance. Either that or find a dental school.

Your scores are good enough for care credit...but remember they require a HP for every CLI....but if you will need more stuff in the future its great for redundant 0% promos.... but that could be acheived just as easily as doing a debt shuffle between credit cards...just sayin'.

Re: Question about promo APR

Anonymous — Tue, 10 Nov 2015 01:35:49 GMT

This $5k is WITH the carrington discount. When I was younger, I was hit in the mouth playing softball resulting in 3 broken teeth. I had to have crowns on those teeth. Now those crowns have to be replaced along with another crown and root canal. Each crown is $950. It sucks but I knew at some point this would happen. I truly hate dental work. I am going to use my Freedom card. It seems to be my best option. I don't know how much of a hit I will take to my scores but it is what it is. It will just keep me in the garden.

Re: Question about promo APR

Anonymous — Tue, 10 Nov 2015 02:10:17 GMT

@Anonymous wrote:
This $5k is WITH the carrington discount. When I was younger, I was hit in the mouth playing softball resulting in 3 broken teeth. I had to have crowns on those teeth. Now those crowns have to be replaced along with another crown and root canal. Each crown is $950. It sucks but I knew at some point this would happen. I truly hate dental work. I am going to use my Freedom card. It seems to be my best option. I don't know how much of a hit I will take to my scores but it is what it is. It will just keep me in the garden.

Wow that is terrible!!!!!!! I am glad it doesn't have to be anything more invasive/major ya know? But still, dental stuff adds up! I am glad oyu were able to use careington!!!! It really does help!