topic Re: 0% APR will expire in 7 days!!! quick read in Credit Cards

0% APR will expire in 7 days!!! quick read

Anonymous — Wed, 20 Apr 2011 14:07:59 GMT

ive used my cc wisely and i have been concerned with the date my 0% apr will expire, april 27. last i heard the rep told me my rate will jump to 18% on any balance i have beginning april 27, moving forward...

now i have a balance of 700 bucks...

if i dont pay in full and my rate applies to the balance of 700 bucks and i want to pay in full to my next cycle, assuming i dont put any other charges on my card, my pay in full balance will be $826 correct.....(126 being 18% of 700)

Re: 0% APR will expire in 7 days!!! quick read

Anonymous — Wed, 20 Apr 2011 14:15:26 GMT

@Anonymous wrote:
ive used my cc wisely and i have been concerned with the date my 0% apr will expire, april 27. last i heard the rep told me my rate will jump to 18% on any balance i have beginning april 27, moving forward...

now i have a balance of 700 bucks...

if i dont pay in full and my rate applies to the balance of 700 bucks and i want to pay in full to my next cycle, assuming i dont put any other charges on my card, my pay in full balance will be $826 correct.....(126 being 18% of 700)

Not at all...i haven't broken down the APR equation since college finance class, so I'll refer you to the following website that should be able to help

http://www.creditcards.com/calculators/payoff.php

in short, your initial interest charges on $700 would be like $11, and of course, that interest charge would reduce as you pay toward lower balances.

Re: 0% APR will expire in 7 days!!! quick read

jefftca925 — Wed, 20 Apr 2011 14:15:43 GMT

NO! The annual rate on the account is 18%. The finance charge is based on your outstanding balance times the daily rate and how many days you carried the balance. Daily rate is the "annual" rate divided by 12 then divided by the number of days in any given month. But each bank calculates this different so it would be best to check with the bank to see how they calculate FC on your particular card.

Re: 0% APR will expire in 7 days!!! quick read

vish1 — Wed, 20 Apr 2011 14:20:50 GMT

Can not be this way. 18% is APR which is annual percentage rate not monthly (or 1 shot). So if you were to pay interest on 700$ you will pay about 35 cents daily till the day you pay up.

Re: 0% APR will expire in 7 days!!! quick read

MarineVietVet — Wed, 20 Apr 2011 14:47:48 GMT

No one can answer this with any certainty without knowing how your particular CCC calculates interest. If you'll look on your statement it will say how interest is calculated. The wording can get overly complicated (at least to my simple mind) but the steps are there.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: 0% APR will expire in 7 days!!! quick read

llecs — Wed, 20 Apr 2011 17:53:45 GMT

And make sure the 0% offer doesn't make the interest retroactive. It's not like this for very many credit accounts, but I have a Macys for 0% for 24 months and if I don't PIF by the end of the 2 years, I have to repay the interest retroactively. Normal CCs aren't like this I'm sure.